Avery Dennison Corp. barely beat Wall Street estimates on earnings and revenue for the fourth quarter.
The Glendale labels and packing materials manufacturer reported on Wednesday adjusted net income of $178 million ($2.13 a share) for the quarter ending Jan. 1, compared with adjusted net income of $191 million ($2.27) in the same period a year earlier. Revenue increased by 10 percent to $2.2 billion.
Analysts on average expected earnings of $2.12 on revenue of $2.1 billion, according to Thomson Financial Network.
Mitch Butier, chief executive of Avery Dennison, said the company’s performance was strong during the quarter and the entire year and comes at a challenging time as the pandemic continues, supply chains are tight and significant inflationary pressures persist.
“For 2022, we expect to again deliver strong top- and bottom-line growth and are targeting continued progress toward our 2025 goals,” Butier said in a statement “Once again, I want to thank our entire team for their tireless efforts to keep one another safe while delivering for all our stakeholders.”
Shares in Avery Dennison (AVY) closed down $5.69, or nearly 2.8 percent, to $200.70 on the New York Stock Exchange, on a day when the Dow Jones closed up a fraction of a percent.