S&P 500 (NYSE:SPY) component Avery Dennison Corporation (NYSE:AVY) reported a lower net income in first quarter, missing analysts’ estimates. Avery Dennison Corp. is a global manufacturer of pressure-sensitive materials, office products and a variety of paper products. It provides businesses and consumers with identification solutions and converted products, such as tickets, tags and labels. .
Avery Dennison Earnings Cheat Sheet for the First Quarter
Results: Net income for the paper company fell to $44.8 million (42 cents/share) vs. $54.7 million (51 cents/share) a year earlier. A decline of 18.1% from the year earlier quarter.
Revenue: Rose 6.7% to $1.66 billion YoY.
Actual vs. Wall St. Expectations: AVY fell short of the mean analyst estimate of 47 cents/share. Estimates ranged from 43 cents per share to 50 cents per share.
Quoting Management: “Avery Dennison delivered solid sales growth in the first quarter, with strong performances by Pressure-sensitive Materials and Retail Branding and Information Solutions,” said Dean A. Scarborough, Avery Dennison chairman, president and CEO.
Key Stats: Over the last five quarters, revenue has increased 8.9% on average year over year. The biggest increase came in the second quarter of the last fiscal year, when revenue rose 15.4% from the year earlier quarter.
Companies to Watch: Intertape Polymer Group (ITP), MeadWestvaco Corp. (NYSE:MWV), Smurfit-Stone Container Corp. (NYSE:SSCC), Bemis Company, Inc. (NYSE:BMS), Verso Paper Corp. (NYSE:VRS), ACCO Brands Corporation (NYSE:ABD), Impreso, Inc. (ZCOM), PT Ekadharma Intl. Tbk (EKAD), Office Depot (NYSE:ODP), Target (NYSE:TGT), OfficeMax (NYSE:OMX), Staples (NASDAQ:SPLS) and Union Advanced Industries Co. PLC (UADI).
Today’s Performance: Shares of AVY are trading at $42.26 as of April 27, 2011 at 10:12 AM ET, down from the previous close.