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Avery Dennison net income up 17%, beats estimates

2:42 PM MDT | October 24, 2012 | Vincent Valk

Avery Dennison’s third-quarter net income increased 17% year-on-year (YOY), to $58.3 million, on sales down 0.8%, to $1.4 billion. Adjusted earnings from continuing operations, which excludes results from the company’s office products business along with restructuring charges, totaled 53 cts/share, beating analysts’ consensus of 45 cts/share, as reported by Thomson Reuters (New York).   The company is also narrowing its full-year earnings guidance, to $1.65–1.70/share, the high end of prior guidance of $1.55–1.70/share. Adjusted...

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