Profit Soars at Avery Dennison

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Office supply manufacturer Avery Dennison announced higher than expected net income for the second quarter, prompting management to raise its forecast for 2010.

On Wednesday, the Pasadena-based company reported net income of $84 million (78 cents per share) for the quarter, more than double last year’s performance of net income at $40 million (38 cents).

Total revenue for the quarter was $1.68 billion, up 15 percent from the same period in 2009.

The company said it now expects to earn $2.60 to $2.80 per share for 2010, from its previous guidance of $2.50 to $2.80 per share.

“Avery Dennison delivered a strong second quarter, with double-digit sales growth and solid margin expansion,” Chief Executive Dean Scarborough said in a statement. “We expect solid second-half revenue growth.”

In mid-day trading Thursday, the share price of Avery Dennison had gained 23 cents, or 1 percent, to $36.40.