Strong European sales helped Avery Dennison Corp. post a strong first quarter, beating analysts' predictions.
Avery reported first quarter net income of $79 million (80 cents per share), a 15 percent increase from $68 million (69 cents) for the same period a year earlier. Results also included restructuring charges of 2 cents per share. Analysts had expected earnings of 82 cents per share, according to a poll by Thomson financial.
Revenue for the Pasadena-based office product and label maker grew 4 percent to $1.4 billion, also beating Wall Street's predictions of $1.38 billion.
The results were helped mainly by strong sales increases in Europe and emerging markets. That helped offset weaker sales in North America, the company said in a statement.
The company expects 2007 profit to be $3.95 to $4.25 per share, including restructuring and asset impairment charges of 5 cents to 10 cents.
Separately, Avery also said its previously announced deal to buy White Plains, N.Y.-based logistics company Paxar Corp. was approved by federal regulators. Avery will pay $1.3 billion in cash for the logistics company.
Shares in Avery were up 9 cents to $64.70 in early trading Tuesday on the New York Stock Exchange.
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