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Saturday, Mar 2, 2024

Avery Dennison Beats Earnings Expectations

Avery Dennison Corp. on Wednesday announced fourth quarter adjusted earnings of $1.33 a share, beating expectations by 8 cents. The stock went up after the announcement. The Glendale label and adhesive manufacturer’s bottom line came in at almost $120 million, up 34 percent from the previous year. Including restructuring costs, however, the company recorded a loss of 66 cents a share in the quarter against earnings of 69 cents recorded in the prior-year quarter. Total revenue jumped about 12 percent to $1.74 billion from $1.55 billion recorded in the year-earlier quarter. Moreover, the figure surpassed the analysts’ estimate of $1.7 billion. On an organic basis, sales were up nearly 4.7 percent for the year. For the full year, Avery Dennison reported adjusted earnings per share of $5, up 24 percent, outpacing the consensus estimate of $4.93. Including one-time items, the bottom line came in at $3.13, down 12 percent. Revenue for the year grew 8.7 percent to $6.6 billion. “In 2018, we expect to once again deliver a strong top-line and double-digit EPS growth, while further increasing our level of investment for the future,” said Mitch Butier, president and chief executive officer of Avery Dennison in a statement. Shares of Avery Dennison (AVY) closed Wednesday up $5.35 or almost 5 percent to $122.68 on the New York Stock Exchange.

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