The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Stephen MacLeod - BMO Capital Markets Equity Research - Analyst
: BMO. Just a couple of questions here. You called out RFID, which I know has been a driver of sales in the Checkpoint business, not just this quarter,
but for the last several quarters. But sales were up more than 30%. I'm just wondering if you can give an update on sort of the size of that business
within the Checkpoint segment.
Question: Stephen MacLeod - BMO Capital Markets Equity Research - Analyst
: Okay. Great. And then just turning to the CCL segment. You highlight sort of first half needing to pass through inflation drivers. So I guess, would
we expect to see potential margin growth in CCL pushed into Q2, potentially Q3?
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FEBRUARY 25, 2022 / 12:30PM, CCLb.TO - Q4 2021 CCL Industries Inc Earnings Call
Question: Stephen MacLeod - BMO Capital Markets Equity Research - Analyst
: And that's $50 million on...
Question: Stephen MacLeod - BMO Capital Markets Equity Research - Analyst
: Oh, $15 million on EBIT, on operating income.
Question: Stephen MacLeod - BMO Capital Markets Equity Research - Analyst
: Right, I see, wow, okay. Yes, big number, absolutely. Just maybe sticking on the Innovia business, you talked a lot about the topline growth being
largely price. Can you give a breakdown as to how much was price and how much was volume?
Question: Stephen MacLeod - BMO Capital Markets Equity Research - Analyst
: Okay. Great. And then on the Avery business, the event badge business is continuing to recover, but still below pre-pandemic levels. Can you just
give any color on how far down you are -- like how much more ground you need to make up to get back to pre-COVID on the badge business?
Obviously, Omicron was an impact.
Question: Mark Neville - Scotiabank Global Banking and Markets, Research Division - Analyst
: Scotiabank. Geoff, the energy inflation you're dealing with at Innovia in Europe, why wouldn't that be impacting sort of the rest of your businesses
and through CCL segment...
Question: Mark Neville - Scotiabank Global Banking and Markets, Research Division - Analyst
: That makes sense. Got it. And the $15 million number you quoted, Geoff, that was Q4 or that's an annualized number.
Question: Mark Neville - Scotiabank Global Banking and Markets, Research Division - Analyst
: And maybe just sort of on the Russia-Ukraine situation, I appreciate the numbers that you helped us with. The facilities you have in Russia, would
that be a local business and would they still be operating...
Question: Mark Neville - Scotiabank Global Banking and Markets, Research Division - Analyst
: Okay. And I guess when you think about the broader region, the Ukraine, the Baltics, how far west you want to go, but I mean, do you guys have
significant exposure outside of Russia in that sort of part of the world?
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FEBRUARY 25, 2022 / 12:30PM, CCLb.TO - Q4 2021 CCL Industries Inc Earnings Call
Question: Mark Neville - Scotiabank Global Banking and Markets, Research Division - Analyst
: Okay. Okay. And, sorry, on the CapEx budget for the year, the $380 million, that's a bigger number than we've seen in recent years. I'm just curious,
is that sort of stepping up growth or some of that's inflationary as well?
Question: Mark Neville - Scotiabank Global Banking and Markets, Research Division - Analyst
: Yes. And I guess, just broadly on inflation and, obviously, you guys are managing it quite well, you're raising prices. But I mean, when you think
about sort of your ability to recover and pass through, is there any sort of areas or parts of it where you don't think you can recover? I'm just curious
like how big of an impact would this have on margin, sort of the things that actually sort of [panned] out?
Question: Mark Neville - Scotiabank Global Banking and Markets, Research Division - Analyst
: Got it. Maybe just one last one, if I could. Just curious about the buyback. Balance sheet is in great shape, generating lots of cash. I can't remember
the last time stocks traded in sort of in the low 9s. So just curious, your thoughts there.
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