Labeling firm Avery Dennison's quarterly sales fall about 11%
July 25 (Reuters) - Labeling company Avery Dennison on Tuesday posted a near 11% drop in second-quarter revenue, hurt by slowing sales volumes for its packaging materials and identification tags.
Avery, which employs about 36,000 people in more than 50 countries, provides branding and information labeling for several industries.
"While it's good to see the continuing sequential improvements in our materials businesses and the building momentum in intelligent labels, the pace of our recovery is slower than anticipated," said Avery CEO Mitch Butier.
Sales at its biggest unit, materials — which produces pressure-sensitive labels and graphics ranging from vehicle wraps to architectural products — fell about 13% to $1.48 billion.
The company's overall net sales for the quarter ended July 1 dropped to $2.09 billion, compared with $2.35 billion a year ago.
On an adjusted basis, it earned $1.92 per share, compared with $2.64 per share a year earlier.
Shares of the company were down about 2.06% in premarket trading after the results were announced.
(Reporting by Nathan Gomes in Bengaluru; Editing by Shilpi Majumdar)
