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EARNINGS ROUNDUP / AVERY DENNISON

Label maker buoyed by sales

October 22, 2008|Times Wire Reports

Avery Dennison Corp., which makes packaging and consumer products, said its third-quarter earnings rose 7% as stronger sales offset higher expenses and weaker profit margins.

Net income for the three months ended Sept. 27 climbed to $62.7 million, or 63 cents a share, compared with $58.8 million, or 59 cents, a year earlier. Excluding one-time items, the Pasadena company earned 81 cents a share compared with an adjusted $1.01 a share in the third quarter of last year.

Analysts polled by Thomson Reuters expected, on average, earnings per share of 74 cents.

Sales increased 3% to $1.72 billion. Analysts expected $1.7 billion in revenue.

Excluding the effect of acquisitions, divestitures and foreign currency translation, sales fell 2%, the company said.

Shares fell $3.04, or 8.4%, to $33.38.

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