CCL Industries Reports Fourth Quarter and Record Annual Results for 2024

CCL Industries Inc. has announced its financial results for the fourth quarter and full year 2024. The company reported a 9.0% increase in sales for Q4, reaching $1,812.5 million, driven by organic growth and acquisitions. Operating income grew by 5.1% to $267.9 million, despite a minor adverse currency impact. Net earnings skyrocketed from $38.8 million in 2023 to $179.8 million in 2024 for the same quarter. Basic earnings per share climbed significantly, influenced by revaluation gains and previous goodwill impairment losses.

For the year 2024, CCL Industries experienced a 9.0% growth in sales, reaching $7,245.0 million. The company achieved a 13.0% increase in operating income to $1,142.3 million. Organic sales growth and nine acquisitions completed since January 2023 were key contributors. The annual effective tax rate was reduced due to several factors including non-taxable revaluation gains.

CEO Geoffrey T. Martin highlighted sector-specific performances, noting strong contributions from segments like Checkpoint and Innovia, while Avery faced some challenges. The company forecasts stable sales for the first quarter of 2025 amidst geopolitical uncertainties.