CCL Industries Reports Record First Quarter Results for 2024

CCL Industries Inc., a global leader in the production of specialty labels and packaging solutions, has announced its financial results for the first quarter of 2024, showcasing significant growth and record earnings. The company reported a notable increase in sales, which rose 5.2% to $1,737.2 million from $1,652.1 million in the first quarter of 2023. This increase includes 2.0% organic growth, 3.0% from acquisitions, and a minimal positive impact from currency translation.

Operating income for the first quarter of 2024 increased by 9.4% to $282.0 million compared to $257.7 million in the prior year, with margin improvements noted in several business segments. Net earnings saw a substantial increase of 15.4%, reaching $192.1 million. The basic and adjusted basic earnings per Class B share grew by 14.9%, achieving a new record of $1.08 compared to $0.94 in the previous year.

According to Geoffrey T. Martin, President and CEO of CCL Industries, the impressive results were supported by robust growth across all segments, with significant contributions from the Checkpoint and Innovia segments. Martin expressed optimism about maintaining the momentum through the upcoming quarters based on these strong performances.

The company highlighted ongoing profitability improvements expected from strategic initiatives including the closure of a plant in Belgium, projected to influence financials positively by the end of the second quarter of 2024. The strong quarterly performance has reinforced CCL Industries' ability to fund further global expansion, supported by a strong balance sheet and substantial liquidity.