Avery Dennison Cuts FY24 Earnings View; Backs Adj. Earnings Outlook - Update

(RTTNews) - Materials science and digital identification solutions company Avery Dennison Corp. (AVY) on Wednesday trimmed its fiscal 2024 earnings view on a reported basis, but maintained adjusted earnings outlook.

The company now expects fiscal 2024 reported earnings per share of $8.60 to $9.10, compared to previously expected $8.65 to $9.15.

The company continues to expect 2024 adjusted earnings per share of $9.00 to $9.50.

Analysts on average expect the company to earn $9.32 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Deon Stander, president and CEO, said, "We continue to expect strong earnings growth in 2024 and remain confident that the consistent execution of our strategies will enable us to meet our long-term goals for superior value creation through a balance of profitable growth and capital discipline."

In its first quarter, Avery Dennison's earnings increased from last year and beat the Street estimates.

The company's earnings totaled $172.4 million, or $2.13 per share. This compares with $121.2 million, or $1.49 per share, in last year's first quarter.

Adjusted earnings were $185.1 million or $2.29 per share for the period. Analysts had expected the company to earn $2.15 per share.

The company's revenue for the quarter rose 3.9 percent to $2.15 billion from $2.07 billion last year.

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