Business
CCL Industries Announces 2023 Second Quarter Results
Second Quarter Highlights Per Class B share (3) : $0.90 adjusted basic earnings down 4.3...
About this update from Ccl Industries Inc. Class A
[{"type":"text","content":"CCL Industries Announces 2023 Second Quarter ResultsSecond Quarter HighlightsPer Class B share (3) : $0.90 adjusted basic earnings down 4.3%; $0.88 basic earnings down 3.3%; currency translation positive $0.05 per shareSales increased 1.8% on 1.0% acquisition growth, 5.3% positive currency translation partially offset by 4.5% organic declineAvery and Checkpoint posted organic sales growth of 2.6% and 3.3%, respectivelyOperating income (1) declined 2.3%, with a 14.7% operating margin (1) down 60 bpsSix-Month HighlightsPer Class B share (3) : $1.84 adjusted basic earnings up 2.8%; $1.82 basic earnings up 4.0%; currency translation positive $0.10 per shareSales increased 5.1% on 1.9% acquisition growth, 4.9% positive currency translation partially offset by 1.7% organic declineOperating income (1) improved 4.9%, with a 15.2% operating margin (1)TORONTO, ON / ACCESSWIRE / August 9, 2023 / 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 2023 second quarter results.Sales for the second quarter of 2023 increased 1.8% to $1,644.5 million, compared to $1,615.2 million for the second quarter of 2022, with an organic decline of 4.5% offset by acquisition-related growth of 1.0% and a 5.3% positive impact from foreign currency translation.Operating income (1) for the second quarter of 2023 was $242.0 million compared to $247.8 million for the comparable quarter of 2022. Operating income for the 2022 second quarter included a $3.5 million non-cash acquisition accounting adjustment related to the acquired inventory from the Adelbras acquisition that was expensed in the Company's cost of sales in the period. Foreign currency translation had a 5.8% positive impact on operating income for the comparable quarters.The Company recorded an expense for restructuring and other items of $2.9 million, primarily attributable to reorganization charges at CCL Design and transaction costs associated with acquisitions completed in the current year compared to $3.2 million for reorganization costs in the 2022 second quarter.Tax expense for the second quarter of 2023 was $47.7 million compared to $51.7 million in the prior year period. The effective tax rate for the 2023 second quarter...