Avery Dennison Q1 Profit Rises - Quick Facts

(RTTNews) - Avery Dennison Corp. (AVY), a provider of labeling and packaging materials and solutions, Wednesday said net income for the first quarter increased to $71.2 million from $57.8 million in the previous year. Earnings per share advanced to $0.73 from $0.57.

Net income per common share from continuing operations climbed to $0.73 from $0.66.

Adjusted net income per common share from continuing operations improved to $0.65 from $0.59. On average, 7 analysts polled by Thomson Reuters expected earnings of $0.66 per share. Analysts estimates typically exclude special items.

Net sales grew to $1.550 billion from $1.499 billion in the previous year. Analysts expected revenues of $1.57 billion. Dean Scarborough, Avery Dennison chairman, president and CEO, said, "...Sales were up nearly 5 percent on an organic basis, driven by strong volume growth in Pressure-sensitive Materials. Retail Branding and Information Solutions delivered another quarter of strong earnings growth, reflecting the successful execution of productivity initiatives across the business."

The company maintained its guidance for full-year adjusted earnings per share growth in the range of 8 to 19 percent.

The firm expects earnings per share from continuing operations of $2.60 to $2.90 for 2014. Excluding an estimated $0.30 per share for restructuring costs and other items, the company expects adjusted earnings per share from continuing operations of $2.90 to $3.20.

Analysts expect earnings of $3.04 per share for the year.