AVY reported that its Q1 2010 earnings were $54.7 million, or 51 cents per share, compared to a loss of $898.9 million, or $8.99 per share in the prior year's quarter. Net sales increased 7% to $1.55 billion. The company rose its FY outlook to $2.50 to $2.80 per share.
AVY reported that its Q4 2009 earnings increased 17% to $49.9 million compared to the previous year's quarter. However, net salesfor the period were flat (0.7% growth) at $1.52 billion.
The market dropped 2.3% after GE posted lower than expected earnings.
AVY bought Taiwan's DM Label, which has manufacturing facilities in six countries. The deal reinforces AVY's presence in Asia.
The company’s president and Ceo, Dean Scarborough, reported he bought the shares for $51.22 apiece.
The company is looking to raise $400 million through the sale of 8 million HiMEDS units at $50 each.
The company posted a stronger-than-expected quarterly profit after lower taxes.
The company settled patent infringement lawsuits brought by 3M. These lawsuits were part of a global settlement dealing with pressure-activated adhesives for large commercial graphics.
The company sold $250 million of 10-year notes in the 144a private placement market.
The company lowered its earnings outlook for 2007 for the second time since late July, sending shares down as much as 6.4 percent.