Avery Dennison Q4 Profit Down, But Sees 2014 Adj. EPS In Line - Quick Facts

(RTTNews) - Labeling and packaging materials company Avery Dennison Corp. (AVY), in its preliminary financial result, said that its fourth-quarter net income declined to $42.7 million or $0.43 per share, from $49.0 million or $0.48 per share in the same quarter last year.

Quarterly income from continuing operations was $44.7 million or $0.45 per share up from $28.0 million or $0.28 per share last year. Adjusted net income per share from continuing operations grew to $0.69 from $0.48 in the year ago quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.68 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly net sales grew to $1.584 billion from last year's $1.483 billion. Five analysts estimated revenues of $1.53 billion for the quarter.

The company expects 2014 earnings per share from continuing operations of $2.60 to $2.90. Excluding an estimated $0.30 per share for restructuring costs and other items, the company expects adjusted earnings per share from continuing operations of $2.90 to $3.20. Analysts project annual earnings per share of $3.07.