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Friday, Jun 9, 2023

Avery Dennison Shares Jump on Upbeat Earnings

The stock price of Avery Dennison Corp. spiked more than 10 percent Tuesday following the release of the firm’s second-quarter financial report, which disclosed earnings that beat Wall Street estimates by 11 cents a share. Avery Dennison, a label and packaging materials manufacturer headquartered in Glendale, reported adjusted net income of nearly $148 million for the period ended June 30, up 25 percent from last year’s $118 million, according to Security and Exchange Commission filings. Adjusted earnings were $1.66 a share, compared to $1.31 a share a year ago. Analysts on average had expected earnings of $1.55 a share, according to Thomson Financial. Avery Dennison generated $1.85 billion in revenue during the quarter, led by $1.26 billion in its the labels and graphic materials sector. Its retail branding and information solutions sector had revenue of $417 million, while its industrial and health care materials division generated $180 million. Shares of Avery Dennison (AVY) jumped $11.14, or 11 percent, to close Tuesday at $114.37 on the New York Stock Exchange. The markets overall were up slightly.

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