MENTOR, Ohio (AP) — MENTOR, Ohio (AP) — Avery Dennison Corp. (AVY) on Tuesday reported first-quarter net income of $168.1 million.
The Mentor, Ohio-based company said it had net income of $2.18 per share. Earnings, adjusted for restructuring costs, were $2.47 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.41 per share.
The maker of office products posted revenue of $2.3 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $2.27 billion.
For the current quarter ending in June, Avery Dennison expects its per-share earnings to range from $2.43 to $2.53.
Avery Dennison shares have decreased slightly more than 9% since the beginning of the year, while the S&P’s 500 index has risen almost 5%. The stock has dropped slightly more than 3% 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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