UPDATE: Avery Dennison Posts Upbeat Q4 Earnings

Avery Dennison Corp. AVY reported better-than-expected profit for the fourth quarter. The Glendale, California-based company posted quarterly net income of $70.9 million, or $0.76 per share, compared to $42.7 million, or $0.43 per share, in the year-ago period. Excluding one-time items, the company earned $0.90 per share. Its revenue gained 1% to $1.6 billion. However, analysts were expecting earnings of $0.80 per share on revenue of $1.62 billion. Pressure-sensitive Materials segment sales rose around 2%, while Retail Branding and Information Solutions segment sales slipped around 5% in the quarter. In 2014, Avery Dennison repurchased 7.4 million shares at an aggregate cost of $356 million. Dean Scarborough, Avery Dennison chairman and CEO said, “We expect to increase earnings per share in 2015, despite a significant headwind from currency translation,” said Scarborough. "We remain committed to achieving our long-term financial targets, growing through innovation and differentiated quality and service, with a continued focus on cost and capital discipline." For FY15, Avery Dennison projects adjusted earnings of $3.20 to $3.40 per share. Avery Dennison shares slipped 0.93% to close at $52.27 on Friday.