CCL Industries Reports Record 2024 Second Quarter Results

CCL Industries Inc., a leading global provider of labels, security, and packaging solutions, announced record results for the 2024 second quarter. Sales increased by 12.2% to $1,845.6 million, driven by 8.5% organic growth, 3.0% from acquisitions, and 0.7% positive currency translation. Operating income rose 25.4% to $303.5 million, reflecting a 16.4% operating margin.

The company recorded a $78.1 million revaluation gain due to the acquisition of the remaining 50% interest in Pacman-CCL. Tax expenses increased to $63.6 million, resulting in net earnings of $279.5 million, up 79.3% from the prior year. Basic earnings per Class B share rose to $1.56 from $0.88, with adjusted basic earnings per share at $1.13.

For the first half of 2024, CCL's sales, operating income, and net earnings grew by 8.7%, 17.2%, and 46.3%, respectively. The six-month performance included contributions from nine acquisitions since January 2023. The company successfully integrated recent acquisitions and improved profitability across its segments, including CCL, Avery, Checkpoint, and Innovia.