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Avery Dennison Corporation

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Avery Dennison’s third-quarter adjusted earnings surged 16% year over year and beat the Zacks Consensus Estimate by a penny. Avery Dennison reduced the high end of organic growth outlook and now expects full-year sales to grow between 3% and 3.5% on an organic basis. This is the second-straight quarter in which the company has reduced its organic sales target. Avery Dennison however raised its adjusted earnings per share guidance for 2016 to $3.95–$4.00, reflecting a lower tax rate. Avery Dennison anticipates a significant increase in capital spending in 2016, partly due to the carryover from projects initiated in 2015. Weak demand in China also remains a concern. Nevertheless, the company will benefit from its endeavors to reduce fixed costs and recent strategic acquisitions.

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