Avery Misses, Teledyne Beats Q1 Estimates

Shares of Avery Dennison Corp. dropped nearly 5 percent Wednesday after reporting mixed quarterly results. The Glendale labeling and packaging manufacturer reported adjusted net income of $127 million ($1.48 a share) for the quarter ending March 31, down from $129 million in the same period a year ago. The company posted revenue of $1.74 billion, down 2 percent from the same period last year. Zack’s analysts predicted earnings per share of $1.46 on revenue of $1.75 billion. The company attributed the first quarter dip to pension settlement charges related to the closure of its U.S. pension plan. “Our Q1 performance was solid, given a challenging start to the year, with adjusted earnings in line with our expectations,” said President and Chief Executive Mitch Butier in a statement. “In the Label and Graphic Materials segment, organic growth slowed, while profitability was solid. And, despite a modest organic sales decline, Industrial and Healthcare Materials delivered strong margin expansion.” Shares of Avery Dennison (AVY) closed down $5.23, or 4.5 percent, to $110.80 on the New York Stock Exchange. Teledyne Technologies Teledyne Technologies Inc. beat Wall Street estimates on earnings and revenue for the first quarter. The Thousand Oaks aerospace, marine and digital imaging products manufacturer on Wednesday reported net income of $75.3 million ($2.02 a share) for the quarter ending March 31. That compares to net income of $66.5 million ($1.81) in the same period a year earlier. Revenue increased by 7 percent to $745 million. Analysts on average expected earnings of $1.92 a share on revenue of $728 million, according to Thomson Financial Network. Executive Chairman Robert Mehrabian said he was pleased with the breadth of the company’s performance across both short-cycle and long-cycle businesses. “Our strong results and continuing margin improvement efforts add confidence to our increased 2019 outlook,” Mehrabian said in a statement. Shares in Teledyne (TDY) closed down $3, or just more than 1 percent, to $249.72 on the New York Stock Exchange.