WASHINGTON (dpa-AFX) - (Adds Outlook)
Avery Dennison Corp. (AVY) announced earnings for its fourth quarter that increased from the same period last year but missed the Street estimates.
The company's earnings totaled $143.1 million, or $1.77 per share. This compares with $122.9 million, or $1.51 per share, in last year's fourth quarter.
Excluding items, Avery Dennison Corp. reported adjusted earnings of $174.6 million or $2.16 per share for the period.
Analysts on average had expected the company to earn $2.17 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 3.9% to $2.11 billion from $2.03 billion last year.
Outlook
Looking ahead for fiscal 2024, the company expects earnings per share of $8.65 to $9.15 and adjusted earnings per share of $9.00 to $9.50.
The Street is looking for earnings of $9.46 per share for the full year.
In fiscal 2023, earnings were $6.20 per share and adjusted earnings of $7.90 per share.
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