Avery Dennison 3rd-quarter net income and sales climb; stock moves higher in Friday trading

MarketsAssociated Press

Avery Dennison's net income climbed 38 percent to $64.3 million in its third quarter.

The company also named Mitchell Butier as its president and chief operating officer starting next month.

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The labeling and packaging products maker had a profit of 68 cents per share. Excluding costs from restructuring and discontinued operations, per-share earnings were 77 cents, which was 3 cents better than Wall Street had expected, according to a poll by Zacks Investment Research.

Revenue grew 4 percent to $1.56 billion.

Shares rose $2.33, or 5.3 percent, to $46.51 in afternoon trading.

Excluding one-time charges, the company projected per-share earnings of $3 to $3.05 per share for the year, bringing down by a nickel the high end of its previous forecasts.

Butier, 43, has been Avery Dennison's chief financial officer since June 2010, and he will keep that role until the company finds a replacement.

Dean Scarborough is giving up the title of president but will remain chairman and CEO. Donald Nolan, the head of Avery Dennison's materials business, will leave the company.

Shares of Avery Dennison Corp., based in Glendale, California, have declined 12 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 5.5 percent. The stock has risen roughly 1 percent in the last 12 months.