In line with recent forecasts, US labelling technology group Avery Dennison reported only a limited increase in net profits and a drop in sales for the fiscal fourth quarter, ending on 30 December 200…
In line with recent forecasts, US labelling technology group Avery Dennison reported only a limited increase in net profits and a drop in sales for the fiscal fourth quarter, ending on 30 December 2000. For the October-December quarter, net income came to US$ 67.5 million, or 69 cents a share, compared with US$ 67.3 million, or 67 cents a share, in the same quarter a year earlier. Sales fell 1.2% to US$ 933.1 million from US$ 944.8 million a year earlier. For the first quarter of 2001, Avery Dennison expects earnings in the range of 65 cents to 70 cents a share. The company said it expects “flat to low single-digit” revenue growth for the first quarter and limited volume growth through the first half of 2001. According to Avery Dennison forecasts, fiscal 2001 earnings will amount to US$ 2.90 to US$ 3.05 a share, with revenue growth of 4% to 6%.