US-based adhesive product and label maker Avery Dennison Corp. on 24 April said its first-quarter earnings fell more than 9% from a year ago, as the slower North American economy and weakness in some …
US-based adhesive product and label maker Avery Dennison Corp. on 24 April said its first-quarter earnings fell more than 9% from a year ago, as the slower North American economy and weakness in some European specialty markets hurt short-term growth. The company, which products include battery labels, retail tags, and peel-and-stick postage stamps, also said it expected to earn 68 to 72 cents per share for the second quarter. Avery Dennison said the dollar“s continuing strength would cut 5 cents from its full-year earnings, bringing its 2001 projection down to between US$ 2.85 and US$ 3.00 per share. Analysts on average currently expected the company to earn 72 cents per share in the second quarter and US$ 2.93 per share in 2001, according to Thomson Financial/First Call. Avery Dennison said on 24 April its net income fell to US$ 63.6 million, or 65 cents a share, from US$ 70.2 million, or 70 cents, a year ago. Sales slipped slightly to US$ 963.2 million from US$ 965.3 million last year. “Our outlook for the balance of the year continues to be cautious because of uncertainties related to the domestic economy,” said the company“s Chief Executive Philip Neal in a statement.