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Avery Dennison Reports Third Quarter 2003 Results
November 3, 2003
Avery Dennison Corp. reported third quarter diluted earnings per share of $0.67 compared with $0.64 per share for the prior-year quarter, which included a special charge to earnings in the third quarter of 2002. Key results for the third quarter of 2003 include: Earnings per share, on a diluted basis, were $0.67, compared with $0.64 per share for the same quarter a year ago, which included a $0.10 per share, non-cash charge to earnings related to the disposition of fixed assets and lease cancellation costs. A positive impact from currency exchange rates contributed $0.02 per share to third quarter 2003 earnings; Net income was $66.5 million, compared with $63.1 million in the third quarter of 2002, which included the non-cash charge; Reported sales grew 9.3 percent to $1.2 billion for the third quarter of 2003, compared with $1.1 billion in the third quarter of 2002, primarily reflecting the favorable benefit of currency exchange rates and the impact of acquisitions net of divestitures.