Bemis Company, Inc. (NYSE:BMS) today reported 2012 full year diluted earnings of $1.66 per share on net sales of $5.1 billion. Excluding the effect of facility consolidation and acquisition related integration charges detailed in the attached schedule, “Reconciliation of Non-GAAP Earnings Per Share”, adjusted diluted earnings for 2012 would have been $2.15 per share. Excluding the impact of currency, 2012 net sales was substantially unchanged from 2011 as lower unit sales volumes during 2012 were offset by improved sales mix and the impact of acquisitions.
“We accomplished our key goals for 2012 and generated record earnings per share,” said Henry Theisen, Bemis Company's President and Chief Executive Officer. “We right-sized our operations and consolidated our production facilities. Bemis delivered improved earnings and profit margins by reducing costs while increasing sales of higher margin products. In addition, our World Class Operations Management improved production efficiencies and expanded our capacity for value added products while our facility consolidation program reduced capacity in other areas. This allowed us to limit capital expenditures to $136 million and achieve sustainable improvements in sales mix. Looking ahead to 2013, our positive momentum and strong cash flow will put us in a position to return more capital to shareholders while continuing to invest in growth opportunities.”
HIGHLIGHTS OF THE FULL YEAR 2012:
- Adjusted diluted earnings per share increased 8.0 percent to $2.15 from $1.99 in 2011.
- Gross profit as a percent of net sales improved to 18.4 percent compared to 17.1 percent in 2011.
- Bemis' facility consolidation program contributed savings of approximately $8 million in 2012.
- Cash provided by operations totaled $421 million, reflecting continued emphasis on cost management.
Management set guidance for the first quarter and full year 2013:
- First quarter adjusted diluted earnings per share in the range of $0.50 to $0.56
- Total year adjusted diluted earnings per share in the range of $2.30 to $2.45
- Capital expenditures expected to be approximately $175 million
- Cash flow from operations expected to exceed $430 million
FOURTH QUARTER 2012 CONSOLIDATED RESULTSBemis recorded diluted earnings of $0.38 per share for the fourth quarter ended December 31, 2012 on net sales of $1.2 billion. Excluding the effect of facility consolidation and other related charges detailed in the attached schedule, “Reconciliation of Non-GAAP Earnings Per Share”, diluted earnings per share would have been $0.52 for the fourth quarter of 2012, at the top end of management's guidance range. Excluding the impact of currency, 2012 net sales decreased modestly from 2011.
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