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Avery Dennison 3Q Profit Up 2.7%; 2010 View Boosted

DOW JONES NEWSWIRES Avery Dennison Corp.'s (AVY) third-quarter profit rose 2.7% following prior-year charges, while revenue growth was nearly offset by margin declines. Results topped analysts' estimates and the office-supply and label manufacturer raised its forecast for the year to earnings of $3.10 to $3.20 a share on revenue growth of 9%, from $2.60 to $2.80 and 7% to 8%, respectively. Avery has seen earnings rebound sharply the past several quarters. Chairman and Chief Executive Dean Scarborough said "strong top-line growth" in the third-quarter was again driven by its pressure-sensitive materials, which makes roll materials and graphics, and retail information-services segments. Margins, however, came under pressure as rising raw material costs outpaced price increases as expected, said Scarborough. Gross margin fell to 27.6% in the third quarter from 28.1% a year ago. Avery reported a profit of $64.2 million, or 60 cents a share, up from $62.5 million, or 59 cents a share, a year earlier. Excluding restructuring costs and asset write-downs, earnings fell to 62 cents from 82 cents. Revenue increased 5.9% to $1.64 billion. Analysts polled by Thomson Reuters had most recently estimated earnings of 61 cents and $1.59 billion in revenue. Beyond the gross-margin drop, tax provisions also pressured the bottom line in the latest quarter. Sales of pressure-sensitive materials, Avery's biggest segment by revenue, rose 5.4% as profit decreased 4.6%. The retail-information-services segment had 17% revenue growth, helping the operation swing to a profit. Last week, Avery sued 3M Co. (MMM) for allegedly unlawfully monopolized markets for a type of sheeting that makes road signs more reflective at night, along with complaints of fraud and false advertising. The lawsuit was in response to a patent-infringement claim brought by the industrial conglomerate against Avery, in an attempt to prevent Avery from offering its new OmniCube product, which uses retroreflective technology. Shares closed at $39.16 Tuesday and were inactive premarket. -By Jodi Xu, Dow Jones Newswires; 212-416-3037; jodi.xu@dowjones.com

Stock News for Avery Dennison (AVY)
DateTimeHeadline
02/10/201616:09:22Amended Statement of Ownership (sc 13g/a)
02/03/201607:01:48Current Report Filing (8-k)
02/03/201606:50:00Avery Dennison Declares Quarterly Dividend
02/03/201606:45:00Avery Dennison Announces Fourth Quarter and Full Year 2015 Results
01/25/201613:51:13Amended Statement of Ownership (sc 13g/a)
01/19/201617:27:58Statement of Changes in Beneficial Ownership (4)
01/19/201617:23:10Statement of Changes in Beneficial Ownership (4)
01/19/201617:15:43Statement of Changes in Beneficial Ownership (4)
01/19/201617:09:01Statement of Changes in Beneficial Ownership (4)
01/19/201617:00:59Statement of Changes in Beneficial Ownership (4)
01/19/201612:32:00Avery Dennison Retail Branding and Information Solutions Enhances...
01/11/201617:00:00Avery Dennison Upcoming Investor Events
12/07/201514:44:01Statement of Changes in Beneficial Ownership (4)
12/02/201506:45:00Avery Dennison to Present at Investor Conference on December...
12/01/201506:00:00Avery Dennison Joins Call for “Strong Step Forward” at Paris Tal...
11/20/201511:53:44Statement of Changes in Beneficial Ownership (4)
11/10/201511:32:03Statement of Changes in Beneficial Ownership (4)
11/09/201516:41:24Statement of Changes in Beneficial Ownership (4)
11/03/201518:29:02Statement of Changes in Beneficial Ownership (4)
11/03/201516:52:28Statement of Changes in Beneficial Ownership (4)

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