Thanks
Roy
CCL Industries posted second-quarter 2022 earnings per share of $0.90, marginally beating estimates of $0.89 and down from $0.94 reported in the same quarter last year. Revenue of $1.65 billion rose 1.9% year-over-year, marginally missing estimates of $1.66 billion. Sales increased 1.8% on 1.0% acquisition growth, 5.3% positive currency translation offsetting 4.5% organic decline. Avery and Checkpoint posted organic sales growth of 2.6% and 3.3%, respectively. Operating margin of 14.7% declined by 0.6% compared to the same quarter of 2022. Management noted difficult comps for this quarter compared to a 10.9% growth reported in the second quarter of 2022 in the middle of the supply chain crisis and excess inventories being ordered by customers. We would consider this quarter a forgettable one for now as we didn't see any significant flags.