US-based self-adhesive materials and label-maker Avery Dennison Corp. said it expects to meet or exceed earnings expectations for the third quarter and for the rest of the year.
A First Call/Thompson…
US-based self-adhesive materials and label-maker Avery Dennison Corp. said it expects to meet or exceed earnings expectations for the third quarter and for the rest of the year. A First Call/Thompson Financial consensus of seven analysts predicted the company would earn 62 cents a diluted share in the third quarter. Last year, Avery Dennison earned US$ 55.8 million, or 54 cents a diluted share, on revenue of US$ 860.2 million, in the third quarter. The company said its expects to have operating earnings growth in the “mid-teens range” for the year. The projection excludes a first-quarter restructuring charge. A First Call mean estimate of five analysts expects the company to earn 63 cents a diluted share in the fourth quarter. A consensus of seven analysts predicted the company would earn US$ 2.48 a diluted share for the year ending 2 January. Avery Dennison earned US$ 55.9 million, or 54 cents a diluted share, on revenue of US$ 884.6 million in the fourth quarter of last year. The company earned US$ 223.3 million, or US$ 2.15 a diluted share, on revenue of about US$ 3.46 billion for the year. The company said it will target double-digit earnings growth for 2000 and in future periods. Avery Dennison said it raised its earnings expectations twice this year, and beat its targets in both the first and second quarters. It said it is “very confident” about its earnings prospects for 1999 and beyond.