US labelling technology group Avery Dennison Corp. last week reported record earnings for the fourth quarter and full year 1996.
For the fourth quarter of 1996, net income increased 26.5% to US$ 47…
US labelling technology group Avery Dennison Corp. last week reported record earnings for the fourth quarter and full year 1996. For the fourth quarter of 1996, net income increased 26.5% to US$ 47.7 million on a reported sales increase of 4.1% to US$ 808.9 million. Earnings per share increased 31.4% to US$ 0.46 per share. For 1996 as a whole, net income increased 22.4% to US$ 175.9 million while reported sales increased 3.5% to US$ 3.2 billion. Earnings per share increased 24.4% to US$ 1.68 per share. Return on equity increased to 21.4%, compared with 18.6% a year earlier. Charles D. Miller, chairman and chief executive officer at Avery Dennison, said: “Solid operating momentum continued to drive Avery Dennison“s financial performance for the year. Strong performance from new products, improved operating efficiencies and growth in new markets and new business ventures contributed to our record results. While achieving record results, we invested in new business platforms for future international growth, and for new products.” Avery Dennison“s newly expanded operations in the Asia Pacific region and in Latin America reported considerable growth for the Fasson-brand self-adhesive materials in both information processing and product identification markets. During the fourth quarter, the company reorganised its business into two sectors – Pressure-sensitive Adhesives and Materials, and Consumer and Converted Products. The board of directors of Avery Dennison has declared a quarterly cash dividend of US$ 0.17 per share. The dividend is payable on 19 March 1997 to shareholders of record at the close of business on 5 March 1997.