By Maryam Cockar
Avery Dennison Corp. /zigman2/quotes/200970384/composite AVY +0.31% on Tuesday reported a 38% rise in third-quarter profit and raised its reported earnings guidance.
The California-based adhesive manufacturing company made a quarterly profit of $149.5 million, or $1.69 a share, compared with $108.3 million, or $1.20, for the same period a year earlier.
Excluding items, Avery Dennison reported an adjusted profit of $1.45 a share for the quarter, compared with $1.26 last year and slightly below analysts forecasts of $1.47 cents.
Sales rose 4.8% to $1.76 billion from $1.68 billion. This compares with analysts forecasts of $1.75 billion according to FactSet.
Avery Dennison raised its fiscal 2018 reported earnings guidance by 7 cents to reflect a reduction in the estimate for restructuring costs. The company now expects 2018 reported earnings of between $4.57 to $4.92 a share.
The company said it has maintained its fiscal 2018 adjusted earnings guidance of between of $5.95 to $6.10 as share, despite an expected incremental headwind from currency translation in the second half of the year.