Business
CCL Industries Announces 2022 Third Quarter Results
Third Quarter Highlights Per Class B share (3) : $0.95 adjusted basic earnings up 11...
About this update from Ccl Industries Inc. Class A
[{"type":"text","content":"CCL Industries Announces 2022 Third Quarter ResultsThird Quarter HighlightsPer Class B share(3): $0.95 adjusted basic earnings up 11.8%; $0.93 basic earnings up 9.4%; currency translation negative $0.01 per shareSales increased 11.4% on 8.8% organic growth, 4.9% acquisition growth partially offset by 2.3% negative currency translationCCL, Avery, Checkpoint and Innovia posted organic sales growth of 13.2%, 0.8%, 5.0% and 1.5%, respectivelyOperating income(1) improved 11.6%, excluding negative currency translation of 1.4%, with a 14.9% operating margin(1)Nine-Month HighlightsPer Class B share(3): $2.74 adjusted basic earnings up 7.0%; $2.68 basic earnings up 5.9%; currency translation negative $0.05 per shareSales increased 13.0% on 10.1% organic growth, 4.8% acquisition growth partially offset by 1.9% negative currency translationCCL, Avery, Checkpoint and Innovia posted organic sales growth of 10.5%, 8.6%, 6.4% and 13.6%, respectivelyOperating income(1) improved 7.4%, excluding negative currency translation of 1.4%, with a 15.1% operating margin(1)TORONTO, ON / ACCESSWIRE / November 9, 2022 / CCL Industries Inc. (TSX:CCL.A)(TSX:CCL.B) (\"the Company\"), a world leader in specialty label, security and packaging solutions for global corporations, government institutions, small businesses and consumers, today reported 2022 third quarter results.Sales for the third quarter of 2022 increased 11.4% to $1,658.1 million compared to $1,488.2 million for the third quarter of 2021, with organic growth of 8.8% and acquisition-related growth of 4.9%, partially offset by 2.3% negative impact from foreign currency translation.Operating income(1) for the third quarter of 2022 improved 10.2% to $246.8 million compared to $223.9 million for the comparable quarter of 2021. Operating income(1) increased 11.6%, excluding currency translation.The Company recorded an expense for restructuring and other items of $3.3 million, primarily severance charges relating to plant consolidations at Checkpoint compared to $0.7 million for reorganization costs in the 2021 third quarter.Tax expense for the third quarter of 2022 was $47.6 million compared to $47.8 million in the prior year period. The effective tax rate for the 2022 third quarter was 22.9%, lower than the 24.1% for the 2021 third quarter due to a higher portion of the Company's taxable income earned...