Avery Dennison Confirms Third-Quarter Earnings Expectation.NEW YORK--(BUSINESS WIRE)--Sept. 28, 1999-- Avery Dennison Avery Dennison Corporation (NYSE: AVY) produces pressure-sensitive materials (such as self-adhesive labels), office products, and various paper products. R. Stanton Avery founded Avery in 1935. Avery Dennison Corporation was created in 1990 by merger of Avery and Dennison. Corp. (NYSE NYSE See: New York Stock Exchange :AVY) (PCX (1) A bitmapped graphics file format that handles monochrome, 2-bit, 4-bit, 8-bit and 24-bit color and uses RLE to achieve compression ratios of approximately 1.1:1 to 1.5:1. Images with large blocks of solid colors compress best under the RLE method. See PC Paintbrush. :AVY) today provided an overview of its operations and growth strategies to financial analysts, affirming that the company expects to meet or exceed the Wall Street consensus earnings estimate for the 1999 third quarter. "We have raised our earnings expectations twice this year, and beat our targets in both the first and second quarters," said Philip M. Neal, president and chief executive officer of Avery Dennison, at a chemical industry conference sponsored by the investment brokerage firm of Donaldson, Lufkin & Jenrette. "We fully expect our earnings per share to be in line or better than expectations for the current quarter and the remainder of the year," Neal said. "In fact, we are confident that we will deliver earnings-per-share growth in the mid-teens range for 1999, excluding a one-time restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. in the first quarter, and we are targeting continued double-digit earnings-per-share growth for 2000 and beyond." Neal reported that Avery Dennison businesses worldwide are performing well and positioned for top-line growth. He outlined key opportunities in the company's Pressure-sensitive Materials, Office Products and Graphics businesses, and reviewed several recent value-enhancing acquisitions. Avery Dennison's focus on continued margin expansion was also highlighted, including updates on the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). program announced in January and several productivity improvement initiatives. "We have built a tremendous platform for value creation, both in the short and longer term. We are very confident about our growth and earnings prospects for 1999 and beyond," Neal concluded. Avery Dennison is a global leader in pressure-sensitive technology and innovative self-adhesive solutions for consumer products and label materials. Based in Pasadena, Calif., the company had 1998 sales of $3.5 billion. Avery Dennison develops, manufactures and markets a wide range of products for consumer and industrial markets, including Avery-brand office products, Fasson-brand self-adhesive materials, peel-and-stick postage stamps This is a list of postage stamps that are especially notable in some way. The best-known stamps:
v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. retail tag and labeling systems, and specialty tapes and chemicals. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain information presented in this news release may constitute "forward-looking" statements. These statements are subject to certain risks and uncertainties. Actual results and trends may differ materially from historical or expected results depending on a variety of factors, including but not limited to availability of raw materials, foreign exchange rates, worldwide and local economic conditions, fluctuations in consumer demand affecting sales to, and production and inventory levels at, customer companies and other matters referred to in the company's SEC filings. For more information visit the Avery Dennison Web site at www.averydennison.com |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion