Avery Dennison Q2 Profit Surges, Cuts FY15 EPS View

(RTTNews) - Avery Dennison Corp. (AVY) Wednesday 49 percent increase in second quarter net income to $63.3 million from $42.5 million last year. Earnings attributable to the company climbed 55 percent to $0.68 from $0.44 per share last year. On an adjusted basis, earnings was $0.91 per share.

On average, 8 analysts polled by Thomson Reuters expected the company to earn $0.88 share. Analysts estimates usually exclude special items.

Net sales for the quarter declined 6 percent to $1.516 billion from $1.615 billion a year ago. Wall Street was looking for $ $1.52 billion.

Looking ahead to the full year, the company expects earnings in the range of $2.82 to $3.02 per share, reflecting a loss on second quarter sales and exit costs. The latest projection is down $0.03 per share from its earlier outlook. Excluding an estimated $0.43 per share for restructuring costs and other items, the company continues to expect adjusted earnings per share of $3.25 to $3.45, up 5 to 11 percent from the prior year. The Street expects $3.34 per share on revenue of $6.10 billion.