US-based adhesives products maker Avery Dennison Corp. reaffirmed its plan for double-digit earnings per share growth this year and said it was comfortable with Wall Street estimates for higher first-…
US-based adhesives products maker Avery Dennison Corp. reaffirmed its plan for double-digit earnings per share growth this year and said it was comfortable with Wall Street estimates for higher first-quarter and full-year profits. Philip Neal, president and chief executive, told analysts in New York that the Pasadena, California-based firm will focus on growing core markets, expanding geographically, acquisitions, and developing new applications. He said Avery Dennison was comfortable with analysts“ expectations that it will earn 68 cents a share in the first quarter and US$ 2.89 per share for the whole year. For 1999, the company reported diluted earnings per share of US$ 2.54, before a restructuring charge. “Our primary focus is to grow the top line faster, combined with double-digit growth in earnings per share. We have a tremendous platform for value creation, and we are confident in our prospects for the future,” Neal told the analysts, according to a company statement. He also cited new opportunities for the company that capitalize on the explosive growth of e-commerce and Internet usage. “Software is the key to a lot of our success in our office products business as more office labels, indexes, cards and other products that are software-driven are run through a desktop printer,” Neal said. “The location of the software that is driving these printers is moving online, which creates greater demand for specialized media, like our Personal Creations line of printer products.” Avery Dennison had 1999 sales of US$ 3.8 billion, up from US$ 3.5 billion in 1998.