* Avery Dennison Corporation has announced preliminary, unaudited results for its second quarter ended June 28,2014.
"Second quarter results were in line with our overall expectations for both sales and earnings," said Dean Scarborough, Avery Dennison chairman, president and CEO. "Pressure-sensitive materials delivered better-than-expected sales growth, driven by strong volume growth in Europe and the emerging markets. Adjusted operating margin was back above 10 percent, within our long-term target range, and we are on track with our consolidation of operations in Europe," Scarborough added. "While sales were down modestly for Retail Branding and Information Solutions, reflecting soft market conditions in the US, the RBIS team continued to make solid progress against its long-term margin improvement goal, and reported another quarter of strong earnings growth.
"I want to thank all our employees for their outstanding contributions to innovation, service excellence, and productivity improvement," said Scarborough. "With two solid quarters under our belt, we have narrowed our range of guidance for full-year adjusted earnings per share growth to 12 to 16 percent. We look forward to continuing to deliver exceptional value for our customers, employees, and shareholders."
Pressure-sensitive Materials (PSM)
Second quarter PSM segment sales increased approximately...