Avery Dennison Preliminary Q3 Profit From Cont. Ops. Rises - Quick Facts

(RTTNews) - Avery Dennison Corp. (AVY) reported preliminary third-quarter income from continuing operations of $65.0 million, compared to $62.0 million, a year ago. Earnings per share from continuing operations was $0.68, compared to $0.62. Adjusted Non-GAAP income per share from continuing operations was $0.77 for the quarter.

On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.74 for the quarter. Analysts' estimates typically exclude special items.

Net sales increased to $1.56 billion from $1.51 billion, a year ago. Analysts expected revenue of $1.57 billion for the quarter.

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 earnings per share from continuing operations of $3.00 to $3.05. Analysts expect the company to report fiscal 2014 earnings per share of $3.00.

Avery Dennison announced that its board has elected Mitchell Butier as president and chief operating officer, effective November 1. Butier 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.