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Avery Dennison Q2 earnings rise

25
Jul '06
Avery Dennison Corporation has reported net income of $112 million or $1.12 per share, compared with $89.4 million or $0.89 per share in the prior year.

Second quarter 2006 results included an after-tax benefit of $15.6 million or $0.16 per share related to the tax effect of a divestiture that partially offset previously recognized losses from discontinued operations.

Second quarter 2006 earnings from continuing operations were $96.4 million or $0.96 per share, up 8 percent from $89.6 million or $0.89 per share in the prior year. In both years, results included restructuring and asset impairment charges and other items. Excluding these items, second quarter earnings per share from continuing operations increased by 9 percent over the same quarter last year to $0.99.

The increase in earnings reflected improvements in the company's productivity that led to a higher gross profit margin and lower operating expense ratio. The company also raised its estimate of annualized savings from restructuring efforts to $85 to $100 million by year-end, including the benefit of new productivity actions identified during the quarter.

Net sales for the second quarter were $1.41 billion, approximately even with the same quarter last year. Organic sales growth, which excludes the impact of acquisitions, divestitures and foreign currency translation, was 2 percent. This increase was attributable to both unit volume growth and positive changes in pricing and product mix.


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