Oct. 23, 2018, 7:17 a.m. EDT

Avery Dennison profit misses view, sales beat

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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.

/zigman2/quotes/200970384/composite
US : U.S.: NYSE
$ 116.18
+0.36 +0.31%
Volume: 343,252
Aug. 10, 2020 4:02p
P/E Ratio
18.81
Dividend Yield
2.00%
Market Cap
$9.67 billion
Rev. per Employee
$237,210
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