reported a lower second-quarter profit Tuesday but raised its full-year earnings expectation within the range of analyst expectations.
Shares of the company were lately down $2.06, or 3.3%, at $59.63.
Including restructuring charges, the maker of adhesive labels earned $68.5 million, or 68 cents a share, compared to $71.3 million, or 71 cents a share, in the year-earlier period.
Excluding an acquisition-related charge, the company earned $78.5 million, or 78 cents a share, which beat the Wall Street consensus for 73 cents a share. That compared to $66.5 million, or 67 cents a share, in the year-ago period.
Sales increased 11% to $1.3 billion. The company cited in part the impact from positive foreign currency exchange.
"We are experiencing solid growth across the company as economic conditions throughout our businesses and geographic markets improve substantially, with the exception of some softness in the office products business," the company said in a statement.
In the third quarter, the company expects to earn 72 cents to 77 cents a share. Analysts' consensus is for 73 cents a share.
Looking to the full year, Pasadena, Calif.-based Avery Dennison expects to earn $2.90 to $3.10 a share, before restructuring charges. The consensus is for $2.98 a share, according to Thomson First Call.