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Thursday, Mar 28, 2024

Stock Leaps on Avery Dennison Earnings

Avery Dennison Corp.’s stock shot up Wednesday after it reported that it beat Wall Street expectations for the fourth quarter. The Glendale manufacturer of labeling and packaging materials reported net income of $62 million (69 cents a share) in the quarter ending Dec. 31, up from $57 million (62 cents) in the same period a year earlier. Revenue rose 5 percent to $1.6 billion. On an adjusted basis, the company reported earnings per share of 99 cents. Analysts on average expected adjusted earnings of 93 cents on revenue of $1.5 billion, according to Thomson Financial Network. Chief Executive Mitch Butier said he was pleased with the company’s strong organic sales growth and margin expansion and that the same will continue throughout the year. “We remain confident that the consistent execution of our strategies will enable us to achieve our long-term goal of superior value creation through a balance of profitable growth and capital discipline,” Butier said in a prepared statement. Shares closed up $6.61, or more than 9 percent, to $79.63 on the New York Stock Exchange.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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