WASHINGTON (dpa-AFX) - Avery Dennison Corp. (AVY) posted higher first-quarter 2013 net income of $57.8 million, or $0.57 a share, compared with the year-ago period's $43.9 million, or $0.41 a share. On an adjusted basis, net income from continuing operations totaled $59.7 million, or $0.59 a share. On average, 7 analysts polled by Thomson Reuters expected earnings per share of $0.58 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly net sales were $1.50 billion, a 4% increase from the previous year's $1.44 billion. Analysts estimated revenues of $1.53 billion for the quarter.
Based on other assumptions and the exclusion of DES, the company now sees 2013 earnings per share from continuing operations of $2.23 to $2.58. Excluding an estimated $0.17 per share for restructuring costs and other items, net of gain on sale of assets, the company expects adjusted earnings per share from continuing operations of $2.40 to $2.75. Nine analysts project full-year earnings of $2.56 per share.
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