Avery Dennison Corp. (AVY)

Avery Dennison reported third quarter 2026 net sales of $2.3 billion, up 5.2%, on October 29, 2026 1.

Reported earnings per share were $2.24, and adjusted earnings per share, which leave out restructuring charges and other items, were $2.42, up 2.1% 1.

Organic sales, a measure that strips out currency and acquisitions, rose 3.7% 13.

Materials Group sales rose 8.5% to $1.6 billion, while Solutions Group sales fell 1.8% to $687 million 1.

Chief executive Deon Stander pointed to "higher inflation and customer destocking impacts" in the quarter 1.

The company expects full year 2026 adjusted earnings per share of $10.10 to $10.24 1.

Helen Sheirbon, who came from HP Inc., took over as president of the Solutions Group on November 3, 2026 4.

Avery Dennison was founded in 1935 and took its present name in 1990, when it merged a subsidiary into Dennison Manufacturing Company 3.

In 2023 it bought Thermopatch, Lion Brothers and Silver Crystal, three businesses that make apparel labels, embellishments and customization, for about $231 million in total 3.

Net sales were $8,364.3 million in 2023, $8,755.7 million in 2024 and $8,855.5 million in 2025 3.

In 2024, reported sales rose 5%, driven by higher volume and partly offset by lower prices as raw material costs fell 3.

That year it also settled a patent lawsuit with ADASA Inc., which had alleged that some of its RFID products infringed a patent 3.

In 2025, organic sales were comparable to the prior year, because higher volume was offset by price cuts that followed cheaper raw materials 3.

Net income slipped from about $705 million in 2024 to about $688 million in 2025, with those price cuts and higher employee costs the first factors named 3.

In January 2025 the company moved its fiscal year to match the calendar year, which gave 2025 four extra days 3.

On October 20, 2025 it bought Taylor Adhesives, a Georgia flooring adhesives business, for about $390 million, paying with cash and senior notes issued in September 2025 3.

Cost cutting ran through the period: its 2023 actions covered about 1,280 positions and its 2025 actions about 1,200, and savings topped $60 million in each of 2025 and 2024 3.

Materials Group

Materials Group makes the base materials behind labels: pressure-sensitive label stock, graphics and reflective films, and tapes, and it made up about 69% of 2025 net sales 3.

Its main brands are Fasson, JAC and Avery Dennison for label materials and tapes, and Avery Dennison and Mactac for graphics 3.

Its label materials go to converters, who turn them into finished labels for food, beverage, home and personal care and logistics uses 3.

The group had net sales of $6,093.3 million in 2025 and segment adjusted operating income of $922.2 million 3.

Its larger rivals in labels include UPM Adhesive Materials, Fedrigoni Self-Adhesives and Lintec, and in graphics and tapes the company names 3M and the Orafol Group 3.

In the third quarter, the group's reported operating margin was 13.7%, with price increases of a mid-single-digit rate helping sales 1.

Solutions Group

Solutions Group sells the tags that identify items: RFID inlays and tags, brand embellishments, price tickets, and shelf-edge media through its Vestcom unit 3.

It made up about 31% of 2025 net sales, which were $2,762.2 million 3.

Its main rivals include Checkpoint Systems, a subsidiary of CCL Industries, SML Group and Arizon RFID Technology 3.

In the third quarter, apparel and other sales were $466.8 million, while Identification Solutions and Vestcom sales were $220.2 million, down from $234.9 million a year earlier 2.

Plants and people

The company operated over 200 manufacturing and distribution facilities in more than 50 countries at the end of 2025, with about 35,000 employees 3.

Materials plants in the United States include Mentor, Fairport Harbor and Painesville in Ohio, and Peachtree City in Georgia, and Solutions plants include Fort Wayne in Indiana and Nashville in Tennessee 3.

Deon Stander has been chief executive and an executive officer since August 2016, and Helen Sheirbon joined as president of the Solutions Group on November 3, 2026 34.

Problems and pressures

The company said the indirect effect of U.S. tariffs lowered sales in its apparel categories by a low single digit rate over three quarters of 2025 3.

For 2026 it has cut about 690 positions through its restructuring actions, at a charge of $40.4 million over nine months 2.

The umbrella, in words

The company is a single operating group of brands, with Avery Dennison, Fasson, JAC, Mactac and Vestcom the names that carry its products, and Avery Dennison, its logo and Fasson its principal trademarks 3.

Its subsidiary list names local operating companies in many countries, such as Avery Dennison Canada Corporation and Avery Dennison do Brasil Ltda 5.

It owns W.F. Taylor Holdings, bought in 2025, and in 2025 it made venture investments in five technology companies, which are small investments rather than control 3.

It owns all its principal properties except a few leased sites, among them New Century in Kansas, Nashville in Tennessee and Kibbutz Hanita in Israel 3.

The company expects full year 2026 reported earnings per share of $9.45 to $9.59, and adjusted earnings per share of $10.10 to $10.24, which excludes an estimated $0.65 impact of restructuring charges and other items 1.

In its quarterly report, it listed factors it expects in 2026: a favorable effect from currency translation, higher interest expense and incremental savings from restructuring 2.

It also expects a full-year tax rate in the high-twenty percent range and an unfavorable effect as most of last year's temporary cost savings, largely lower incentive pay, return to normal 2.

Its release says the company continues to deploy capital in a disciplined manner under its long-term capital allocation strategy 1.

Its annual report says the outlook assumes that tariff-related uncertainty will persist, and that further developments in trade relations could have a material adverse effect on the business 3.

The same report says it expects incremental savings from restructuring actions, net of transition costs, and a favorable effect on sales from currency translation 3.