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Friday, July 27, 2012( b" a+ S) `9 Z; \* Z( g# O6 S
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Pasadena, CA - Avery Dennison announced preliminary, unaudited second quarter 2012 results. “Second-quarter results were in line with our expectations, and we are on track for full-year earnings growth and free cash flow within the ranges of our guidance,” said Dean Scarborough, Avery Dennison chairman, president and CEO. “We continued to deliver on our commitment to return more cash to shareholders, repurchasing more than two million shares during the quarter. “We are aggressively implementing the next phase of our restructuring initiative to help us deliver on our financial targets for double-digit earnings growth and higher returns,” Scarborough said. “Our near-term target is to achieve more than $100 million in annualized savings by mid-2013. The leaner cost structure that will result will enhance our overall competitive position and strengthen our ability to increase returns even in an uncertain economic environment.” Label and Packaging Materials sales increased mid-single digits compared to the prior year. Graphics and Reflective Solutions sales declined low single digits compared to the prior year. Operating margin declined 20 basis points to 8.4 percent due to higher restructuring costs. Adjusted operating margin improved 10 basis points as the benefit from higher volume more than offset higher employee-related expenses, including incentive compensation. Operating margin improved 50 basis points to 2.9 percent as the impact of higher volume and productivity initiatives more than offset higher employee-related expenses and restructuring costs. Adjusted operating margin improved 80 basis points. |
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