Avery Dennison Corp. beat Wall Street estimates on earnings and matched on revenue for the first quarter.
The Glendale manufacturer of pressure-sensitive materials, tickets, tags and labels reported on Tuesday an adjusted net income of $200 million ($2.40 a share) for the quarter ending April 2, compared to an adjusted net income of $201 million ($2.40) in the same period a year earlier. Revenue increased by 15 percent to $2.3 billion.
Analysts on average expected earnings of $2.17 on revenue of $2.3 billion, according to Thomson Financial Network.
Chief Executive Mitch Butier said the company had a strong quarter financially despite a challenging environment as supply chains remain tight and inflationary pressures persist.
“Despite these challenges, we have raised our outlook and we continue to expect strong top- and bottom-line growth for the year,” Butier said in a statement. “We remain confident that the consistent execution of our strategies will enable us to meet our long-term goals for superior value creation through a balance of profitable growth and capital discipline.”
Shares of Avery Dennison (AVY) closed Tuesday up $5.53, or 3.3 percent, to $174.22 on the New York Stock Exchange, on a day when the Dow Jones closed down 2.4 percent.
