CCL Industries Announces 1Q 2021 Results

CCL Industries Inc. reported 4.1% sales growth during the first quarter of 2021. Sales were $1,349.5 million, compared to $1,296.5 million for the first quarter of 2020.
 
Operating incomefor the first quarter of 2021 increased 11.4% to $223.1 million compared to $200.3 million for the comparable quarter of 2020. Operating incomeimproved 14.2%, excluding currency translation.
 
“Our people continued to perform despite ongoing pressures from the pandemic delivering a strong start to 2021,” Geoffrey T. Martin, president and CEO, said. “The company posted 4.2% consolidated organic growth, despite the pandemic’s comparative effect on parts of Avery, which had a good first quarter in 2020, largely unimpeded by world events. Operating income increased 11.4%, driving 13.9% improvement in adjusted basic earnings to $0.82 per Class B share, eliminating the impact of foreign currency translation adjusted net earnings improved 18.6%.”
 
CCL sales increased 4.5% to $876.7 million. Operating income was $157.2 million, up 11.8%.

Avery sales decreased 11.6% to $140.4 million, with operating incomeof $21 million, down 34.6%.

Checkpoint sales increased 8.9% to $168.7 million, with operating income of $25.4 million, up 109.9%.

Innovia sales increased 13.7% to $163.7 million, with operating income of $19.5 million, up 25.8%.