Shares of Avery Dennison Corp. jumped more than 5 percent Wednesday following the release of its third-quarter financial results, which beat Wall Street expectations for earnings and revenue.
The label and adhesive manufacturer, based in Glendale, reported net profit of $113.5 million ($1.26 a share) for the period ended Sept. 30. That’s way up from the same quarter last year when the company earned $91.6 million, or $1.01 a share.
Wall Street analysts on average had expected third-quarter earnings of $1.21 a share, according to Thomson Financial.
Avery Dennison surprised analysts on revenue as well, generating $1.68 billion during the period, $30 million more than Wall Street expectations of $1.65 billion. Revenue grew 11.3 percent year over year; the company reported revenue of $1.51 billion in the same quarter last year.
“The effective execution of our strategies continues to enhance our competitive advantage, driving profitable growth and higher returns,” Avery Dennison Chief Executive Mitch Butier said in a statement. The company’s performance during the quarter prompted it to raise its full-year guidance to $4.90 to $4.95 a share, up from $4.75 to $4.90 a share, he added.
Shares of Avery Dennison (AVY) rose $5.14, or 5.2 percent, on Wednesday to close at $104.05 on the New York Stock Exchange.