Avery Dennison Q1 2013 in line with expectations
PASADENA, Calif. — Avery Dennison Corporation’s first-quarter 2013 results were in line with its expectations, according to chairman, president and CEO Dean Scarborough.
The company’s total net sales for the quarter were $1.5 billion, an increase of 4% from $1.4 billion for the same quarter a year ago. Net sales adjusted to exclude the estimated impact of currency translation, product line exits, acquisitions and divestitures increased 4%.
The pressure-sensitive materials segment increased 3% to %1.1 billion. Within the segment, label and packaging materials sales increased low-single digits. Combined sales for graphics, reflective, and performance tapes increased slightly.
The retail branding and information solutions segment increased approximately 6% to $382.7 million, driven by increased demand from U.S. and European retailers and brands, including another quarter of strong growth in RFID.
“Double-digit sales growth in emerging markets at pressure-sensitive materials and continued sales growth at retail branding and information solutions, combined with the benefits of our restructuring program, put us on track for a 22-40% increase in full-year adjusted earnings per share,” said Scarborough. “I’m pleased that we have received all regulatory clearances for the sale of office and consumer products and designed and engineered solutions, which we expect to complete mid-year.”