Business
CCL Industries Announces 2022 First Quarter Results
First Quarter Highlights Per Class B share (3) : $0.85 adjusted basic earnings up 3.7%;...
About this update from Ccl Industries Inc. Class A
[{"type":"text","content":"CCL Industries Announces 2022 First Quarter ResultsFirst Quarter HighlightsPer Class B share(3): $0.85 adjusted basic earnings up 3.7%; $0.84 basic earnings up 2.4%; currency translation negative $0.02 per shareSales increased 12.8% on 10.8% organic growth and 4.5% acquisitions partially offset by 2.5% negative currency translationOperating income(1) improved 2.5%, with a 15.0% operating margin(1) down 150 bps on mix and inflationTORONTO, ON / ACCESSWIRE / May 11, 2022 / CCL Industries Inc. (\"the Company\"), a world leader in specialty label, security and packaging solutions for global corporations, government institutions, small businesses and consumers, today reported 2022 first quarter results.Sales for the first quarter of 2022 increased 12.8% to $1,521.7 million, compared to $1,349.5 million for the first quarter of 2021, with organic growth of 10.8%, acquisition-related growth of 4.5% partially offset by 2.5% negative impact from foreign currency translation.Operating income(1) for the first quarter of 2022 increased 2.5% to $228.6 million compared to $223.1 million for the comparable quarter of 2021. Operating income(1) improved 5.1%, excluding currency translation.The Company recorded an expense of $1.8 million for restructuring and other items in the first quarter of 2022 compared to an expense of nil for the first quarter of 2021. Restructuring and other items for the 2022 first quarter were mainly comprised of severance costs associated with the CCL Segment and other acquisition transaction costs.Tax expense for the first quarter of 2022 was $47.5 million compared to $46.6 million in the prior year period. The effective tax rate for the 2022 first quarter was 24.4% compared to 24.2% for the 2021 first quarter.Net earnings increased 1.6% to $150.2 million for the 2022 first quarter compared to $147.8 million for the 2021 first quarter. Basic and adjusted basic earnings per Class B share(3) were $0.84 and $0.85, respectively, for the 2022 first quarter, compared to basic and adjusted basic earnings per Class B share(3) of $0.82, in the prior year first quarter.Geoffrey T. Martin, President and Chief Executive Officer, commented, \"I am pleased to report solid first quarter results despite rising inflationary cost pressures and many supply chain challenges. All segments posted strong organic sales growth, albeit heavily...