Avery Dennison Q2 Earnings Rise, Tops Estimates - Quick Facts

(RTTNews) - Avery Dennison Corp. (AVY), a provider of labeling and packaging materials and solutions, Friday reported a decline in its second-quarter net earnings to $42.5 million from $68.8 million last year. Earnings per share reduced to $0.44 from $0.68 in the year-ago period. For the quarter, net earnings per common share from continuing operations decreased to $0.46 from $0.70 a year ago. On an adjusted basis, it amounted to $0.80 per share. On average, 7 analysts polled by Thomson Reuters expected earnings of $0.79 per share. Analysts estimates typically exclude special items. Quarterly sales, however rose to $1.61 billion from $1.55 billion last year, whereas analysts projected revenue of $1.62 billion. Looking ahead, the group expects annual earnings per share from continuing operations in the range of $2.65 - $2.75. Excluding an estimated $0.35 per share for restructuring costs and other items, the company expects adjusted earnings per share from continuing operations to range between $3.00 - $3.10. Analysts forecast earnings per share of $3.03