Avery Dennison saw shares of its stock rise on Friday, following a strong third-quarter earnings report and the appointment of Mitchell R. Butier as the company’s new president and chief operating officer.
The Glendale labeling and packaging materials company reported net income of $64.3 million (68 cents a share) for the quarter ended Sept. 30, a 38 percent increase from the same quarter a year earlier. Revenue rose 4 percent, to $1.6 billion.
Butier, 43, will start his new roles on Nov. 1. He has been the company’s senior vice president and chief financial officer since June 2010, and will continue to serve as the latter until a successor is named.
Dean A. Scarborough, who previously held the title of president, will retain his chairman and executive roles.
Shares of Avery rose 5 percent Friday to close $46.37. Earnings were announced before markets opened.