Financial Results of CCL Industries Inc. for the Fourth Quarter and Full Year 2023

CCL Industries Inc., a global leader in specialized labeling, security, and packaging solutions, has unveiled its financial results for the fourth quarter and the entire year 2023. Sales for the fourth quarter increased by 4.7% to $1,662.5 million, driven by growth from acquisitions and the positive impact of currency fluctuations, despite a slight organic decline. The company saw a 20.6% increase in operating income for the fourth quarter, positively impacted by exchange rates.

In 2023, CCL Industries achieved a 4.2% sales growth, totaling $6,649.6 million, supported by acquisitions and favorable exchange effects, despite an organic decrease. Operating income increased by 8.2%. The company announced a 9.4% increase in its annual dividend, effective March 15, 2024.

The company's segments delivered varied performances, with organic growth in the CCL segment and productivity gains in Avery and Checkpoint. Innovia incurred an operating loss, resulting in impairment of goodwill and restructuring charges of $95 million, following the closure of its facility in Belgium.

The company remains optimistic for 2024, anticipating positive momentum through strategic acquisitions and a strong financial position. CCL Industries plans to invest in new eco-friendly projects in Germany, the United States, and Mexico, while also considering further acquisitions.