Bemis Company, Inc. (NYSE:BMS) today reported diluted earnings of $0.40 per share for the second quarter ended June 30, 2012. Diluted earnings per share would have been $0.54 for the second quarter of 2012, excluding the effect of facility consolidation and acquisition-related integration charges detailed in the attached schedule, “Reconciliation of Non-GAAP Data.”
Highlights of the second quarter 2012:
- Net sales totaled $1.3 billion.
- Adjusted diluted earnings per share of $0.54 increased 5.9 percent from the second quarter of 2011 and was in line with management’s second quarter guidance of $0.51 to $0.57 per share.
- Bemis expanded its facility consolidation program, which is now expected to generate approximately $50 million in annualized cost savings.
- Cash flow generated from operating activities increased to $94.5 million.
- Management revised guidance for the second half of the year:
- Adjusted earnings per share for the third quarter of 2012 in the range of $0.51 to $0.57
- Total year 2012 adjusted earnings per share guidance in the range of $2.00 to $2.10
- Total year 2012 capital spending of approximately $150 million
“In this challenging year, we continue to focus on prudent cost management and efficient implementation of our facility consolidation program,” said Henry Theisen, Bemis Company’s President and Chief Executive Officer. “A favorable raw material cost environment is expected to mitigate some of the negative effects of lower volume levels in 2012. Significant foreign currency changes have also negatively impacted translation of foreign profits. Our ongoing improvements in cost structure will position us well to deliver performance improvement once volume begins to strengthen.”
CONSOLIDATED RESULTSTotal Bemis net sales for the second quarter of 2012 was $1.3 billion, a 4.2 percent decrease from the same period of 2011, reflecting the impact of lower unit volume in the flexible packaging business segment. Acquisitions completed during the second half of 2011 increased second quarter net sales by an estimated 1.5 percent. The impact of currency translation reduced net sales by 4.8 percent.
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