UPDATE 2-Avery Dennison cuts '08 profit outlook, shares fall

martes 21 de octubre de 2008 21:13 CEST
 

* Q3 adjusted EPS $0.81 vs estimate of $0.74

* Q3 Sales of $1.72 bln vs estimate of $1.67 bln

* Cuts FY08 profit outlook

* Sees higher raw material costs in '08

* Shares fall 8 pct (Recasts; adds analyst comments, updates share movement)

By Biswarup Gooptu

BANGALORE, Oct 21 (Reuters) - Avery Dennison Corp (AVY.N: Cotización) reported third-quarter profit that beat analysts' estimates, but shares fell 8 percent as the office supplies maker cut its fiscal 2008 outlook, citing uncertain market conditions and a slowing economy.

The company slashed its full-year outlook by more than a fifth, saying the slowdown in the United States was extending to Europe and Asia as well.

In a statement, the company said it expects customer inventory reductions to hurt sales in the fourth quarter.   Continuación...