Avery Dennison Corporation has recently announced an increase in its first quarter earnings from the previous year, surpassing expected estimates.
The company's earnings amounted to $172.4 million, or $2.13 per share, a considerable increase compared to the $121.2 million, or $1.49 per share, reported in the first quarter of the previous year.
Heading the calculation of special items, Avery Dennison Corp., reported adjusted earnings of $185.1 million, equivalent to $2.29 per share for the given period.
Analysts had predicted, on average, that the company would earn $2.15 per share, according to data gathered by Thomson Reuters. These estimates commonly discount special items.
Mirroring the upward trajectory of the company’s earnings, its revenue for the quarter also increased by 3.9%, rising to $2.15 billion from $2.07 billion the previous year.
Looking closely at Avery Dennison Corp. earnings (following GAAP standards):
- For the first quarter, earnings were $172.4 million, compared with $121.2 million in the same quarter the past year.
- Likewise, earnings per share (EPS) for the first quarter stood at $2.13, as opposed to $1.49 the previous year.
- Revenue for the first quarter amounted to $2.15 billion, rising from $2.07 billion the year before.
Looking forward, the corporation has provided guidance of a full year EPS ranging from $9.00 to $9.50.
