Last $48.82 USD
Change Today +0.55 / 1.14%
Volume 204.6K
AVY On Other Exchanges
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As of 11:04 AM 11/24/14 All times are local (Market data is delayed by at least 15 minutes).

avery dennison corp (AVY) Key Developments

Avery Dennison Corporation Announces Executive Changes

Avery Dennison Corporation announced that its board of directors has elected Mitchell R. Butier as president and chief operating officer, effective November 1, 2014. Mr. Butier, 43, has been the company's senior vice president and chief financial officer since June 2010, and will continue to serve as CFO until a successor is named. As COO, Butier will be responsible for the company's operations, with all business unit leaders reporting to him. Donald A. Nolan, president of the Materials Group, will leave the company after a brief transition period. As a result, Butier will assume direct oversight of the materials businesses as of November 1, 2014.

Avery Dennison Corporation Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 27, 2014; Revises Earnings Guidance for the Full Year of 2014

Avery Dennison Corporation announced unaudited consolidated earnings results for the third quarter and nine months ended September 27, 2014. For the quarter, the company reported net sales of $1,559.6 million against $1,504.9 million a year ago. Operating income from continuing operations before interest expense and taxes was $116.6 million against $90.8 million a year ago. Income from continuing operations before taxes was $101.2 million against $74.8 million a year ago. Income from continuing operations was $65.0 million or $0.68 per diluted share against $62.0 million or $0.62 per diluted share a year ago. Net income was $64.3 million or $0.68 per diluted share against $46.5 million or $0.47 per diluted share a year ago. Adjusted operating income from continuing operations before interest expense and taxes (non-GAAP) was $124.4 million against $116.5 million a year ago. Adjusted operating income from continuing operations (non-GAAP) was $73.0 million or $0.77 per diluted share against $69.0 million or $0.69 per diluted share a year ago. Net cash provided by operating activities was $190.4 million against $49.0 million a year ago. Purchases of property, plant and equipment was $33.3 million against $29.2 million a year ago. Adjusted operating income (non-GAAP) was $118.7 million against $115 million a year ago. For the nine months, the company reported net sales of $4,725.5 million against $4,556.1 million a year ago. Operating income from continuing operations before interest expense and taxes was $312.5 million against $308.4 million a year ago. Income from continuing operations before taxes was $266.1 million against $265.4 million a year ago. Income from continuing operations was $181.0 million or $1.87 per diluted share against $199.6 million or $1.98 per diluted share a year ago. Net income was $178.0 million or $1.84 per diluted share against $173.1 million or $1.72 per diluted share a year ago. Adjusted operating income from continuing operations before interest expense and taxes (non-GAAP) was $366.1 million against $341.3 million a year ago. Adjusted operating income from continuing operations (non-GAAP) was $214.2 million or $2.22 per diluted share against $200.5 million or $1.99 per diluted share a year ago. Net cash provided by operating activities was $200.2 million against $95.7 million a year ago. Purchases of property, plant and equipment was $100.8 million against $79.1 million a year ago. The company has modestly lowered its guidance for full-year adjusted earnings per share growth to approximately 13%. Based on the factors listed and other assumptions, the company expects 2014 earnings per share from continuing operations of $2.60 to $2.65. Excluding an estimated $0.40 per share for restructuring costs and other items, the company expects adjusted (non-GAAP) earnings per share from continuing operations of $3.00 to $3.05. The company expects full year free cash flow of less than $300 million. The full year tax rate is to be comparable to 2013.

Avery Dennison Seeks Acquisitions

Avery Dennison Corporation (NYSE:AVY) is looking for acquisition opportunities. Mitch Butier, Senior Vice President and Chief Financial Officer of very Dennison Corporation, said, "We said back in May 2014, at the investor meetings, that we were looking at potentially some small bolt-on acquisitions."

Avery Dennison Corporation Declares Quarterly Dividend, Payable on December 17, 2014

The Board of Directors of Avery Dennison Corporation declared a quarterly cash dividend of $0.35 per share. The dividend is payable December 17, 2014, to shareholders of record on December 3, 2014.

Avery Dennison Corporation to Report Q3, 2014 Results on Oct 24, 2014

Avery Dennison Corporation announced that they will report Q3, 2014 results at 6:30 AM, Pacific Standard Time on Oct 24, 2014

 

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