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Avery Dennison first-quarter core earnings tops estimates

American self-adhesive labels manufacturer Avery Dennison Corp. said its fiscal first-quarter net income rose almost four-fold from a year earlier, when restructuring charges pulled down the bottom li…

American self-adhesive labels manufacturer Avery Dennison Corp. said its fiscal first-quarter net income rose almost four-fold from a year earlier, when restructuring charges pulled down the bottom line. Underlying earnings climbed 15%, better than expected. The Pasadena, California-based firm reported net income of US$ 70.2 million, or 70 cents a diluted share, for the quarter ending April 1, compared with US$ 18.4 million, or 18 cents a share, a year earlier. The mean estimate of eight analysts surveyed by First Call/Thomson Financial was for earnings of 68 cents a share. Excluding the US$ 65 million restructuring charge, Avery Dennison would have reported earnings of US$ 60.9 million, or 60 cents a share, for last year“s first quarter. Sales rose 3.4% to US$ 965.3 million. Based on the first-quarter results and strong volume trends, Avery Dennison said it expects earnings growth of 14% to 16% for the full year. The mean estimate of eight analysts surveyed by First Call/Thomson Financial is for earnings of US$ 2.89 a share for fiscal 2000.

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