MENTOR, Ohio (AP) — MENTOR, Ohio (AP) — Avery Dennison Corp. (AVY) on Thursday reported fourth-quarter net income of $174 million.
The Mentor, Ohio-based company said it had profit of $2.16 per share. Earnings, adjusted for one-time gains and costs, came to $2.38 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.37 per share.
The maker of office products posted revenue of $2.19 billion in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $2.2 billion.
For the year, the company reported profit of $704.9 million, or $8.73 per share. Revenue was reported as $8.76 billion.
Avery Dennison expects full-year earnings in the range of $9.80 to $10.20 per share.
Avery Dennison shares have increased 3% since the beginning of the year, while the S&P's 500 index has climbed 27%. The stock has fallen 3.5% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVY at https://www.zacks.com/ap/AVY
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