Business
CCL Industries Announces 2023 First Quarter Results
First Quarter Highlights Per Class B share (3) : $0.94 adjusted basic earnings up 10.6%; $...
About this update from Ccl Industries Inc. Class A
[{"type":"text","content":"CCL Industries Announces 2023 First Quarter ResultsFirst Quarter HighlightsPer Class B share(3): $0.94 adjusted basic earnings up 10.6%; $0.94 basic earnings up 11.9%; currency translation positive $0.05 per shareSales increased 8.6% on 1.4% organic growth, 3.0% acquisitions and 4.2% positive currency translationOperating income(1) improved 12.7%, with a 15.6% operating margin(1) up 60 bpsTORONTO, ON / ACCESSWIRE / May 10, 2023 / 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 2023 first quarter results.Sales for the first quarter of 2023 increased 8.6% to $1,652.1 million, compared to $1,521.7 million for the first quarter of 2022, with organic growth of 1.4%, acquisition-related growth of 3.0% and 4.2% positive impact from foreign currency translation.Operating income(1) for the first quarter of 2023 increased 12.7% to $257.7 million compared to $228.6 million for the comparable quarter of 2022. Operating income(1) improved 7.5%, excluding currency translation.The Company recorded an expense of $0.8 million for restructuring and other items in the first quarter of 2023 compared to an expense of $1.8 million for the first quarter of 2022. Restructuring and other items for the 2023 first quarter were mainly comprised of severance costs associated with the CCL Design electronics business.Tax expense for the first quarter of 2023 was $54.3 million compared to $47.5 million in the prior year period. The effective tax rate for the 2023 first quarter was 24.9% compared to 24.4% for the 2022 first quarter, reflecting a higher portion of taxable income earned in higher taxed jurisdictions.Net earnings increased 10.8% to $166.4 million for the 2023 first quarter compared to $150.2 million for the 2022 first quarter. Basic and adjusted basic earnings per Class B share(3) were $0.94 for the 2023 first quarter, compared to basic and adjusted basic earnings per Class B share(3) of $0.84 and $0.85, respectively, in the prior year first quarter.Geoffrey T. Martin, President and Chief Executive Officer, commented, \"I am pleased to report first quarter results ahead of internal expectations. The CCL Segment and Checkpoint both posted organic sales growth and solid improvements in profitabil...