Materials science company Avery Dennison Corp. (AVY) announced Tuesday an increase in the mid-point for adjusted earnings outlook range by $0.08 per share for fiscal 2018. It now projects adjusted earnings in the range of $5.95 to $6.10 per share.
However, the company reduced the mid-point for reported earnings outlook range by $0.33 per share for the year, driven by about $0.60 estimated impact of recently announced termination of U.S. pension plan. It now projects reported earnings in the range of $4.50 to $4.85 per share.
The company repurchased 0.5 million shares in the second quarter at an aggregate cost of $51 million, returned $188 million in cash to shareholders in the first six months through a combination of share repurchases and dividends, up from $147 million for the same period last year.
Second-quarter earnings per share decreased 20 percent to $1.07 from $1.34 in the prior year. Excluding items, adjusted earnings were $1.66 per share. Total net sales grew 14 percent to $1.85 billion from last year's $1.63 billion. Organic sales grew 7.5 percent. Excluding currency impact, sales rose 10 percent.
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