Plastics giant CCL Industries shares dip as earnings miss expectations

TORONTO - CCL Industries shares dipped more than seven per cent in mid-morning trading on the Toronto Stock Exchange after the company reported third quarter results below analyst expectations. The label, packaging, and plastics giant says it had net earnings of $112.7 million or 63 cents per share in the quarter ending Sept. 30, up from $106.9 million or 60 cents per share for the same quarter last year.

Adjusted earnings per share came in at 66 cents, up from the 61 cents for the same quarter last year but below the 71 cents expected by analysts according to Thomson Reuters Eikon.

The company’s shares were trading down $4.07 to $52.74 at mid-morning, having hit a 52-week low of $50.42 earlier in the day.