Avery Dennison Lowers Its Forecasts

Label maker and office-products supplier Avery Dennison Corp. lowered its fourth-quarter sales and profit forecasts, citing reduction of customer inventories amid a slowing U.S. economy. The Pasadena-based company now expects to earn 66 cents to 68 cents a share, at or slightly below previous forecasts. Revenue is expected be 3% to 4% lower at $930 million to $940 million for the quarter. But Avery said full-year results are expected to hit a record, with an 11% jump in earnings over the previous year. Avery will announce its fourth-quarter and full-year results on Jan. 23. Its shares fell 19 cents to close at $56.06 on the NYSE. The warning was issued after markets closed.