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Avery Dennison 2Q Profit Doubles As Revenue, Margin Increase

DOW JONES NEWSWIRES Avery Dennison Corp.'s (AVY) second-quarter earnings more than doubled, beating analysts' estimates, as the company's revenue rose and it saw better performance from its information-services segment. The company also raised the bottom of its full-year profit forecast and boosted its revenue target. Chairman and Chief Executive Dean Scarborough also noted that the company's core pressure-sensitive materials businesses "had solid results, including double-digit sales growth in all regions." He said the second half of this year would be more challenging than the first, as the second quarter is usually the company's strongest. Scarborough added the margin is expected to come under pressure from increasing raw-material costs and spending. The office-supply and label manufacturer has seen recent strength in emerging markets and rising demand in its pressure-sensitive materials and retail information-services segments. The company also has boosted its margin of late. Avery Dennison reported a profit of $83.8 million, or 78 cents a share, up from $39.8 million, or 38 cents a share, a year earlier. Excluding restructuring costs and other charges, per-share earnings rose to 94 cents from 56 cents. Revenue jumped 15% to $1.68 billion. Analysts polled by Thomson Reuters had most recently forecast earnings of 66 cents a share on $1.58 billion in revenue. Gross margin rose to 29.2% from 26.8% on the sales gains. Sales of pressure-sensitive materials, the company's biggest segment by revenue, rose 16% as pretax operating profit increased 73%. The company's retail-information-services segment saw its revenue increase 24% as it swung to the black. Shares rose 1.6% to $38.50 recently in premarket trading. The stock has risen 28% in the past 52 weeks. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com

Stock News for Avery Dennison (AVY)
DateTimeHeadline
11/15/201307:11:08AQR Capital Management 3Q 13F: Holdings As Of Sep -2-
11/15/201307:11:08AQR Capital Management 3Q 13F: Holdings As Of Sep 30
07/23/201309:24:01Avery Dennison 2nd-Quarter Profit Up 7.2% on Sales, Margin Growth
03/29/201307:19:363M Says Court Upholds Validity of Retroreflective Sheeting Patent
10/24/201209:38:55Avery Dennison 3rd-Quarter Profit Rose 8.5% on Stronger Margins...
10/04/201209:21:09U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
10/03/201218:20:403M, Avery Dennison Scuttle $550 Million Acquisition
09/04/201219:41:05DOJ: 3M Abandons Avery Deal Amid Antitrust Lawsuit Threat
09/04/201219:39:30Justice Department: 3M Drops Plans to Acquire Avery Dennison's...
09/04/201216:31:18Justice Department May Sue to Block 3M Purchase of Avery Dennison...
06/21/201216:21:13Expanding Toll Roads Prompted 3M's $110 Million Deal for Federal...
04/21/201200:20:37MARKET SNAPSHOT: U.S. Stock Gains Hinge On Apple, Blue-chip Results
02/07/201217:20:07Staples, Avery Target Home Organization With Martha Stewart Line
01/31/201209:41:56Avery Dennison 4Q Profit Off 81% On Prior-Year Benefit, Sales...
01/26/201209:21:30CORRECT: 3M's 4Q Profit Up 2.8% On Industrial, Transportation...
01/26/201209:14:583M's 4Q Profit Up 2.8% On Industrial, Transportation Strength
01/03/201209:04:083M To Acquire Avery Dennison Office, Consumer Products Unit For...
07/26/201110:00:46CORRECT: Avery Dennison 2Q Profit Drops 13% On Volume Declines
07/26/201109:19:14Avery Dennison 2Q Profit Drops 13% On Volume Declines
04/27/201109:23:44Avery Dennison 1Q Net Drops 18% On Weaker Margins; Revenue Rises

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