Labelling expert Avery Dennison's Q2 sales grow 8% at $2.8bn
27 Jul '05
9 min read
Pressure-sensitive technology and self-adhesive solutions provider Avery Dennison Corporation reported second quarter diluted earnings per share of $0.89, compared with $0.68 for the second quarter of 2004.
The second quarter 2005 earnings include a negative impact of $0.02 per share from asset impairments, transition costs associated with a previously announced plant shutdown, and restructuring costs, while prior-year second quarter earnings include a negative impact of $0.10 per share from a restructuring charge primarily related to the integration of an acquisition.
Excluding these costs, second quarter earnings per share increased by more than 16 percent over the comparable quarter.
Sales for the second quarter of $1.4 billion were in line with the Company's expectations, an increase of approximately 7 percent over the same quarter a year ago, with core unit volumes increasing by approximately 1 percent. Profitability increased due to both improved gross profit margin and control of operating expenses.
"Company's disciplined pricing actions and focus on expense management have proven effective in the short term, particularly in light of soft market conditions," said Dean A. Scarborough, president and chief executive officer of Avery Dennison. "They remain committed to their long-term strategies to accelerate top-line growth and continue productivity improvement."
Financial highlights for the second quarter of 2005:
- Earnings per share, on a diluted basis, were $0.89, compared with $0.68 in the same quarter a year ago, including the negative impact of restructuring, asset impairment and plant transition costs totaling $0.02 per share and $0.10 per share in the current and prior years, respectively.
marketing@alchempro.com
