Avery Dennison reported first quarter income that rose 19.2% to $2.05 billion, beating consensus estimates by $120 million, together with non-GAAP earnings of $2.40 per share, beating consensus estimates by $0.38 per share. As well as, administration raised its 2021 adjusted earnings steerage of $8.40 to $8.80 per share from a previous excessive of $8.05 per share.
Analysts have been bullish on the inventory over the previous few months. In late April, BMO Capital analyst John McNulty reiterated his Outperform ranking on the inventory, citing the stable first quarter earnings beat that got here regardless of provide disruptions, rising uncooked materials prices, and buyer manufacturing points, and calling the inventory a ‘serial compounder’ with ‘stable upside forward’.
The company raised its quarterly dividend by 9.7% to $0.68 per share, which represents a 1.24% ahead yield. The dividend is payable on June 16, 2021 to shareholders on file as of June 2, 2021.
Need to preserve monitor of all of the dividend will increase? Subscribe to Dividend.com and have full entry to our unique dividend will increase listing here.