Avery Dennison: 2Q Earnings Snapshot
GLENDALE, Calif. (AP) _ Avery Dennison Corp. (AVY) on Tuesday reported second-quarter profit of $143.4 million.
On a per-share basis, the Glendale, California-based company said it had net income of $1.69. Earnings, adjusted for one-time gains and costs, came to $1.72 per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.68 per share.
The maker of office products posted revenue of $1.8 billion in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $1.83 billion.
Avery Dennison expects full-year earnings in the range of $6.50 to $6.65 per share.
Avery Dennison shares have risen 25% since the beginning of the year, while the Standard & Poor’s 500 index has risen 19%. The stock has risen 8% in the last 12 months.