Avery Dennison Corp. said its third quarter net income fell 22 percent on lower sales of its labeling and sign products.
The Pasadena label maker on Wednesday reported net income of $51.5 million (48 cents a share) compared with $66 million (62 cents) in the same period a year earlier. Net sales rose 3.6 percent to $1.7 billion.
Analysts surveyed by Thomson Reuters on average expected per-share profit of 58 cents on revenue of $1.67 billion.
“The weak demand we experienced in the second quarter continued into the third and led to lower operating results,” said Chief Executive Dean Scarborough in a statement. “We now expect these trends to continue in the fourth quarter.”
The company lowered its guidance for 2011 adjusted earnings to between $2.15 and $2.30 per share, compared with an earlier $2.45 to 2.75. The Wall Street consensus is for $2.53.
Shares were down $1.36, or 5 percent, to $24.91.
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