Avery Dennison Corp (AVY) [Rocket]

In millions, except per share items	Dec-31-22	Jan-01-22	Jan-02-21	Dec-28-19	Dec-29-18	Dec-30-17	Dec-31-16	Jan-02-16
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Label & Graphic Materials				4,745.9	4,851.1	4,511.7	4,187.3	4,032.1
Retail Branding & Information Solutions				1,650.3	1,613.2	1,511.2	1,445.4	1,443.4
Industrial & Healthcare Materials				673.9	694.7	590.9	453.8	491.4
Total revenues	9,039.3	8,408.3	6,971.5	7,070.1	7,159.0	6,613.8	6,086.5	5,966.9
Revenue growth [+]	7.5%	20.6%	-1.4%	-1.2%	8.2%	8.7%	2.0%	-5.7%
Label & Graphic Materials				-2.2%	7.5%	7.7%	3.8%	-6.2%
Retail Branding & Information Solutions				2.3%	6.7%	4.6%	0.1%	-4.8%
Industrial & Healthcare Materials				-3.0%	17.6%	30.2%	-7.7%	-4.7%
Cost of goods sold	6,635.1	6,095.5	5,048.2	5,166.0	5,243.5	4,801.6	4,386.8	4,321.1
Gross profit	2,404.2	2,312.8	1,923.3	1,904.1	1,915.5	1,812.2	1,699.7	1,645.8
Gross margin	26.6%	27.5%	27.6%	26.9%	26.8%	27.4%	27.9%	27.6%
Selling, general and administrative	1,330.8	1,248.5	1,060.5	1,080.4	1,127.5	1,105.2	1,085.7	1,108.1
Research and development
Equity in earnings		-3.9	-3.7	-2.6	-2.0
Other operating expenses	-0.6	1.7	49.9	50.6	67.9	54.5	77.0	68.3
EBITDA [+]	1,364.7	1,302.8	1,014.5	949.5	899.1	831.2	717.1	657.7
EBITDA growth	4.8%	28.4%	6.8%	5.6%	8.2%	15.9%	9.0%	5.1%
EBITDA margin	15.1%	15.5%	14.6%	13.4%	12.6%	12.6%	11.8%	11.0%
Depreciation	208.9	199.5	185.4	165.5	165.8	160.1	160.2	167.8
EBITA	1,155.8	1,103.3	829.1	784.0	733.3	671.1	556.9	489.9
EBITA margin	12.8%	13.1%	11.9%	11.1%	10.2%	10.1%	9.1%	8.2%
Amortization of intangibles	81.8	44.6	19.9	13.5	15.2	18.6	19.9	20.5
EBIT [+]	1,074.0	1,058.7	809.2	770.5	718.1	652.5	537.0	469.4
EBIT growth	1.4%	30.8%	5.0%	7.3%	10.1%	21.5%	14.4%	10.7%
EBIT margin	11.9%	12.6%	11.6%	10.9%	10.0%	9.9%	8.8%	7.9%
Interest expense	84.1	70.2	70.0	75.8	58.5	63.0	59.9	60.5
Interest expense	84.1	70.2	70.0	75.8	58.5	63.0	59.9	60.5
Other income (expense), net [+]	9.4	4.1	-1.9	-445.2	-104.8
Other non-ooperating expenses						18.0	53.2
Other	9.4	4.1	-1.9	-445.2	-104.8
Pre-tax income	999.3	992.6	737.3	249.5	554.8	589.5	477.1	408.9
Income taxes	242.2	248.6	177.7	-56.7	85.4	307.7	156.4	134.5
Tax rate	24.2%	25.0%	24.1%		15.4%	52.2%	32.8%	32.9%
Earnings from continuing ops	999.3	992.6	737.3	303.6	467.4	281.8	320.7	274.4
Earnings from discontinued ops								-0.1
Net income	757.1	740.1	555.9	303.6	467.4	281.8	320.7	274.3
Net margin	8.4%	8.8%	8.0%	4.3%	6.5%	4.3%	5.3%	4.6%

Basic EPS [+]	$12.25	$11.97	$8.84	$3.61	$5.35	$3.19	$3.60	$3.02
Growth	2.3%	35.4%	144.6%	-32.5%	67.8%	-11.3%	19.4%	14.4%
Diluted EPS [+]	$12.16	$11.84	$8.77	$3.57	$5.28	$3.13	$3.54	$2.95
Growth	2.6%	35.1%	145.5%	-32.3%	68.7%	-11.5%	19.7%	14.3%

Dividends per share [+]	$2.93	$2.66	$2.36	$2.26	$2.01	$1.76	$1.60	$1.46
Growth	10.2%	12.7%	4.4%	12.4%	14.2%	10.0%	9.6%	9.0%

Shares outstanding (basic) [+]	81.6	82.9	83.4	84.0	87.3	88.3	89.1	91.0
Growth	-1.6%	-0.6%	-0.7%	-3.8%	-1.1%	-0.9%	-2.1%	-3.0%
Shares outstanding (diluted) [+]	82.2	83.8	84.1	85.0	88.6	90.1	90.7	92.9
Growth	-1.9%	-0.4%	-1.1%	-4.1%	-1.7%	-0.7%	-2.4%	-2.9%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.