Avery Dennison Backs FY19 Adj. EPS Outlook - Quick Facts

(RTTNews) - While reporting preliminary, unaudited financial results for the first quarter, Avery Dennison Corp. (AVY) on Wednesday raised its full year 2019 earnings guidance, while maintaining adjusted earnings outlook.

For fiscal 2019, the company increased its guidance for earnings to a range of $3.10 to $3.35 per share from the prior range of $2.70 to $2.9 per share, reflecting lower-than-expected costs to settle its U.S. pension plan liabilities.

However, the company continued to project adjusted earnings in the range of $6.45 to $6.70 per share.

On average, analysts polled by Thomson Reuters expect earnings of $6.57 per share for the year. Analysts' estimates typically exclude special items.

"We reaffirm our previous guidance for 2019 adjusted earnings per share, with organic growth improving over the balance of the year, along with continued margin expansion," said Mitch Butier, President and CEO.