Bemis Company today reported diluted earnings of $0.40 per share for the second quarter, but also noted that diluted earnings per share would have been $0.54 if not for the impacts of facility consolidation and integration charges related to recent acquisitions.
In what President and CEO Henry Theisen called a “challenging year,” the company’s adjusted diluted earnings per share of $0.54 would have represented an increase of 5.9% from the second quarter of 2011, which would have been in line with second quarter guidance of $0.51 to $0.57 per share.
Bemis, a Neenah-based supplier of flexible packaging, expects its expanded facility consolidation program to generate approximately $50 million in annual cost savings.
The company also reported net sales of $1.3 billion, a 4.2% decrease from the same period of 2011. Bemis attributed the sales decline to lower unit volume in its flexible packaging business segment.
Bemis has lowered its sales expectations for the remainder of 2012. Management now expects adjusted diluted earnings per share for the third quarter of 2012 to be in the range of $0.51 to $0.57, and adjusted diluted earnings per share for the full year to be in the range of $2 to $2.10.
Read the full article.
