Advertisement
Avery Dennison Trims FY23 Outlook As Q1 Profit Declines
(RTTNews) - While reporting financial results for the first quarter on Wednesday, materials science company Avery Dennison Corp. (AVY) trimmed its adjusted earnings outlook for the full-year 2023.
For fiscal 2023, the company now projects earnings in a range of $8.35 to $8.70 per share and adjusted earnings in a range of $8.85 to $9.20 per share.
Previously, the company expected earnings in the range of $8.85 to $9.25 per share and adjusted earnings in a range of $9.15 to $9.55 per share.
On average, analysts expect the company to report earnings of $9.28 per share for the year, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
For the first quarter, net income declined to $121.2 million or $1.49 per share from $198.2 million or $2.39 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $1.70 per share, compared to $2.40 per share in the year-ago quarter.
Net sales for the quarter declined 12.1 percent to $2.07 billion from $2.35 billion in the same quarter last year. Organic sales declined 9.2 percent.
The Street was looking for earnings of $1.66 per share on sales of $2.18 billion for the quarter.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Avery Dennison Guides Q3 Adj. EPS Well Above Estimates - Update
Avery Dennison Trims FY22 Adj. EPS Outlook - Update
Thai Stock Market May Reverse Friday's Losses
Rebound Anticipated For Hong Kong Stock Market
Win Streak May Continue For China Stock Market
Taiwan Shares Tipped To Open To The Upside On Monday
Japan Has Y2.258 Trillion Current Account Surplus In April
