Avery Dennison’s Profit Beats Forecasts
Adhesive products maker Avery Dennison Corp. said Tuesday that fourth-quarter earnings rose slightly, exceeding Wall Street’s lowered expectations, despite a fall in revenue.
The Pasadena company said net income was $67.5 million, or 69 cents per diluted share, compared with $67.3 million, or 67 cents, a year earlier. Analysts on average had expected 67 cents, according to data tracking firm First Call/ Thomson Financial.
Avery Dennison said sales fell 1.2% to $933.1 million from $944.8 million. Excluding the effect of currency exchange rates, sales grew 4.2%. The company warned earlier this month that fourth-quarter revenue would fall short of expectations due to sluggish economic conditions in North America.
For the first half of 2001, Avery Dennison said, it expects flat to modestly lower earnings. It said it expects earnings per share of 65 to 70 cents for the first quarter on flat to low single-digit revenue growth. The company said it expects economic conditions to improve during the second half and lead to earnings per share of $2.90 to $3.05 for the year.
The company’s shares rose 38 cents to close at $51.25 on the New York Stock Exchange.
At a Glance
Other Southern California company earnings, excluding one-time gains and charges unless noted:
* California Steel Industries Inc., based in Fontana, reported fourth-quarter net income of $700,000 for the period ended Dec. 31, compared with net income of $13.6 million a year ago. Revenue fell 13% to $149.9 million.
* Community Bank, a Pasadena-based commercial bank, reported fourth-quarter net income of $3.4 million, compared with $3 million a year ago. Net interest income rose 4% to $51 million.
* Glendora-based Foothill Independent Bancorp reported fourth-quarter net income of $1.73 million, or 31 cents per share, compared with $1.56 million, or 25 cents, a year ago. Net interest income rose 1% to $7.02 million.
* Mentor Corp., a Santa Barbara-based medical devices maker, reported fiscal third-quarter operating income of $7.2 million, or 30 cents per share, compared with $7.3 million, or 29 cents, a year ago. Sales rose 2% to $61 million.
* PFF Bancorp Inc., based in Pomona, reported fiscal third-quarter income from continuing operations of $6.7 million, or 52 cents per share, compared with $7.8 million, or 59 cents, a year ago. Net interest income rose 9% to $25 million.
* Shopping mall operator Westfield America Inc. of Los Angeles reported fourth-quarter funds from operations of $52.8 million, or 49 cents per share, compared with $49.7 million, or 47 cents, a year ago. Revenue rose 8% to $141 million.
