Avery Dennison (AVY) Q2-2008 Earnings Call
September 9th, 2008
July 22, 2002 2pm EST
-Reducing outlook for the year due to rapidly rising raw material costs and expectation of continued weak economic conditions
-Raising prices and will do so again later this year if inflation continues to accelerate
-RFID revenue quadrupled
-Organically US down 4%, Europe up 4%, Asia up 4%, Latin America up 5%
-Raising their estimate of raw material inflation fro 2008 from $70M to $110M
-Currency benefits the top line by 5%
-2/3rd of business is outside the USA
-15% of business related to housing, automotive, and other cyclical segments
-Most of their customers say this is the worst retail recession in 20 years
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