Avery Dennison Corp. posted a 20% rise in fiscal fourth-quarter profit on a surge in sales, and it forecast per-share earnings growth “in the 12% to 14% range” for 2000.
For the quarter ended Januar…
Avery Dennison Corp. posted a 20% rise in fiscal fourth-quarter profit on a surge in sales, and it forecast per-share earnings growth “in the 12% to 14% range” for 2000. For the quarter ended January 1, the Pasadena, California, maker of pressure-sensitive labels and materials had net of US$ 67.3 million, or 67 cents a diluted share, compared with US$ 55.9 million, or 54 cents a share, a year earlier. Sales rose 6.8% to US$ 944.8 million from US$ 884.6 million. Results surpassed analysts“ earnings estimate of 63 cents a share, according to First Call/Thomson Financial. For 1999, Avery Dennison“s net fell 3.5% to US$ 215.4 million, or US$ 2.13 a share, from US$ 223.3 million, or US$ 2.15 a share, for the previous year, reflecting a restructuring announced during the first quarter. Sales rose 8.9% to US$ 3.77 billion from US$ 3.46 billion.