Bemis Company, Inc. (NYSE:BMS) today reported diluted earnings of $0.45 per share for the third quarter ended September 30, 2012. Diluted earnings per share would have been $0.60 for the third quarter of 2012, excluding the effect of facility consolidation and acquisition-related charges detailed in the attached schedule, “Reconciliation of Non-GAAP Data.”
Highlights of the third quarter 2012:
- Record adjusted diluted earnings per share of $0.60 increased 7 percent from the third quarter of 2011 and was higher than management's third quarter guidance of $0.51 to $0.57 per share.
- Cash flow generated from operating activities was $147 million.
- Management updated guidance for the full year 2012:
- Adjusted earnings per share for the fourth quarter of 2012 in the range of $0.47 to $0.52
- Total year 2012 adjusted earnings per share guidance increased to a range of $2.10 to $2.15
“I am pleased to report solid performance during the third quarter,” said Henry Theisen, Bemis Company's President and Chief Executive Officer. “We are benefiting from some of this year's facility consolidation activities as well as increased sales of value-added products. This sales mix improvement was partially offset by generally lower unit volume levels. Our business teams continue to respond with business initiatives that reduce costs and promote growth of high barrier packaging sales.”
CONSOLIDATED RESULTSTotal Bemis net sales for the third quarter of 2012 was $1.3 billion, a 5.2 percent decrease from the same period of 2011. Acquisitions increased third quarter net sales by an estimated 1.1 percent. The impact of currency translation reduced net sales by 4.6 percent. The remaining 1.7 percent decrease in net sales reflects the impact of lower overall unit volume in the flexible packaging business segment.Diluted earnings per share for the third quarter of 2012 was $0.45 compared to $0.53 per share in the same quarter of 2011. Excluding the effect of facility consolidation and acquisition-related charges, as detailed in the attached schedule, “Reconciliation of Non-GAAP Data,” adjusted diluted earnings per share would have been $0.60 for the third quarter of 2012 compared to $0.56 per share in the same quarter of 2011.