Avery Dennison Lives Up to Our Third-Quarter Expectations, Disappoints Market with RBIS Margins
Avery's third quarter lined up with our expectations for the company, but it continues to struggle with margin expansion in its less profitable Retail Branding (RBIS) segment. Pressure sensitive materials experienced a slightly slower third quarter, managing only 3% in organic sales growth but managed higher year-over-year adjusted operating margins up 50 basis points to 12.6%. Despite very robust radio frequency identifier (RFID) sales growth of 35%, RBIS organic revenue growth slowed to 2%, do...Avery Dennison is engaged in the production of pressure-sensitive materials and a variety of tickets, tags, labels and other converted products. The company sells its pressure-sensitive materials to label printers and converters that convert the materials into labels and other products through embossing, printing, stamping and die-cutting. The company sells other pressure-sensitive materials in converted form as tapes and reflective sheeting. The company also manufactures and sells a variety of other converted products and items not involving pressure-sensitive components, such as fasteners, tickets, tags, radio-frequency identification inlays and tags, and imprinting equipment and related solutions.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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