"We continued to make steady progress in reaching our goals this quarter, and in developing new sources of future top line growth and productivity improvement," said Dean A. Scarborough, president and chief executive officer of Avery Dennison. "We remain committed to the pursuit of a balanced long-term strategy to drive both solid sales growth and continued margin expansion.
"Underlying unit growth improved sequentially for the roll materials business in North America, as customers continue to value our service and product advantages," Scarborough added. "We expect volume growth to accelerate in the second half of the year.
"I am particularly encouraged by the continued strength of the materials operations in the emerging markets of Asia, Latin America, and Eastern Europe," Scarborough said. "Retail Information Services also delivered solid sales growth and outstanding margin improvement. We expect these businesses, as well as radio frequency identification and other important Horizon initiatives, to play key roles in driving top line growth and improved profitability."
Reflecting second quarter results, Avery Dennison adjusted its full year guidance for earnings from continuing operations to a range of $3.60 to $3.80 per share before charges associated with ongoing restructuring efforts. The Company previously expected earnings from continuing operations to be in the range of $3.55 to $3.80 per share before restructuring and asset impairment charges. The Company now expects these charges will reduce full year earnings by $0.14 to $0.17 per share, up from the previous estimate of $0.09 to $0.13 per share.
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