Avery Dennison Corp. Q2 Profit Decreases, misses estimates

(RTTNews) - Avery Dennison Corp. (AVY) revealed earnings for second quarter that decreased from the same period last year and missed the Street estimates.

The company's bottom line totaled $100.4 million, or $1.24 per share. This compares with $214.5 million, or $2.61 per share, in last year's second quarter.

Excluding items, Avery Dennison Corp. reported adjusted earnings of $155.4 million or $1.92 per share for the period.

Analysts on average had expected the company to earn $1.99 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 11.1% to $2.09 billion from $2.35 billion last year.

Avery Dennison Corp. earnings at a glance (GAAP) :

-Earnings (Q2): $100.4 Mln. vs. $214.5 Mln. last year. -EPS (Q2): $1.24 vs. $2.61 last year. -Analyst Estimates: $1.99 -Revenue (Q2): $2.09 Bln vs. $2.35 Bln last year.

-Guidance: Next quarter EPS guidance: $2.00 to $2.20