Avery Dennison Trims FY23 Outlook As Q1 Profit Declines
(RTTNews) - While reporting financial results for the first quarter on Wednesday, materials science company Avery Dennison Corp. (AVY) trimmed its adjusted earnings outlook for the full-year 2023.
For fiscal 2023, the company now projects earnings in a range of $8.35 to $8.70 per share and adjusted earnings in a range of $8.85 to $9.20 per share.
Previously, the company expected earnings in the range of $8.85 to $9.25 per share and adjusted earnings in a range of $9.15 to $9.55 per share.
On average, analysts expect the company to report earnings of $9.28 per share for the year, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
For the first quarter, net income declined to $121.2 million or $1.49 per share from $198.2 million or $2.39 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $1.70 per share, compared to $2.40 per share in the year-ago quarter.
Net sales for the quarter declined 12.1 percent to $2.07 billion from $2.35 billion in the same quarter last year. Organic sales declined 9.2 percent.
The Street was looking for earnings of $1.66 per share on sales of $2.18 billion for the quarter.
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