Avery Dennison Corp. (AVY) posted second-quarter net income of $64.2 million or $0.62 per share compared to $73.3 million or $0.69 per share last year. Adjusted net income for the quarter decreased to $75.3 million or $0.72 per share from $83.5 million or $0.78 per share in the prior year.
Net income from continuing operations fell year-over-year to $51.3 million or $0.49 per share from $53.1 million or $0.50 per share. Adjusted net income from continuing operations was $58.2 million or $0.56 per share compared to $64.1 million or $0.60 per share a year ago.
Total net sales declined to $1.53 billion from last year's $1.54 billion.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.54 per share on revenues of $1.54 billion for the quarter. Analysts' estimates typically exclude special items.
Looking forward, Avery Dennison said it is narrowing its previous guidance of 2012 earnings per share from continuing operations to $1.55 to $1.70. Excluding an estimated $0.35 per share for restructuring costs and other items, the company expects adjusted earnings per share from continuing operations of $1.90 to $2.05. Analysts expect the company to earn $1.96 per share for the year.
In addition, the company stated that in the first half of 2012, it began a restructuring program expected to be completed by mid-2013 that will reduce costs across all segments of the business. The company currently anticipates more than $100 million in annualized savings from this program. To implement these actions, Avery Dennison estimates that it will incur around $55 million in restructuring costs in 2012, and approximately $25 million in restructuring costs in 2013.
Besides, the company repurchased 2.4 million shares during the second quarter at an aggregate cost of $70 million.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.