Advertisement
Canada markets closed
  • S&P/TSX

    21,947.41
    +124.19 (+0.57%)
     
  • S&P 500

    5,127.79
    +63.59 (+1.26%)
     
  • DOW

    38,675.68
    +450.02 (+1.18%)
     
  • CAD/USD

    0.7308
    -0.0006 (-0.08%)
     
  • CRUDE OIL

    77.99
    -0.96 (-1.22%)
     
  • Bitcoin CAD

    87,104.69
    +2,607.17 (+3.09%)
     
  • CMC Crypto 200

    1,359.39
    +82.41 (+6.45%)
     
  • GOLD FUTURES

    2,310.10
    +0.50 (+0.02%)
     
  • RUSSELL 2000

    2,035.72
    +19.61 (+0.97%)
     
  • 10-Yr Bond

    4.5000
    -0.0710 (-1.55%)
     
  • NASDAQ

    16,156.33
    +315.37 (+1.99%)
     
  • VOLATILITY

    13.49
    -1.19 (-8.11%)
     
  • FTSE

    8,213.49
    +41.34 (+0.51%)
     
  • NIKKEI 225

    38,236.07
    -37.98 (-0.10%)
     
  • CAD/EUR

    0.6787
    -0.0030 (-0.44%)
     

Label maker Avery Dennison posts Q1 profit beat as reduced inventories boost demand

(Reuters) - Avery Dennison beat first-quarter profit estimates on Wednesday, benefiting from strong demand for its labeling and packaging products as clients reduced their pandemic inventories.

The company indicated in January that its customers were nearly through with reducing stocks held in the pandemic years. With the trend moderating, the firm saw higher demand for its products, particularly in its solutions segment that manufactures brand tags and labels.

"In the first quarter, we delivered significant earnings growth, driven by higher volume and productivity gains," CEO Deon Stander said in a statement.

The Ohio-based company reported adjusted earnings per share of $2.29, up 35% from last year and above analysts' estimate of $2.15 per share, according to LSEG data.

ADVERTISEMENT

Its overall revenue rose 2% to $2.2 billion, slightly above analysts' average estimate of $2.15 billion.

Shares of the company were flat in premarket trading.

(Reporting by Ananta Agarwal in Bengaluru; Editing by Pooja Desai)