Stock prices for two Valley area companies surged Wednesday after reporting better-than-expected earnings.
Avery Dennison Corp., the Glendale manufacturer of adhesive labels and industrial supplies, reported net income of $145 million and adjusted earnings of $1.66 a share for the third quarter ending Sept. 30. Zacks Consensus Estimate predicted earnings of $1.60 a share.
The third-quarter results compare to net income of $149 million ($1.45 a share) in the same quarter last year. Total revenue was $1.76 billion, slightly more than last year.
“We continue to deliver solid profit growth despite soft market demand,” Chief Executive Mitch Butier said in a statement. “Our focus in this slower growth environment has been to protect our margins in the base business, while driving faster-than-average growth in high value categories like RFID, and we’re executing well on both fronts.”
Shares of Avery Dennison (AVY) closed Wednesday up $7.71, or 6.5 percent, to $126.14 on the New York Stock Exchange. That was an all-time high. The company’s stock has risen 22 percent in the last 12 months.
Also topping analyst estimates on earnings and revenue Wednesday was Teledyne Technologies Inc., which saw shares climb nearly 5 percent.
The Thousand Oaks aerospace, marine and digital imaging products manufacturer on Wednesday reported net income of $107 million ($2.84 a share) for the third quarter, compared with net income of $90.3 million ($2.43) in the same period a year earlier. Revenue increased 11 percent to $802 million.
Analysts on average expected earnings of $2.53 on revenue of $787 million, according to Thomson Financial Network.
Teledyne Chief Executive Al Pichelli said the company continues to benefit from a balanced business portfolio.
“Strong sales of defense electronics and advanced detectors for medical imaging, as well as a recovery in marine instrumentation, helped generate total company organic growth of approximately 5 percent,” Pichelli said in a statement.
The company released its financials after the market opened. Shares in Teledyne (TDY) closed up $15.41, or nearly 5 percent, to $327.06 on the New York Stock Exchange.
Meanwhile, Calabasas staffing and technology services company ASGN Inc. reported net income of $57 million and adjusted earnings of $1.31 a share for the third quarter. Zacks predicted earnings of $1.23 a share. Total revenue was $1 billion, up more than 10 percent from the same quarter last year.
The results compare to net income of $49 million ($1.30 a share) on revenue of $906 million in the same period a year earlier.
The company released its financials after the market closed. Shares in ASGN (ASGN) closed down $1.05, or nearly 2 percent, to $59.71 on the New York Stock Exchange.