Avery Dennison said net income increased from approximately $503 million in 2023 to approximately $705 million in 2024. The company cited higher volume, benefits from productivity initiatives, the impact of the accrual for a legacy legal matter in the prior year, and lower restructuring charges as factors in the increase.

1. 01

   Avery Dennison said net income increased from approximately $503 million in 2023 to approximately $705 million in 2024. The company cited higher volume, benefits from productivity initiatives, the impact of the accrual for a legacy legal matter in the prior year, and lower restructuring charges as factors in the increase.

2. 02

   Avery Dennison said net sales increased on an organic basis in 2024, citing higher volume as the primary factor, partially offset by raw material deflation-related price reductions. The company said net sales decreased on an organic basis in 2023 due to lower volume.

3. 03

   Avery Dennison said net cash provided by operating activities increased in 2024 compared to 2023, citing higher net income, lower incentive compensation payments and lower tax payments, net of refunds, as factors. It added that changes in operational working capital and the settlement payment for the Adasa legal matter partially offset this increase.

4. 04

   Avery Dennison said it anticipates net sales to increase in 2025 driven by volume growth in both the Solutions Group and Materials Group reportable segments, and expects its full-year effective tax rate to be in the mid-twenty percent range. The company also said its 2025 fiscal year will begin on December 29, 2024 and end on December 31, 2025, with fiscal years thereafter coincident with the calendar year.

Key figures

Fiscal year ended December 28, 2024

Revenue

$8.8B

Net income

$705M

EPS

$8.73

Gross profit

$2.5B

Operating cash flow

$939M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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