S&P: Avery Dennison unaffected

Standard & Poor's said Avery Dennison Corp.'s (A-/negative/A-2) announcement that first-quarter 2005 earnings declined from the corresponding period in 2004 does not affect the ratings or outlook on the company.

Avery reported earnings per share of $0.61 for the first quarter of 2005 compared with $0.68 per share (excluding restructuring costs) for the comparable period in 2004.

S&P said the earnings decline resulted from lower volume growth and higher spending related to growth initiatives, which were partially offset by higher selling prices to offset elevated raw-material costs.

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