Avery Dennison Corp. on Monday reported earnings that exceeded analyst expectations, citing cost saving from its downsizing. The Glendale label maker reported adjusted net income of $71 million (90 cents a share) in the fiscal fourth quarter ended Jan. 3, compared to $43 million (43 cents) for the same quarter last year. Revenue rose 1.3 percent to $1.6 billion. Analysts on average expected pro forma earnings of 80 cents a share on revenue of $1.6 billion, according to Thomson Financial Network. For the year 2014, the company reported net income of $249 million ($2.60 a share), compared to $216 million ($2.16) for the previous year. Revenue grew 3 percent to $6.33 billion. Analysts expected earnings of $3.02 a share on revenue of $6.35 billion. The company’s largest segment, its Pressure Sensitive Materials division, which accounts for more than 70 percent of its total sales, grew 2 percent to $4.6 billion. The division makes labels for diverse products, from alcoholic beverages to personal care items. The company said it realized about $35 million in savings from restructuring following the July 2013 sale of its Office and Consumer Products and the Designed and Engineered Solutions units. Shares closed down $1.09, or 2 percent, to $51.18 on the New York Stock Exchange. Ryan Herco Flow Solutions expanded its product line with the acquisition announced Monday of GFI Stainless. Ryan Herco, a Burbank company founded in 1948, manufactures fluid handling and filtration products used in multiple markets, including chemical processing, life sciences, and food and beverage. GFI Stainless, in Modesto, distributes stainless steel and special alloy fluid handling products. “The combination of GFI Stainless and Ryan Herco Flow Solutions represents a major product line expansion for both companies in California, bringing a greatly expanded value proposition to both customers and suppliers,” said Ryan Herco Chief Executive Chuck Moyer in a prepared statement. Ryan Herco last closed on an acquisition in July with the purchase of Barnes Industrial Plastic Piping, a Tampa, Fla. distributor of piping products. Terms of the deal between Ryan Herco and GFI Stainless were not disclosed.
