Executive Summary

• Avery Dennison reported 2Q19 revenues of $1.80 billion, down 3.2% year over year and slightly below the $1.83 billion consensus estimate. Adjusted EPS was $1.72, up 4.0% year over year and beating the consensus estimate by four cents.
• Adjusted organic growth was 1.6%. Revenues in the company’s label and graphic materials business declined 4.1%, and revenues in the retail branding and information solutions segment grew 0.4% year over year.
• The company reaffirmed and tightened its 2019 adjusted EPS guidance range to $6.50-6.65 from $6.45-6.70 (up 7-10%).