MENTOR, Ohio (AP) — MENTOR, Ohio (AP) — Avery Dennison Corp. (AVY) on Wednesday reported first-quarter net income of $166.3 million.
The Mentor, Ohio-based company said it had profit of $2.09 per share. Earnings, adjusted for restructuring costs, were $2.30 per share.
The results missed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.32 per share.
The maker of office products posted revenue of $2.15 billion in the period, matching Street forecasts.
For the current quarter ending in June, Avery Dennison expects its per-share earnings to range from $2.30 to $2.50.
Avery Dennison shares have dropped almost 7% since the beginning of the year, while the S&P’s 500 index has dropped 10%. The stock has dropped 17% in the last 12 months.
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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
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