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 an