PSM segment sales increased approximately 8 percent. Within the segment, Label and Packaging Materials sales increased mid-single digits. Combined sales for Graphics, Reflective, and Performance Tapes increased low double digits.
Discontinued Operations
On July 1, 2013, the company completed the sale of its OCP and DES businesses. Net loss per share from discontinued operations was $(0.02) in the quarter.
Income Taxes
The full-year tax rate was 33 percent, in line with expectations.
Cost Reduction Actions
In 2013, the company realized approximately $75 million in savings from the program initiated in the first half of 2012. The company incurred restructuring costs, net of gain on sale of assets, of approximately $23 million in 2013.
Outlook
In its supplemental presentation materials, “Fourth Quarter and Full Year 2013 Financial Review and Analysis,” the company provides a list of factors that it believes will contribute to its 2014 financial results. Based on the factors listed and other assumptions, the company expects 2014 earnings per share from continuing operations of $2.60 to $2.90. Excluding an estimated $0.30 per share for restructuring costs and other items, the company expects adjusted (non-GAAP) earnings per share from continuing operations of $2.90 to $3.20.
Avery Dennison