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Avery Dennison 4Q Profit Up On Charges; Shares Fall Amid View

DOW JONES NEWSWIRES Avery Dennison Corp.'s (AVY) fourth-quarter earnings rose 17% on prior-year charges as the office-supply and label manufacturer said its sales eked higher and margins increased. The company also forecast 2010 earnings of $2 to $2.30 a share if organic sales--which exclude acquisitions, foreign currency translation and the impact of an extra week in the 2009 fiscal year--remain flat. Avery Dennison said that if sales rise 5%, earnings would be 70 cents higher. Analysts surveyed by Thomson Reuters expected $2.90 in earnings on a 6% revenue increase. Shares dropped 7.1% to $35.40 premarket as the latest quarter's profit was well below analysts' expectations. "While end markets remain soft, fourth-quarter sales reflect stabilizing inventory levels, resulting in solid improvement compared to the first half of the year," said President and Chief Executive Dean Scarborough. Avery Dennison has struggled with dwindling sales as demand has dropped during the economic downturn. The company has worked to cut costs and improved margins, helping to soften the blow to its bottom line. For the quarter ended Jan. 2, profit was $49.9 million, or 47 cents a share, up from $42.6 million, or 43 cents, a year earlier. Excluding restructuring and other impacts, earnings fell to 44 cents from 65 cents. Revenue rose 0.7% to $1.52 billion. Analysts polled by Thomson Reuters had most recently forecast earnings of 68 cents on $1.51 billion in revenue. Gross margin rose to 27.3% from 25%. -By Nathan Becker, Dow Jones Newswires; 212-416-2855;

Stock News for Avery Dennison (AVY)
04/28/201512:36:24Statement of Changes in Beneficial Ownership (4)
04/28/201512:10:03Statement of Changes in Beneficial Ownership (4)
04/28/201512:02:24Statement of Changes in Beneficial Ownership (4)
04/28/201511:50:05Statement of Changes in Beneficial Ownership (4)
04/28/201511:40:55Statement of Changes in Beneficial Ownership (4)
04/28/201511:34:10Statement of Changes in Beneficial Ownership (4)
04/27/201513:11:14Statement of Changes in Beneficial Ownership (4)
04/24/201515:04:43Current Report Filing (8-k)
04/23/201516:05:00Avery Dennison Increases Quarterly Dividend
04/15/201518:16:00Avery Dennison to Webcast First Quarter 2015 Earnings Conference...
04/09/201518:32:00Avery Dennison gibt Patentverletzungsklage gegen UPM Raflatac...
04/09/201518:25:00Avery Dennison annonce une action en justice pour contrefaçon...
04/09/201514:12:29Amended Statement of Ownership (sc 13g/a)
04/09/201510:41:00Avery Dennison Announces Patent Infringement Suit against UPM...
04/02/201506:06:26Additional Proxy Soliciting Materials (definitive) (defa14a)
03/25/201514:30:04Initial Statement of Beneficial Ownership (3)
03/24/201509:00:00Avery Dennison® Adds CMYK Ink Functionality to TrafficJet⢠16...
03/23/201507:30:00Gabelli & Company 6th Annual Specialty Chemicals Conference
03/12/201506:13:09Additional Proxy Soliciting Materials (definitive) (defa14a)
03/12/201506:11:57Proxy Statement (definitive) (def 14a)

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