Label maker Avery Dennison forecasts profit above estimates on strong demand

• Avery's materials segment, which is its largest by revenue and sells pressure-sensitive label materials and adhesive products for industrial and medical applications, reported a 15.9% rise in second-quarter net sales to $1.8 billion from a year ago.
• Avery Dennison posted total revenue of $2.46 billion, compared with $2.22 billion a year ago. Analysts on average were expecting $2.3 billion for the quarter, according to data compiled by LSEG.
• The company, which caters to customers as diverse as retail giant Walmart and Spanish soccer club Real Madrid, posted adjusted profit per share of $2.89, beating analysts' average expectation of $2.47.

July 30 (Reuters) - Avery Dennison forecast its annual profit above Wall Street expectations on Thursday, helped by higher prices, cost-saving measures and strong demand in its materials business, sending shares of the company up 10% in premarket trading.

The labeling materials maker has benefited from targeted price increases, aimed at offsetting inflationary pressures, which also helped it protect margins even as some industrial customers remain cautious amid an uncertain economic environment.

• The Ohio-based company expects full-year adjusted profit per share of $10 to $10.30, the midpoint of which is slightly above analysts' expectations of $10.02.