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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
09/03/201516:30:00Avery Dennison to Present at Investor Conference on September...
08/19/201511:06:38Statement of Changes in Beneficial Ownership (4)
08/04/201514:16:48Quarterly Report (10-q)
07/29/201508:47:11Current Report Filing (8-k)
07/29/201508:30:00Avery Dennison Announces Second Quarter 2015 Results
07/23/201508:00:00Avery Dennison Declares Quarterly Dividend
07/16/201517:00:00Avery Dennison to Webcast Second Quarter 2015 Earnings Conference...
07/15/201510:05:00OGX, WS Packaging Group, Inc. and Avery Dennison Collaborate...
06/24/201514:50:29Annual Report of Employee Stock Plans (11-k)
06/19/201516:16:48Current Report Filing (8-k)
06/02/201513:35:50Statement of Changes in Beneficial Ownership (4)
06/02/201513:31:27Statement of Changes in Beneficial Ownership (4)
05/29/201516:03:27Specialized Disclosure Report (sd)
05/26/201512:15:38Statement of Changes in Beneficial Ownership (4)
05/20/201512:15:10What Is the S&P 500 Index?
05/19/201516:30:00Avery Dennison to Present at Investor Conference on June 3, 2015
05/15/201516:47:26Statement of Changes in Beneficial Ownership (4)
05/15/201516:44:48Statement of Changes in Beneficial Ownership (4)
05/12/201514:48:35Statement of Changes in Beneficial Ownership (4)
05/08/201517:05:26Current Report Filing (8-k)

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