RTTNews | Oct 21, 2020 09:55AM EDT

09:55 Wednesday, October 21, 2020 (RTTNews.com) - Shares of Avery Dennison Corp. (AVY) reached a 52-week high of $142.50 Wednesday morning, after the company reported better-than-expected results for the third-quarter, and increased its dividend by 7%. AVY is currently trading at $142.24, up $7.90 or 5.88% in the regular trading session.

The company's third-quarter GAAP net income was $150.5 million or $1.79 per share compared to $144.6 million or $1.71 per share last year. On a non-GAAP basis, adjusted net income totaled $160.5 million or $1.91 per share, versus $141.0 million or $1.66 per share reported a year ago. Total net sales amounted to $1.73 billion, 1.8% lower than the previous year's sales of $1.76 billion.

Analysts polled by Thomson Reuters expected earnings of $1.53 per share on revenue of $1.7 billion for the quarter. Analysts' estimate typically exclude certain special items.

Further, Avery Dennison raised its dividend rate by 7%, and resumed share repurchase late in the third quarter.

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