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CCL Industries Announces Record Results for 1Q 2024

Sales increased 5.2% to $1,737.2 million, with Checkpoint’s sales up 6.8% to $224.7 million.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

CCL Industries Inc. reported 2024 first quarter results.

Sales for the first quarter of 2024 increased 5.2% to $1,737.2 million, compared to $1,652.1 million for the first quarter of 2023, with organic growth of 2%, acquisition-related growth of 3% and 0.2% positive impact from foreign currency translation.

Operating income for the first quarter of 2024 increased 9.4% to $282 million compared to $257.7 million for the comparable quarter of 2023. Net earnings increased 15.4% to $192.1 million for the 2024 first quarter compared to $166.4 million for the 2023 first quarter.

“I am very pleased to report our best ever quarterly results for the first period of 2024 with momentum expected to continue into the second quarter,” Geoffrey T. Martin, president and CEO, said. “All segments increased profitability with Checkpoint and Innovia both posting substantial gains, as expected.”

“The company finished the quarter with a strong balance sheet and robust liquidity. The company’s consolidated leverage ratio was 1.18 times adjusted EBITDA with $747.7 million cash-on-hand and US$0.9 billion undrawn capacity on its syndicated revolving credit facility, leaving the company well placed to fund global expansion,” Martin added.

Checkpoint’s sales increased 6.8% to $224.7 million, on organic growth of 9.2% partly offset by 2.4% negative impact from foreign currency translation. Operating income was $37 million, up 20.1%, with a 16.5% operating margin, up 190 bps.

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