- Adjusted diluted earnings per share of $0.60 was in line with the previous year and consistent with the management’s guidance for the quarter (See attached schedule, “Reconciliation of Non-GAAP Earnings Per Share.”)
- Net sales decreased by 2.3 percent to $1.3 billion, reflecting the net benefit of improved price/mix over generally lower unit sales volumes, which was more than offset by the negative impact of currency translation and the reduction of certain low margin sales in conjunction with the facility consolidation program.
- Gross profit as a percentage of net sales improved to 19.7 percent compared to 19.2 percent in the third quarter of 2012.
- Cash flow from operations totaled $160 million, an 8.9 percent improvement from the third quarter of last year.
- Bemis established a film extrusion platform in Asia with the acquisition of a China-based specialty film manufacturer on July 1, 2013.
- Management established adjusted diluted earnings guidance for the fourth quarter of 2013 in the range of $0.50 to $0.56 per share, updating total year 2013 earnings guidance to the range of $2.24 to $2.30 per share.
Bemis Company Reports 2013 Third Quarter Results
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