avery dennison corp (AVY) Key Developments
Avery Dennison Corporation Appoints Anne L. Bramman, Senior Vice President and Chief Financial Officer as Principal Financial Officer, Effective May 6, 2015
May 8 15
Effective May 6, 2015, Anne L. Bramman, senior vice president and chief financial officer of Avery Dennison Corporation was appointed the company's principal financial officer. Because Ms. Bramman commenced employment during the last two weeks of the company's first quarter of 2015, Mitchell R. Butier, the company's president and chief operating officer and its former senior vice president and chief financial officer, continued to serve as principal financial officer. Ms. Bramman will serve as the company's principal financial officer for future filings.
Avery Dennison Names Georges Gravanis as President, Materials Group Effective May 1, 2015
Apr 29 15
Avery Dennison Corporation announced that its Board of Directors has elected Georges Gravanis as the company’s president, Materials Group, effective May 1, 2015. The duties were previously handled on an interim basis by Mitch Butier, president and chief operating officer. Based in Hong Kong and reporting to Mr. Butier, Mr. Gravanis will be responsible for the global pressure-sensitive materials businesses now comprised of Label and Packaging Materials, Graphics Solutions and Reflective Solutions. Mr. Gravanis has served as vice president and general manager of the Asia Pacific division of the Materials Group since August 2010.
Avery Dennison Corporation Reports Preliminary Unaudited Consolidated Earnings Results for the First Quarter Ended April 4, 2015; Provides Earnings Guidance for 2015; Reports Asset Impairment Charges for the First Quarter Ended April 4, 2015
Apr 29 15
Avery Dennison Corporation reported preliminary unaudited consolidated earnings results for the first quarter ended April 4, 2015. For the quarter, net sales were $1,528.0 million against $1,550.1 million a year ago. Income from continuing operations before taxes was $99.5 million against $87.8 million a year ago. Adjusted operating income from continuing operations before interest expense and taxes (non-GAAP) was $129.1 million against $110.5 million a year ago. Adjusted Non-GAAP income from continuing operations was $75.1 million against $63.7 million a year ago. Income per common share from continuing operations, assuming dilution was $0.77 against $0.73 a year ago. Adjusted Non-GAAP Income per Common Share from Continuing Operations, assuming dilution was $0.81 against $0.65 a year ago. Net cash provided by operating activities was $8.3 million against net cash used in operating activities of $108.0 million a year ago. Purchases of property, plant and equipment was $25.3 million against $38.7 million a year ago. Purchases of software and other deferred charges were $1.4 million against $8.9 million a year ago. Total operating income was $114.8 million against $103.2 million a year ago. Adjusted total operating income was $129.1 million against $110.5 million a year ago. Adjusted income from continuing operations before taxes was $113.8 million against $95.1 million a year ago. Income from continuing operations was $71.6 million against $71.6 million a year ago. Adjusted income from continuing operations was $75.1 million against $63.7 million a year ago. Net income was $71.6 million against $71.2 million a year ago. Net income per common share, assuming dilution was $0.77 against $0.73 a year ago.
For the quarter, asset impairment charges were $0.4 million against $0.3 million a year ago.
The company now expects 2015 earnings per share of $2.85 to $3.05. Excluding an estimated $0.40 per share for restructuring costs and other items, the company now expects adjusted (non-GAAP) earnings per share of $3.25 to $3.45. The company anticipates full year tax rate in the low to mid-30% range.
Avery Dennison Seeks Acquisitions
Apr 29 15
Avery Dennison Corporation (NYSE:AVY) is seeking acquisitions. Dean Scarborough, Avery's Chairman & Chief Executive Officer, said "We've had an active pipeline for awhile. Nothing imminent. Again, pretty much all small bolt-on type acquisitions. Again, I say very likely - they're all private companies at the end of the day, so it takes time. And valuations can sometimes be a little high these days, too. We're pretty disciplined about what we're willing to pay. So we'll see."
Avery Dennison Corporation Plans to Cut 225 Jobs in North Carolina
Apr 24 15
Avery Dennison Corporation plans to cut 225 jobs in North Carolina. The company will cut 143 positions in Lenoir and 82 employees in Greensboro, according to a Worker Adjustment and Retraining Notification, or WARN notice, filed with the N.C. Department of Commerce. The company is ending manufacturing operations in both locations and moving production to Juarez, Mexico, and to Honduras. The transition is expected to be completed by mid-2016.