Business
CCL Industries Announces Record 2022 Results
Fourth Quarter Highlights Per Class B share (3) : $0.83 adjusted basic earnings up 2.5%;...
About this update from Ccl Industries Inc. Class A
[{"type":"text","content":"CCL Industries Announces Record 2022 ResultsFourth Quarter HighlightsPer Class B share (3) : $0.83 adjusted basic earnings up 2.5%; $0.82 basic earnings up 2.5%; currency translation positive $0.03Sales increased 6.6% on 4.9% acquisition growth and 2.3% positive currency translation partially offset by 0.6% organic declineOperating income (1) increased 1.1%, with a 13.3% operating margin (1) down 70 bps2022 HighlightsPer Class B share (3) : $3.57 adjusted basic earnings up 5.9%; $3.50 basic earnings up 5.1%; currency translation negative $0.02Sales increased 11.3% on 7.3% organic growth and 4.8% acquisition growth partially offset by 0.8% negative currency translationOperating income (1) increased 4.8%, with a 14.6% operating margin (1) down 90 bpsAnnual dividend increased 10.4% effective March 17, 2023TORONTO, ON / ACCESSWIRE / February 22, 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 fourth quarter and annual financial results for 2022.Sales for the fourth quarter of 2022 increased 6.6% to $1,587.2 million, compared to $1,488.8 million for the fourth quarter of 2021, with an organic decline of 0.6% offset by acquisition-related growth of 4.9% and 2.3% positive impact from foreign currency translation.Operating income (1) for the fourth quarter of 2022 increased by 1.1% to $211.2 million compared to $208.8 million for the comparable quarter of 2021. Excluding the impact of foreign currency translation operating income (1) decreased 1.6% compared to the 2021 fourth quarter.Restructuring and other items were $3.4 million for the 2022 fourth quarter primarily for reorganization and severance costs at CCL Design and Checkpoint. For the fourth quarter of 2021, restructuring and other items was $1.1 million primarily for severance at the CCL and Checkpoint Segments.Tax expense for the fourth quarter of 2022 was $36.5 million compared to $35.3 million in the prior year period. The effective tax rate for the 2022 fourth quarter was 21.2% resulting in an annual effective tax rate of 23.3% compared to 20.1% for the 2021 fourth quarter and the 2021 annual rate of 23.6%. The increase in the aforementioned 2022 fourth quarter effective tax rates can be at...