Analyst Note
| Brian Bernard, CFA, CPA |Avery Dennison reported strong second-quarter results that were ahead of our expectations. Organic sales increased 28% year over year, with all segments posting solid double-digit growth. Adjusted operating margins increased 210 basis points, driven by increased volume and a favorable mix. Management raised its 2021 guidance for a second straight quarter, now expecting adjusted EPS to be $8.80 (midpoint) versus $8.60 previously. Avery has benefited from the global economic recovery, and we believe this will continue through the second half of the year.