Executive Summary

• Avery Dennison reported 1Q19 revenues of $1.74 billion, down 2.0% year over year and slightly below the $1.77 billion consensus estimate. Adjusted EPS was $1.48, up 3.2% year over year and beating the consensus estimate by two cents.
• Organic growth was 2.4%. Revenues in the retail branding and information solutions segment grew 3.2% year over year, whereas revenues in other segments declined.
• The company reaffirmed its 2019 adjusted EPS guidance of $6.45–$6.70 (up 6%–10%.)