Avery Dennison Corp. Q1 Profit Decreases, but beats estimates

(RTTNews) - Avery Dennison Corp. (AVY) released earnings for first quarter that decreased from last year but beat the Street estimates.

The company's bottom line came in at $121.2 million, or $1.49 per share. This compares with $198.2 million, or $2.39 per share, in last year's first quarter.

Excluding items, Avery Dennison Corp. reported adjusted earnings of $138.6 million or $1.70 per share for the period.

Analysts on average had expected the company to earn $1.66 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 11.9% to $2.07 billion from $2.35 billion last year.

Avery Dennison Corp. earnings at a glance (GAAP) :

-Earnings (Q1): $121.2 Mln. vs. $198.2 Mln. last year. -EPS (Q1): $1.49 vs. $2.39 last year. -Analyst Estimates: $1.66 -Revenue (Q1): $2.07 Bln vs. $2.35 Bln last year.

-Guidance: Full year EPS guidance: $8.85 to $9.20