Q: Hi, please comment on the quarter ended August 8. Many thanks. Michael
5i Research Answer:
CCL.B beat EPS expectations of $1.03, coming in at $1.13 for the quarter. Revenue also beat estimates of $1.76B coming in at $1.85B and displaying 12.2% year-over-year. Organic growth was 8.5% while acqusition related growth was 3%. Across segements: CCL, Avery, Checkpoint and Innovia posted organic sales growth of 9.0%, 1.1%, 17.5% and 6.2% from the prior year. Operating income improved 25.4%, with a 16.4% operating margin up 170 bps. Overall, we think this was a good quarter from CCL.B, seeing nice growth across revenue and EPS.