This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Bemis Company Reports 2013 Fourth Quarter And Full Year Results

Bemis Company, Inc. (NYSE:BMS) today reported fourth quarter 2013 diluted earnings of $0.54 per share, compared to $0.38 per share for the same quarter of 2012. Excluding the effect of facility consolidation costs detailed in the attached schedule, “Reconciliation of Non-GAAP Earnings Per Share”, adjusted diluted earnings for the fourth quarter of 2012 would have been $0.52 per share. Net sales for the fourth quarter 2013 were $1.2 billion, a decrease of 1.2 percent, primarily reflecting the impact of currency.

For the full year 2013, the Company reported record diluted earnings per share of $2.04 compared to $1.66 per share for the full year 2012. Excluding the effect of facility consolidation costs and transaction-related gains and charges detailed in the attached schedule, “Reconciliation of Non-GAAP Earnings Per Share”, adjusted diluted earnings for 2013 would have been $2.28 per share, compared to $2.15 per share for 2012. Net sales in 2013 totaled $5.0 billion. Excluding the impact of currency, net sales for 2013 decreased by 0.8 percent as compared to 2012, reflecting the impact of recent plant closures.

“We achieved record earnings per share and strengthened our gross margins in 2013,” said Henry Theisen, Bemis Company's Chairman and Chief Executive Officer. “We delivered on our strategy to achieve sustainable improvements in sales mix and optimized our footprint with the completion of our facility consolidation program. With the challenges of relocating production equipment behind us, we expect our future performance metrics to improve. As we begin 2014, we are experiencing positive sales momentum in our priority growth areas. We are investing in new capacity and product platforms that support our long-term growth plan and will deliver increased value to our shareholders.”

HIGHLIGHTS:

  • Adjusted diluted earnings per share for the full year 2013 of $2.28 increased 6.0 percent compared to the prior year.
  • Gross profit as a percentage of net sales improved to 19.3 percent in 2013 compared to 18.4 percent in 2012.
  • Share repurchases totaled $77.3 million in 2013, reflecting one million shares repurchased during each of the first and fourth quarters.
  • Bemis established a film extrusion platform in Asia with the July 2013 acquisition of a China-based specialty film manufacturer.
  • Management set guidance for the first quarter and full year 2014:
    • First quarter adjusted diluted earnings per share in the range of $0.55 to $0.60;
    • Total year adjusted diluted earnings per share in the range of $2.40 to $2.55;
    • Capital expenditures expected to be in the range of $175 to $200 million;
    • Cash flow from operations expected to exceed $500 million.

BUSINESS SEGMENT RESULTS

U.S. Packaging

U.S. Packaging net sales of $3.0 billion for 2013 decreased 1.8 percent compared to 2012, reflecting the impact of plant closings and a divestiture, partially offset by the benefit of improved sales mix.

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,055.87 -116.81 -0.68%
S&P 500 1,982.77 -11.52 -0.58%
NASDAQ 4,508.6880 -19.0010 -0.42%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs