Avery Dennison Gains on Bright Fiscal-Year Outlook, Strong 2Q

Dow Jones07-31

Shares of Avery Dennison rose after the company offered upbeat earnings guidance for the year and reported stronger second-quarter results than expected.

The stock was up 6.5%, at $178.04, midday Thursday, but is now 2.1% off where it started the year.

The adhesives and labels maker said it now expects adjusted earnings of $10.00 to $10.30 a share for the full year. That stacks well against analyst projections for $10.02 a share, according to FactSet.

The company reported a profit of $204.1 million, or $2.67 a share, for the second quarter, up from $189 million, or $2.41 a share, in the year-earlier quarter.

Adjusted earnings were $2.89 a share, topping analyst projections for $2.47 a share.

Sales jumped almost 11% during the quarter, to $2.46 billion, ahead of forecasts for $2.3 billion.

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