Avery Dennison Raises 2022 Outlook

(RTTNews) - Avery Dennison Corp. (AVY) has raised its guidance range for 2022 reported earnings per share to $9.35 to $9.75, from prior guidance range of $9.25 to $9.65. Excluding an estimated $0.10 per share related to restructuring charges and other items, guidance range for adjusted earnings per share has been raised to $9.45 to $9.85, from $9.35 to $9.75.

For the first quarter, the company's bottom line totaled $198.2 million, or $2.39 per share compared to $209.5 million, or $2.50 per share, prior year. Excluding items, Avery Dennison reported adjusted earnings of $199.5 million or $2.40 per share for the period. Analysts on average had expected the company to earn $2.17 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 14.6% to $2.35 billion from $2.05 billion last year.