Oct 23 (Reuters) - Avery Dennison raised the lower end of its full-year adjusted earnings forecast on Wednesday as demand remained strong for the company's labeling products.
The Ohio-based firm, which has about 35,000 employees in more than 50 countries, makes packaging and labeling products such as radio frequency tags.
In July, the company flagged it was seeing an uptick in demand from its base and high-value categories at its unit which provides supply chain solutions, aiding its margins.
Avery Dennison said it now expects a full-year adjusted profit per share of between $9.35 and $9.50, compared with its prior forecast range of $9.30 to $9.50.
Analysts expect the company to report an annual profit of $9.43 per share, according data compiled by LSEG.
Third-quarter sales at Avery Dennison's unit, which makes pressure-sensitive labels and vehicle wraps, the company's biggest revenue driver, rose 2.9% to nearly $1.5 billion.
On an adjusted basis, the company earned $2.33 per share, slightly above analysts' average estimate of $2.32.
Overall revenue rose 4.1% to $2.18 billion, compared with estimates of $2.2 billion.
(Reporting by Rupali Chaudhary in Bengaluru; Editing by Shounak Dasgupta)
((Rupali.Chaudhary@thomsonreuters.com))
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