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Bemis reports 2013 third quarter results

Bemis Company, today reported third quarter 2013 diluted earnings of $0.52 per share on net sales of $1.3 billion.

Excluding the effect of facility consolidation costs and the gain on sale of property detailed in the attached schedule, "Reconciliation of Non-GAAP Earnings Per Share", adjusted diluted earnings per share would have been $0.60 for the third quarter of 2013, consistent with the third quarter of 2012.

Excluding the impact of currency, net sales for the quarter decreased by less than one percent compared to the third quarter of 2012.

"This quarter’s performance demonstrates the success of our strategy to improve sales mix and strengthen our return metrics," said Henry Theisen, Bemis Company’s Chairman and Chief Executive Officer. "We improved our gross margin to the highest level since 2009. Our U.S. Packaging segment maintained its healthy 2013 operating margin in spite of lower unit sales volume and higher than expected costs related to the transition of production equipment from recently closed facilities. Excluding currency translation, our Global Packaging segment achieved a 20 percent increase in operating profit driven by improved price/mix in our Latin American operations and improved unit volumes in our European flexible packaging operations. Performance in our Pressure Sensitive Materials segment has stabilized at operating margin levels consistent with last year. Our adjusted guidance for 2013 reflects the negative impact of currency translation, the lack of anticipated sales growth in the second half of the year, and the higher production equipment transition costs that are expected to end during the fourth quarter.