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Label maker Avery Dennison raises annual adjusted profit forecast
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Label maker Avery Dennison raises annual adjusted profit forecast
Oct 23, 2024 5:57 AM

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.

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