Avery Dennison Corp. recently announced its preliminary, unaudited second quarter 2011 results. Total net sales were $1,725 million for the three-month period ending July 2, 2011, compared to $1,680 million for the same period last year, an increase of 3%. Net income was $73.3 million for the second quarter, vs. $83.8 million for the same period in 2010.
“During the second quarter, our two largest segments, Pressure-Sensitive Materials and Retail Branding and Information Solutions, experienced a rapid decrease in unit volumes that drove results below expectations,” said Dean Scarborough, chairman, president and CEO. “We are taking action to reduce costs and increase productivity through this slowdown, and we expect to regain momentum when market conditions improve. We remain focused on maintaining a strong balance sheet and increasing return of cash to shareholders.”
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