April 25, 2018 / 10:53 AM / 3 months ago

BRIEF-Avery Dennison Reports Q1 Adjusted Non-GAAP Earnings Per Share $1.44

April 25 (Reuters) - Avery Dennison Corp:

* AVERY DENNISON ANNOUNCES FIRST QUARTER 2018 RESULTS

* Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $1.44

* Q1 SALES $1.78 BILLION VERSUS I/B/E/S VIEW $1.75 BILLION

* Q1 EARNINGS PER SHARE VIEW $1.36 — THOMSON REUTERS I/B/E/S

* SEES 2018 EARNINGS PER SHARE $4.90 TO $5.10

* SEES FY 2018 ADJUSTED NON-GAAP EARNINGS PER SHARE $5.85 TO $6.05

* RAISED FY18 GUIDANCE MIDPOINT FOR ADJUSTED EPS BY $0.13

* FY2018 EARNINGS PER SHARE VIEW $5.88 — THOMSON REUTERS I/B/E/S

* APPROVED RESTRUCTURING PLAN ASSOCIATED WITH CONSOLIDATION OF EUROPEAN FOOTPRINT OF LABEL AND GRAPHIC MATERIALS SEGMENT

* AVERY DENNISON - EXPECTS RESTRUCTURING PLAN RELATED TO EUROPEAN FOOTPRINT OF LABEL, GRAPHIC MATERIALS SEGMENT TO BE LARGELY COMPLETE BY END OF 2019

* RESTRUCTURING PLAN EXPECTED TO RESULT IN A NET REDUCTION IN HEADCOUNT OF ABOUT 150 POSITIONS

* TOTAL PRETAX RESTRUCTURING CHARGES ASSOCIATED RESTRUCTURING PLAN ARE ESTIMATED AT APPROXIMATELY $70 MILLION

* EXPECTS TO REALIZE ABOUT $25 MILLION IN ANNUALIZED SAVINGS FROM RESTRUCTURING PLAN, BEGINNING IN 2020

* $6.9 MILLION PRETAX RESTRUCTURING CHARGES ASSOCIATED WITH RESTRUCTURING PLAN WERE RECORDED IN Q1 OF 2018

* AVERY DENNISON - REMAINING RESTRUCTURING CHARGES, WHICH RELATE TO CASH COSTS PRIMARILY FOR SEVERANCE, WILL LARGELY BE RECOGNIZED DURING Q2 OF 2018

* MAJORITY OF CASH PAYMENTS ASSOCIATED WITH ACCRUALS WILL BE MADE IN 2019 Source text for Eikon: Further company coverage:

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