Avery Dennison Corporation's (AVY) CEO Mitch Butier On Q1 2022 Results - Earnings Call Transcript

Avery Dennison Corporation (NYSE:AVY) Q1 2022 Earnings Conference Call April 26, 2022 12:00 PM ET

Company Participants

John Eble - Head of Investor Relations

Mitch Butier - Chairman and Chief Executive Officer

Greg Lovins - Senior Vice President and Chief Financial Officer

Conference Call Participants

George Staphos - Bank of America

Ghansham Panjabi - Robert W. Baird

Anthony Pettinari - Citigroup

John McNulty - BMO

Jeffrey Zekauskas - J.P. Morgan

Josh Spector - UBS

Mike Roxland - Truist Securities

Adam Josephson - KeyBanc Capital

Joshua Wilson - Raymond James

Chris Kapsch - Loop Capital

Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear. The machine-assisted output provided is partly edited and is designed as a guide.

Operator

00:03 Ladies and gentlemen, thank you for standing by. Welcome to Avery Dennison's Earnings Conference Call for the First Quarter Ended on April 2, 2022. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded and will be available for replay from 3:00 PM Eastern Time today through midnight Eastern Time April 29. To access the replay, please dial 1-800-633-8284 or for international callers please dial 1-402-977-9140. The conference ID number is 21997965.

01:11 I’d now like to turn the conference over to John Eble, Avery Dennison's Head of Investor Relations. Please go ahead, sir.

John Eble

01:21 Thank you, [Savanah] [ph]. Please note that throughout today's discussion, we'll be making references to non-GAAP financial measures. The non-GAAP measures that we use are defined, qualified, and reconciled with GAAP on schedules A4 to A9 of the financial statements accompanying today's earnings release.

01:39 We remind you that we'll make certain predictive statements that reflect our current views and estimates about our future performance and financial results. These forward-looking statements are made subject to the Safe Harbor statement included in today's earnings release.

01:55 On the call today are Mitch Butier, Chairman and Chief Executive Officer; and Greg Lovins, Senior Vice President and Chief Financial Officer.

02:04 I'll now turn the call over to Mitch.

Mitch Butier

02:06 Thanks, John and hello everyone. We're off to a strong start to the year with the revenue up 18% and earnings per share of $2.40, above our expectations from a quarter ago driven largely by an acceleration in pricing actions in LGM and strong volume growth in RBIS.