Business
CCL Industries Announces Third Quarter Results
Third Quarter Highlights Per Class B share (3) : $0.85 adjusted basic earnings down ...
About this update from Ccl Industries Inc. Class A
[{"type":"text","content":"CCL Industries Announces Third Quarter ResultsThird Quarter HighlightsPer Class B share(3): $0.85 adjusted basic earnings down 8.6%; $0.85 basic earnings down 1.2%; currency translation negative $0.04 per shareSales increased 8.4% on 10.3% organic growth, 2.2% acquisition growth partially offset by 4.1% negative currency translationCCL, Avery, Checkpoint and Innovia posted organic sales growth of 2.5%, 20.4%, 11.0% and 43.7%, respectivelyOperating income(1) declined 5.0%, excluding negative currency translation of 4.1%, with a 15.0% operating margin(1)Nine-Month HighlightsPer Class B share(3): $2.56 adjusted basic earnings up 14.3%; $2.53 basic earnings up 17.7%; currency translation negative $0.11 per shareSales increased 9.1% on 11.5% organic growth, 2.1% acquisition growth partially offset by 4.5% negative currency translationCCL, Avery, Checkpoint and Innovia posted organic sales growth of 7.2%, 12.8%, 24.8% and 20.2%, respectivelyOperating income(1) improved 16.4%, excluding negative currency translation of 4.6%, with a 16.1% operating margin(1)TORONTO, ON / ACCESSWIRE / November 10, 2021 / Industries Inc. (\"the Company\") (TSX:CCL.A, TSX:CCL.B), a world leader in specialty label, security and packaging solutions for global corporations, government institutions, small businesses and consumers, today reported 2021 third quarter results.Sales for the third quarter of 2021 increased 8.4% to $1,488.2 million compared to $1,373.4 million for the third quarter of 2020, with organic growth of 10.3% and acquisition-related growth of 2.2%, partially offset by 4.1% negative impact from foreign currency translation.Operating income(1) for the third quarter of 2021 declined 9.1% to $223.9 million compared to $246.3 million for the comparable quarter of 2020. Operating income(1) declined 5.0%, excluding currency translation.The Company recorded expenses for restructuring and other items of $0.7 million and $16.2 million for the 2021 and 2020 third quarters. Expenses for the 2021 third quarter are principally restructuring costs in the CCL Segment while the 2020 third quarter included an expense of $9.4 million to conclude a long running litigation matter at CCL Secure in Australia with the balance for severance and acquisition transaction costs.Tax expense for the third quarter of 2021 was $47.8 million compared to $50.6 million in the...