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Avery Dennison reports Q3 earnings

Oct '06
Avery Dennison Corporation reported net income of $85.0 million or $0.85 per share, compared with $86.2 million or $0.86 per share in the prior year.

Third quarter 2006 results included an after-tax cost related to a reserve for environmental remediation of $8.1 million, or $0.08 per share.

Results also included restructuring and asset impairment charges and other items totaling $0.05 per share in 2006 and $0.01 per share in the prior year. (See Attachment A-3: "Preliminary Reconciliation of GAAP to Non-GAAP Measures".)

The Company estimated that its annualized savings from restructuring efforts will total between $90 million and $100 million by year-end, some of which will be reinvested for growth.

Net sales from continuing operations for the third quarter were $1.42 billion, up approximately 5 percent from $1.36 billion for the same quarter last year.

Organic sales growth, which excludes the impact of acquisitions, divestitures and foreign currency translation, was approximately 4 percent. This increase was attributable to unit volume growth and positive changes in pricing and product mix.

"Notwithstanding the impact of an environmental reserve that reduced our reported earnings, we delivered solid operational results in the third quarter and are on track to achieve our goals in 2006," said Dean A. Scarborough, President and Chief Executive Officer of Avery Dennison.

"We are particularly pleased with the significant increase in operating margins in our two largest business segments, which reflects the success of our efforts to drive margin expansion while we continue to focus on top line growth.

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