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Avery Dennison 3rd-quarter profit grows 7 percent

Wednesday, October 22, 2008

Press release from the issuing company

PASADENA, Calif. (October 21, 2008)  -- Avery Dennison Corp., which makes packaging and consumer products, said Tuesday its third-quarter earnings rose 7 percent as stronger sales offset higher expenses and weaker profit margins.

Net income for the three months ended Sept. 27 climbed to $62.7 million, or 63 cents per share, compared with $58.8 million, or 59 cents per share, in the year-earlier period.

Excluding one-time items, the company earned 81 cents per share compared to an adjusted $1.01 per share in the third quarter of last year.

Analysts polled by Thomson Reuters expected, on average, earnings per share of 74 cents. Analyst estimates typically exclude one-time items.

The cost of products sold rose to $1.3 billion from $1.2 billion.

Sales climbed 3 percent to $1.72 billion from $1.68 billion. Analysts expected $1.7 billion in revenue.

Excluding the effect of acquisitions, divestitures and foreign currency translation, sales fell 2 percent, Avery Dennison said.

"Organic revenue growth slowed and margins contracted in the third quarter, reflecting current market conditions," Chief Executive Dean A. Scarborough said in a statement.

The company also cut its 2008 earnings-per-share forecas




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