Avery Dennison 4Q profit falls 46 percent

Adhesive label maker Avery Dennison Corp. said Tuesday its fourth-quarter profit fell 46 percent, as the company implemented a restructuring program to offset higher raw material costs and the weakening economic climate.

Quarterly profit fell to $42.6 million, or 43 cents per share, from $79.4 million, or 81 cents per share last year.

Revenue fell 12 percent to $1.51 billion from $1.71 billion.

Excluding restructuring and asset impairment charges, acquisition related costs and other items, net income was 65 cents per share.

Analysts polled by Thomson Reuters, on average, predicted profit of 43 cents per share on revenue of $1.6 billion.

The company said it is responding to the weak retail environment and broader economic slowdown by cutting costs and improving productivity. It implemented a restructuring program during the quarter including cutting 10 percent of its workers.

For the year, profit fell 12 percent to $266.1 million, or $2.70 per share, from $303.5 million, or $3.07 per share last year.

Revenue rose 6 percent to $6.71 billion from $6.31 billion last year.