- Earnings call transcript Q3 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings. Thank you for standing by. Welcome to Avery Dennison's Earnings Conference Call for the Third Quarter Ended on October 1, 2022. This call is being recorded and will be available for replay from 4:00 p.m. Eastern Time today through midnight Eastern Time, October 29. please or replay, international XXX-XXX-XXXX the callers. access dial +X XXX-XXX-XXXX FOR To number XXXXXXXX. conference is The ID I'd to Avery Dennison's now John Head to like of turn the Investor Relations. over call Eble, ahead. go Please

John Eble

today's accompanying you, our AX are reflect views of discussion, earnings financial Harbor non-GAAP certain Thank to earnings remind to measures. predictive today's measures qualified AXX are about non-GAAP release. today's the we future and The note GAAP and Please that reconciled financial the we'll release. making from in you make our that We estimates references we'll results. Scott. be that statements These to use made defined, Safe current performance statements that and included financial forward-looking statement statements throughout on Schedules subject

the for Mitch Chief Deon President today Vice Mitch. and As Butier, Lovins, and over call us today and Stander, Officer; now and always, Operating are to joining Chairman Q&A Greg Also on Officer. Executive Chief I'll Chief turn Senior the President is Financial Officer. call

Mitch Butier

John, We the RBIS, We delivered and strong line up impressive expectations. and with revenue growth. ex performance strong of delivered and and up in good everyone. EPS Thanks, quarter XX% currency $X.XX line bottom with another company. and day, LGM across had and XX% top both

to growth XX% XX% Despite currency we an $X.XX year, the year headwind, EPS us levels from now accordingly, ex these finally Our have signs strong downstream results come of track challenges, on we of of higher amidst Inflation at begun continues, we and the see and the currency. reduce. inventory start demand. a raising prices to called for environment. we're dynamic softening remain out incremental deliver The that

results Our and compounding ability ability laid. to execute strategic to deliver team's amidst depth the foundations crises financial have rests both we the impressive on consistently

business up element Labels. strategy XX%. our Intelligent Labels of know, has of was Intelligent focus revenue quarter As you mention ago, accelerating. heard Enterprise-wide the us accelerating our in adoption key a been is And this you as a on momentum

We years, expanded benefits experience use We in operations are we speed where visibility, seeing such Labels which grocery targeted XX% retail, The inventory improved will in technologies clear. believe solutions package consumers. more of promising broad-based increased to annually food, being and growth developments from lower and beyond solutions is is promising and applications further Intelligent where of and the our expanding and current of and coming targeting reduce are end are macro here. handling logistics, tech to the of our cases The chain supply the cost the than as pilots in the enhance environment now in waste QSR, in technology apparel. special ultimately value and with general heighten serve

leader in and Label the them. to only have create not As RFID, we capture Intelligent will opportunities, global continue to strategically invest but

continue Our off. strategies pay to

partially strong Information offset categories, up Robust high-value in growth. quarter a X% income operating LGM, strong Vestcom with Retail was we constraints particularly of to Label availability LGM's and remained in chain growth decline single-digit the growth. across Now update another strong last Labels, times, paper. posted volume by business. margins higher external double-digit Solutions annually Europe, a pricing quarter line whereas, in eased quarter, embellishments challenges normalize revenue Materials on Overall, the remained, delivered enabling top material strong quarter America, in by single-digit and low XXXX. profitability The discussed and growth. business. and driven volumes lead in us low quick base remained versus and in Intelligent Graphic North the Branding by apparel supply growth

inventories down as quarters, and volumes up Following that apparel some brands brought previously. retailers strong were moderated several built

the in place take to will reductions base. further to we the profitable near assumes are in well continue growth positioned term, outlook drive our While

segment As pricing with Industrial improved actions margins inflation. quarter in Across the to growth the I'm all and cover we sales compared making and implement and to company, we the the delivered sequentially continued strong success Healthcare pleased are to of towards as Materials, our progress stakeholders. continue for the prior year

generate top consistent creation Our formulated agile remain we've a strength performance the industry-leading balance strategies to to over our continuing through we entire long that the the us team. of And, thank value stakeholders. of to and our their Over I strategic to challenges will and We our hand to you, markets, returns and Greg. growth the quartile our enable laid unique for confident plus our talented deliver game address the reflects foundations raise superior want to value for positions, all GDP team run. continue once at again, and of

Greg Lovins

and everybody. Thanks, hello,

translation. we strong of XX% As by year inflation, a XX% Sales currency basis and XX% impact excluding XX.X%, share up per delivered driven XX% earnings Despite up organic $X.XX, points prior Mitch basis, to compared with adjusted on strong prices. said, currency and up delivered prior was up of we of the another were an Adjusted EBITDA XX% adjusted higher XX% quarter, currency. over ex excluding XX impact and year. EBITDA of the up margin

higher deem continue line we spending of with spending. particularly temporary, due quarter, expectations nearly support flow, The the prior third and strategy, million Turning with our increased generated of capital we is our to largely as Intelligent which long-term capital currency, allocation. working $XXX cash growth Year-to-date, invest in compared to to we've $XXX down generation year capital, to as million level and Labels. in higher to in free cash

to sheet Our X.X. end with EBITDA debt remains ratio of adjusted a net at strong, balance quarter

up allocation dividends, to from and same In of through a ample the strategy share million executing to nine acquisitions, year, the disciplined invest to shareholders. year. while capital our we $XXX continue $XXX months organic capacity the and of have first return growth in to to returned We for million last cash combination continuing period repurchases shareholders

organic than were Label basis, results. organic sales both up an sales strong the digits the Graphics were with and XX% organic segment in business. prices. Reflective Materials basis, up product categories on to sales Label Graphic Materials an single high base on an Packaging almost XX% growth turning to more and driven and by basis. up higher entirely were mid- high-value and on Now

XX.X%. material Looking continued increase Pricing sales a at Mitch inflation the region offset in will remained in North single than mid-single-digit quarter by driven constraints, digits, segment's and America across to region, markets mentioned profitability approximately by energy. XX%. Latin be overall and LGM's were due up high paper actions And quarter, the America mid-teens as EBITDA grew of amount from a up up with ex to Asia mid earlier. hampered for XX% in lower teens. approximately with and XX%, with in implemented Pacific roughly were organic and were cycle. Western XX% volume and pricing, sales as growth were to India, pricing growth up region more this growth seen than on the low to be high XX% of continue sales by Europe EBITDA region be this availability volume expected The to Emerging up inflation by XX% impact dollars sequentially margin driven has significant year, QX, adjusted inflation, primarily adjusted more as flat. the China the strong while to and was highest strong currency, ASEAN the we up anticipate

down the higher EBITDA benefit for driven this and ex basis, costs. and sales value Solutions. channel. increases to Retail in decline with RBIS growth continued categories, continue by of as through product margin Branding We XX% of X% the Information in organic to and business The with cost than slightly, segment, Shifting now embellishments, EBITDA from and strong offset strong organic Profitability Intelligent and ex Labels and dollars external investments combination XX.X%. a and XX% acquisitions currency, up adjusted the strength reengineering were up employee-related base the in address a higher currency volume was adjusted pricing positive and growth an was actions. more XX% on while high-value up remained

to Healthcare single were X% points compared basis up in partially were digits, dollars high segment. and higher industrial mid-teens EBITDA Healthcare X% up the basis, Adjusted retail. up decline driven Sales an by XX adjusted XX were by Materials Turning and prior mid to increased and and categories currency, organic EBITDA Industrial offset and up year mid-teens prices. ex on X% to up a XX.X% sequentially. was of points margin sales basis

for year. outlook the Now to our shifting

and earnings to have guidance our midpoint, a and from our last adjusted be roughly incremental headwind outlook $X.XX. At for an $X.XX $X.XX between guidance operational per share We narrowed the reflects similar quarter. currency to

growth due excluding XX% a lower growth translation. full point outlook share this mentioned, year, growth prior now versus year XX% the per to anticipate XX% ex-currency As outlook. earnings Mitch our and volume below We reflects sales previous expectation for X.X slightly roughly currency

mentioned, currency headwind I impact now the year $XX increased the As and anticipated million is rates. for has roughly on translation based a current from full

to has are, headwind have assuming strengthen where year, the an roughly throughout continued we'll Given remain the XXXX. $X.XX currently of dollar rates additional they in

than coming capital $XX to Labels, in projects key is to and years. strategic particularly We new and more Intelligent million million on investing fixed IT platforms $XXX grow adding which poised operating and capacity capabilities such roughly continue anticipate annually the as in up in expense, to XX%

difference non-GAAP last the strategic strategies a anticipate consistent gain open a call and long-term down We'll meet one for challenging we discipline. outlook execution of our superior our reflecting the of $X.XX capital your of growth now profitable investments. a in goals GAAP environment. for will quarter on year, remain to benefit to another In through creation our summary, quarter, value We delivered $X.XX we the strong that up from a for enable from confident now us balance questions. a our Lastly, roughly venture

Operator

question Panjabi Baird [Operator Instructions] & Company. W. from a have with We Robert Ghansham

Ghansham Panjabi

out you rippling and so you think months? pretty to given region? earnings my RBIS forth. on Where a called just chain in question, destocking recent some other phase? way the specific supply up I customers guess, severe seems downstream through That And are in and guys. do companies touched in that of the adjustments, any you there based excess on -- particular Mitch, more it the you that different so more footwear the from to in inventory on be pervasive is all of reports the weeks chance have inventory lot a for is and a of And

Mitch Butier

Ghansham. Thanks, Yes.

level. high So are sector. levels exactly in retailers in very inventory where where apparel don't the are large We a about not the data we outside There's of of great lot know that.

we from it's level of seems elevated the an we when year, downstream starting that So entered like out. said to inventories clear had It thought that we we us.

value the discounters in seem far and so QX others that apparel, so as and look performance other -- If the us athletic as QX. you impacting that's companies RBIS look in I that, midst now. think channel, we large they're And ahead forth, the then the at of within reducing to athletic of still retailers and be large and in as right been

So into our that that, guidance going QX. assumes continues

think up there. As -- strong for is, it and where a supply Europe we as had very QX eased that the LPM has chains

our it maybe has softening system, much doesn't And in that North constraints, as think. there's but expect we supply QX. of for So the guidance would given as some America, here some inventory otherwise chain seem though, you in the

Operator

Pettinari question next Global Markets. from with Citigroup Our is Anthony

Anthony Pettinari

of there you're level level view be in regional up the on the differences? I'm kind maybe that the question. what the I for think you just to half. growth or growth XQ for accelerate volume volume year, Just talk earlier Ghansham's how following of some is expectation cadence an could organic of maybe was of expecting embedded and in shaping Can LGM in from about up? the to XQ the wondering second for sort

Deon Stander

GDP. Overall, is our pre-pandemic digits. CAGR, quarter grown a grew organic an on actually is And reminder ahead Hi, since LGM well X% Anthony, in sales in times, low basis with the Deon. just the volumes growing a which of at has single that XX% this as

reminder, Greg top greenfield this China and grew capacity strong paper each And where chain to our backlogs on, the the strong Asia very North we in challenges challenges indicated to digits, drove expect low QX we on growth. America, comps. as reflecting started as volume that saw ease. we volume earlier new In through Pacific, a future site declines market support tough growth. single a volume mid-single in India, our opened availability low in Western growth, work as COVID saw India. Europe And well to as a we region, adds particularly the in double-digit Specifically availability recently moderate this as in in very challenge growth improve. And high-teen to volumes of In Europe, paper, continued constraints, in Noida, volume supply

already As through as patterns inventory as adjust, corrections to October, see indicated, anticipate will we Mitch slightly and starting order this soften we has as continue. we're that go

Operator

John Our from next is Markets. McNulty Capital with question BMO

John McNulty

a kind had to that we hit in guess, I of the on be was numbers, point you kind just pilots? kudo, I you may how understand to full-fledged a for to their Can that. to guys. UPS as RFID players of so to it mentioned how So larger reach nice next important you them where with to close the phase on of in what's early a helping efficiency moving yesterday be goes other opposed good follow-up level and maybe, help I'd highlighting logistics seeing launch us is curious, in guess tipping pilot process, as on kind

Deon Stander

John, this Deon, again. is

bring. in benefits both that right. expect we're seeing identification scale as on to continue that is see involved around pilot the market. that more You're we stages materials. example, players said What And how optimization the management much early these and the originally as come seeing optimization in an that that, of hazardous pilot focus they identification, now bear from the will to And to adoption. packaging, We well would logistics routing individual in will increased special as as as very we're manage get that, package what they routing an two, efficiency logistics was the

Mitch Butier

this of things, deployed to how comment just industry not the things want industry. given actually where as to We to Yes. see And there's overall. long other a are forth we're sure and build, large opportunity this significant as concentrated doing might so a gets in far cadence on We players going be is, make how that as term. the good across

this opportunity the still from in significant a of talked huge -- a apparel base. very as other about and high So is as food driving significant general and well We've logistics categories. growth retail

Operator

Jeffrey with Our JPMorgan next question is from Securities. Zekauskas

Jeffrey Zekauskas

much. very Thanks

costs. down sequentially Propylene and some You coming Europe And derivatives Do materials talked even higher. terms gas raw it fourth about abatement being propylene natural energy is are now. in meaningfully there in really of the that prices having costs see average in higher paper, sequentially? go but really and you -- by about driven you continue talked to your inflationary the up Is quarter. peak? Is

Greg Lovins

for the Yes. Thanks, question. Jeff,

to bit favorability we I as sequential the said, on QX. inflation film deflation QX slight said, starting So QX That bit and from to you included more down. just QX. expect inputs as a petrochemical of we come And side, saw to on some those chemicals a

how back by that really we've as largely the come down in you increases goes driven started up. the -- just are are Europe, projections, winter They've those how paper-driven, for back much seeing you could to the So depending of seen now. some at with up. expectation, been here come as coming what energy on half costs look said, those in Depending really you've also on

come down not recently, out. So to very will how they've that recently, continue sure play

So has productivity. through to continuing our manage approach been and both that pricing

QX well. back we So we price increase the prices quarter as benefit to through did have as to move QX, here sequential continuing

in to QX price more So expect we'd QX.

what impact Not as that costs with into supply do So some a little bigger to big our an side. headwind energy have well next inflation down as -- a the see would but you of a bit base as year from in as own operations, inflationary costs though by bit time, pressure as for our wages relief come overall, own even petrochemical move utility same now, generally inflationary At for driven a have than we pressures continue areas continued a normally well see bit are operations. just the for paper, on suppliers or still like perspective. seen we higher we

to broad pressure of So a to kind and that. we think, manage inflationary of increase we've still, set prices continued

Operator

with is BofA Our from Securities. next Staphos George question

George Staphos

details. back the to want the IL Thanks for question and adoption. on come I to

optimistic outlook. you're on So obviously the

XX% you or IL? some of trial you than if return do in your growth Do there's How expect a early that? a might future. partly, see looking better expect calling growth, the traffic on growth think a we customers of target next to next profiles year? You're track adoption we on through are come more I better How in year, to XX% than XX% down if less varies that evolves as for into downturn or out bit would imagine in should

Mitch Butier

expect scenarios. experiences from are and as than clear, various a economic increased quick a consumer benefits, of payback revenue from XX% We very said, because lifts and around enhanced better growth automation multitude productivity speed. areas of we through there increased in is The coming just

So And we some forth. lot the the where there's around entered cycle of there's scenarios. year are so of in excess questions number We expecting inventory expect that in and -- that's a we a a inventory. that

We have elements. scenario these how to about various manage plans through

not fazed that. are We by

confident the staple the drivers the got categories. most growth within as as ever of focus long-term of the invest. at We've Vestcom, as company's continue prospects great are We of to Labels, addition Intelligent such company,

scenario as and going forward on as continue economic plans continue to depending lean to ever we're So deploy environment confident we're here which our to in.

Deon Stander

and add this prospects to significant -- has also on Deon. to we're that I'd in see board, come because it customers growth I’d great to if larger adoption profile the prevention growth, going are segments and food as solutions apparel new move overall, see bringing various least while see we the loss George, had there starting additional forward, not continue just as also we relates starting much, and to is And categories sub-segments, as in expansion logistics, we're during to specifically than next you the such cases And resonate. use as these look some of much new are they're then in both apparel expansion year.

we've freshness initial As supply the efficiency and in an around has the grocery, labor chain. example, run drive really outlook. pilot And remain results significant store helped across in visibility confident the to we

in invest business XXXX. business continue capacity. We We believe will a capability to $X both be billion and innovation this in

Operator

Our UBS is Josh Securities. with question from next Spector

Joshua Spector

backlog comment or And existing change the that if So by changed? there length you LGM pricing seen growth the improves you as extent the curious on a there could availability the regions, just have curious material to you from their backlogs given the Just how is in I saw guess Europe? behavior in in the well? competitors as any

Deon Stander

Josh, yes.

As at were particularly excess inventories have started normalized, we as to Europe, in backlogs, our And times customers. challenges. we knew in demands we're chain. anticipated, worked are inventories our we supply the America, the that availability chains starting those through softening normalize, material North in less lead in And there corrected more supply we as see all where so see to as

question, Suffice see pricing our relates well say, to as and through it not as in to competitive we're to As still to comment as inflation move strong we market relative we managing activity. your see second continue QX. going we that the opportunity growth to on our

Operator

with Markets. a We KeyBanc question from Adam have Josephson Capital

Adam Josephson

of you order weakening? that. what about because their demand is any you are market patterns When reducing order Deon, to you is little more better you of because think patterns? sense that it reason up October, Can end for the those segment? converters follow Is inventories? in then me of give stock that's a And softening slowing in region, label can be terms just specific on talk

Deon Stander

risks more which tended is starting inventories think market initially moderation converting are chain we've chain as as of as that through here. October. seen normalized necessarily I impact said, the in where lead I has One gone customers on October. this elements not to play two It's supply we It's patterns of there's that we've normalized order to we've at see as during have, Adam, disappear, volatility we've gone and because biggest their the more they some an pronounced Europe supply then region to some some normalize our our the and order specific. is that seen had, we've -- abate, in constraints Well, times

Mitch Butier

came And October to look we get to allow in so little us would I anticipated be to even door. month in than where think North in. volumes the challenges in a October to we, had in QX. would coming to knew out end product it's a come at, that of ago, be it's in up And I The basically that quite ease chain be expect when start the Europe America, bit, we supply important it stronger able to frank,

think temporary we whatever so pull a far bit top of inventory that QX as there. And was the on as just little from build forward was

forth. so cause the pull to price forth of So management annual a there's back here. timing It's growth couple years, go at X% forwards our increases over because X% pre-pandemic QX. growth being challenge here supply in just throughout been been pretty levels. year temporary and lot consistently the of since of that at X%, again been look We're comps what's last chain rate compound and it would of And why around we so anticipating that's look and

thing at to the volumes and to consumption. when really strong you that's look GDP it on and remain relative focus overall So

Greg Lovins

clarify just but bigger could this a a drawdown think the and point, the most level, I company at little side. is about other one already inventory apparel I likely on If talked bit, Mitch

we So business. already about a of apparel more that, bit about as Deon the the course, little of more talked talked on we're of where seeing is LGM, piece

Operator

with a Roxland Truth We have question Securities. from Mike

Michael Roxland

Congrats Last RBIS. shifts company quarter. portfolio benefit in the quarter, on from your

channel minimize value channel? segments and categories increase You further talk with me, your out because higher this to so, high-value called about exposure to noted obviously, exposure, about less plans to value to portfolio the comprising you you XX% excuse to can resulting that or the in value

Mitch Butier

overall Sure. of our strategy. base a Overall, premise that's

play seen about organic out disproportionately growth, well specifically the And we extent called towards weighted segments, shifting higher-value to The made as within around has Intelligent it how first the where a the growth company. growth you there and you've as pillar drive Labels, the well a our as as talked other been of RBIS out, high-value strategy and areas because about of significant Vestcom acquisitions the greatest in acquisitions is the been within time portfolio have we made we've as as it over segments. is outsized to

that's and of lift margin of execution profile, we a And, So rate direct average years. result over improving the strategy. company that that see the -- time, to we've over the of seen number of putting continue the the our growth which is what last

Operator

And from Securities. a Staphos with question we have George BofA

George Staphos

could, I'll If in two real quickly. I here put

how on all, your mark-to-market, First what there -- a year. headwind us a outlook are What of interest on just what into would there much is fixed you relative Greg, to Could if to for in us And the you exchange Vestcom expense for mark-to-market us we did And we've update gave versus interest were is? the variable outlook quick foreign doing? 'XX your and we some year-to-date? pleasant be Dean, you been potential could remind give on? next things seeing if change surprises, financing, then, work

Greg Lovins

Yes. Thanks, George.

interest year, the we $X.XX they you head as have for increase as if from just stay next are So as $X.XX rates level we probably headwind. right debt stayed in costs now, If are of levels we'd now around the headwind into currency, a to said, they $X.XX would where year. see now, about next kind well

year. looking of are those specifics at couple next a So

a to number minutes things a IL a like we I for have growth that talked us, is few of Mitch think mentioned course. grow, key of well year-over-year, ago as continue we about driver

specifically, number uncertainty ins we think a and as and to the next levels. the headwind we would $X.XX, debt of macro, interest at but year outs at current of look So $X.XX

Deon Stander

Dennison solutions the as the family. have, our on And we're particularly acquisition say, Vestcom Solutions Dennison there portfolio, to as And, well. seeing George, to brings team retail regards collaboration Avery added team, and particular, joining team and food with less of a Avery the a between also as and our business and The I'd been In logistics talented lot team that capability the that is Vestcom grow the point, broader some that overlap have Vestcom, Vestcom RBIS strong cyclical. thrive Identification to like end broader our final continues balance pleased at enormously extremely benefit we've of well Vestcom a markets the George, have. the apparel it's as and solutions,

their at And RBIS we sure as more that make portfolio level so well through our cycles. move becomes resilient as forward

Operator

We from question a have Loop with Chris Capital Kapsch Markets.

Christopher Kapsch

focused could a scenario is into continued moderation costs. realize in, visibility question in there's there's where But LGM the segment. the raw I my And 'XX. limited then more paper see you and on inflation maybe energy petro-derived say, material and

improve margins? margins material given that experience ability what LGM as means based segment cost that on a in in a wondering about raw Just prior pricing contributor cross-currents, we would mix be positive And segment? continue thoughts to your cycles are the should the all to expect keep in the inflation to of to excess

Greg Lovins

Chris. Yes,

couple of things So a there.

to inflation, our And may lot is challenges able have teams year. have think resilience number manage proven see but through prepared a downturn So next years. also well through any the like chain the unprecedented at of of that of of course, the we've challenges been time. a I same type those for that gone feeling and and we've through we the couple One of supply last things managed

in just the percent I it's on margin versus putting year, margin impacted last been of has think the a top we've putting when roughly in perspective, in. quarter at were look We of been third by said from back percentage last we the magnitude pricing certainly, and you pricing LGM, year. here up XX%

the from you period. range, over year range LGM perspective. to the a about we I a compound has percentage volume heard time, in look look growth EBITDA XX% if rate this So when impact margin when at just say LGM, Mitch compound Dean X% margins and growth a both think there. the led to up overall At math you X% XXXX they're the same look But from that on you to at dollars,

we've So the over we've we years job be the EVA percentage efficiency expect capital that a significant we talked before LGM, there, impacts EVA, strong last got and pricing in many from that business that delivering into and EBITDA done strong tremendous about the future know able continue strong there. business significant growth generates growth driving strong on to math. And despite margins, and margin really to has the opportunities,

Operator

question BMO Capital McNulty from Markets. a have We John with

John McNulty

materials guess, around raw one, area Just the and your outlook. I of clarification

right, may issues is more. understood might And there yet and down I the seems raw raw and if you all like that seem you guiding that be down, the favorably I your into Is are come sequentially. Do it improving, timing bit, The So up it to come say, when paper like but right? it of sounds material have starting relief actually pointing because a right? to something to supply arrow XQ of drags petchems materials are guys that is see lags negatively? pointing terms arrows it in chain are

Greg Lovins

Yes.

John. pieces have you those right, So

last prices few that said Jeff so. how out. We have is of and little the really driven paper Not goes largely or cost driven bit play winter It that's out. come been week that couple depend most the will by on last lot energy how Europe down and recently how that or continue energy seen by may play talked over how prices energy in a over I sure Europe, a we've minutes quarters. ago, will the the think that that of inflation inflation a the

prices over going sequential year, be some the how those here the largely expect determined will next we -- QX. beginning I energy by now, How inflation plays that months. into right in next few evolve think, by So out of

Operator

Mr. call back at time. remarks. will I now no are you this the any there And further closing turn Butier, questions to for

Mitch Butier

Excellent. know thank I for of strategies the Well, deliver continue stakeholders. We We're to confident the confident creation in lot there's on of as of enable all us about questions ever. value macro. superior execution joining going the that our will long-term everybody, consistent as for our you, today. to remain what's call a

and compounding crises, we've number company the growth, continue last If been term. superior the over at of you both foundation with profitable laying in near the to the performance look to long the drive years of

to So coming quarter. again talking the you all we look in forward to

Operator

ask We That today. you concludes thank and that your your for for participation please the disconnect lines. you call

Avery Dennison (AVY) 26 Oct 222022 Q3 Earnings call transcript