Avery Dennison Corp. on Tuesday reported flat third quarter earnings as consumer and business label sales fell 10 percent in the struggling economy. Even so, the results beat Wall Street expectations.

The Pasadena company reported net income of $62.5 million (59 cents per share), compared with $62.7 million (63 cents) a year ago. The larger difference in per-share earnings is due to a larger number of outstanding shares from a year ago.

Sales fell 10 percent to $1.55 billion and sales dropped in all segments, including its specialty converting business that caters to the housing and construction industries.

After restructuring and asset impairment charges, adjusted earnings were 82 cents per share. Analysts surveyed by Thomson Reuters on average expected adjusted earnings of 57 cents per share on sales of $1.47 billion.

Avery Dennison, which halved its dividend, has cut about 10 percent of its workforce since the fourth quarter of last year and expects to record $110 in restructuring costs by year’s end.

“Our end-markets remain soft, and we continue to be cautious about the pace of their recovery,” Chief Executive Dean Scarborough said in a statement.

Avery Dennison shares closed up 14 cents, or less than 1 percent, to $36.98 on the New York Stock Exchange.