Avery slides on warning

0

15 April 2005 – Pasadena (CA): Avery Dennison has reported that it expects its Q1 earnings to be about ten cents below previous guidance.

Citing higher inventory reserves related to new product, Avery previously anticipated EPS of $0.71-$0.78. Sales are expected to be about $1.3 billion, at the low end of previous guidance.

The news had an immediate impact on the share price this morning, with the company opening $8.63 down on last night’s close at $51.25, a 52-week low.