UPDATE 1-Avery Dennison Q4 profit beats Street view

martes 27 de enero de 2009 15:33 CET

* Q4 adj EPS $0.65 beats estimate of $0.43

* Revenue down 12 percent

* Says not providing 2009 earnings forecast

* Sees restructuring charges of $120 mln

Jan 27 (Reuters) - Office supplies maker Avery Dennison Corp (AVY.N: Cotización) posted a quarterly profit that beat market estimates handily, but said it was reducing its global workforce by about 10 percent as part of its restructuring program to cut costs.

The Pasadena, California-based company said it was not providing 2009 earnings forecast at this time due to the "decreased visibility in the global economic environment."

For the fourth quarter, net income was $42.6 million, or 43 cents a share, compared with $79.4 million, or 81 cents a share, in the year ago.

On an adjusted basis, the company earned 65 cents a share.

Analysts on average were expecting earnings of 43 cents a share, before special items, according to Reuters Estimates. Revenue was $1.51 billion, coming below analysts' average expectation of $1.57 billion.   Continuación...