Avery Dennison Lifts FY21 Outlook

(RTTNews) - Material science company Avery Dennison Corp. (AVY) on Wednesday raised its earnings outlook for full-year 2021. The company now expects earnings per share between $8.50 and $8.80, up from the earlier projected $8.25 to $8.65.

Excluding an estimated $0.15 per share related to restructuring charges and other items, the company's outlook adjusted earnings per share has been raised to $8.65 to $8.95 from $8.40 to $8.80.

On average, 12 analysts polled by Thomson Reuters expect the company to post earnings per share of $8.69 in fiscal 2021. Analysts' estimates, usually, exclude one-time items.

In the second quarter, the company's profit totaled $183.8 million or $2.19 per share. This compares with $79.7 million or $0.95 per share, in last year's second quarter.

Excluding items, Avery Dennison reported adjusted earnings of $188.4 million or $2.25 per share for the period. Analysts had expected the company to earn $2.05 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 37.3 percent to $2.10 billion from $1.53 billion last year.