WASHINGTON (dpa-AFX) - Avery Dennison Corp. (AVY) posted first quarter profit of $43.9 million or $0.41 per share versus $44.8 million or $0.42 per share a year ago.
Adjusted earnings per share dropped to $0.49 from $0.51 last year.
Adjusted earnings per share from continuing operations were $0.45, down from $0.47 a year ago. On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.45 per share. Analysts' estimates typically exclude special items.
Total net sales declined to $1.48 billion from $1.53 billion a year ago. Analysts expected revenues of $1.47 billion.
'As expected, first-quarter sales declined modestly on an organic basis, reflecting the slowdown in volume we began to experience in the second quarter of last year,' said Dean Scarborough, Avery Dennison chairman, president and CEO.
'Despite the lower sales and impact of raw material inflation, we increased operating profit through productivity initiatives and pricing. We are delivering on our commitment to return more cash to our shareholders, through share repurchases and the increased dividend..'
The company is maintaining its previous guidance of 2012 earnings per share from continuing operations of $1.65 to $2.00 and free cash flow from continuing operations of $275 million to $325 million. Excluding an estimated $0.15 per share for restructuring costs and other items, the company still expects adjusted earnings per share from continuing operations of $1.80 to $2.15. Analysts expect the company to earn $1.95 per share.
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