Avery Dennison Doubles 2Q Profit
Office-supply maker Avery Dennison (NYSE:AVY) reported on Wednesday a doubling of second-quarter earnings and a rise in revenue for its information services division.
The company boosted its target for the year and said that strength in emerging markets and higher demand would help it through the year ahead.
The company reported profit of $83.8 million, or 78 cents per share, up from $39.8 million, or 38 cents per share in the previous year. Excluding one-time charges, earnings per share rose from 56 cents to 94 cents per share, while revenue was up 15% to $1.68 billion. Analysts polled by Thomson Reuters had projected earnings of 66 cents per share and $1.58 billion in revenue
The company’s retail services division experienced a revenue increase of 24%, while the company’s pressure-sensitive materials division rose 16% by revenue.