Avery Dennison Corp. (AVY) on Wednesday reported first-quarter results that beat Wall Street expectations and prompted the Glendale firm to raise its guidance for the fiscal year.
The maker of labels and similar pressure-sensitive materials posted earnings of $99.7 million ($1.11 a share) for the quarter ended April 1, an 18 percent increase from the $85.2 million (94 cents a share) reported for same period last year. The company generated revenues of $1.57 billion, up 6 percent from roughly $1.49 billion reported for the first quarter last year.
Analysts on average had expected quarterly earnings of $1.05 on revenue of $1.53 billion, according to Thomson Financial.
Net sales improved in all three of Avery Dennison’s businesses during the quarter. Its labels and graphic materials sector saw the largest jump in sales growth, rising roughly 8 percent year-over-year to $1.1 billion.
Avery Dennison raised its outlook for the fiscal year 8 cents to adjusted earnings per share of $4.50 - $4.65.
Avery Dennison shares on Wednesday rose 79 cents, or about 1 percent, to close at $83.20 on the New York Stock Exchange.