Avery Dennison: 4Q Earnings Snapshot
GLENDALE, Calif. (AP) _ Avery Dennison Corp. (AVY) on Wednesday reported fourth-quarter net income of $97.1 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Glendale, California-based company said it had profit of $1.11. Earnings, adjusted for one-time gains and costs, came to $1.52 per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.50 per share.
The maker of office products posted revenue of $1.77 billion in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $1.78 billion.
For the year, the company reported profit of $467.4 million, or $5.28 per share. Revenue was reported as $7.16 billion.
Avery Dennison expects full-year earnings in the range of $6.45 to $6.70 per share.
Avery Dennison shares have climbed roughly 10 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 5 percent. The stock has fallen 17 percent in the last 12 months.