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Avery Dennison beats Street 3Q forecasts

GLENDALE, Calif. (AP) _ Avery Dennison Corp. (AVY) on Wednesday reported third-quarter profit of $108.3 million.

On a per-share basis, the Glendale, California-based company said it had net income of $1.20. Earnings, adjusted for restructuring costs, came to $1.26 per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.21 per share.

The maker of office products posted revenue of $1.68 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $1.65 billion.

Avery Dennison expects full-year earnings in the range of $4.90 to $4.95 per share.

Avery Dennison shares have climbed 41 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 15 percent. The stock has climbed 30 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVY at https://www.zacks.com/ap/AVY