Avery Earnings Decline 26%
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Avery Dennison Corp. said Tuesday that its first-quarter net income fell 26% as restructuring charges hammered the company’s bottom line by about $15.5 million, or 16 cents a share.
The Pasadena-based maker of labels and stamps reported net income of $52.6 million, or 52 cents a share, for the quarter, down from $70.8 million, or 71 cents a share, a year earlier.
Excluding an acquisition-related restructuring charge, earnings would have been $68.1 million, or 68 cents a share.
Analysts surveyed by Thomson First Call had expected earnings, excluding items, of 65 cents a share, for the quarter. The company had said it expected to post earnings of 63 cents to 67 cents a share, excluding the charges.
Sales rose 10% to $1.25 billion from $1.14 billion.
Shares of Avery Dennison fell $1.39 to $61.96 on the New York Stock Exchange.
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