Avery Dennison Corp. (AVY: Quote) 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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by RTT Staff Writer
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