- Adjusted diluted earnings per share for the first quarter increased 9.4 percent to $0.58, in line with management’s guidance for the quarter.
- Management announced the planned closure of a Pressure Sensitive Materials plant, resulting in a $25 million pre-tax charge in the first quarter, most of which impacted Cost of Products Sold.
- Excluding the charge related to the plant closure noted above, gross profit as a percentage of net sales for the first quarter improved sequentially as compared to the fourth quarter of 2013 and was consistent with first quarter 2013 levels.
- On March 31, 2014, Bemis completed the sale of its Paper Packaging Division. A $9.4 million pre-tax gain was recorded on the sale as part of other non-operating income.
- Bemis repurchased approximately 1.1 million shares of its common stock at a cost of $43.2 million.
- Bemis increased its quarterly cash dividend by 4 percent, the 31 st consecutive annual increase.
- Management established adjusted diluted earnings guidance for the second quarter of 2014 in the range of $.61 to $.66 per share and confirmed total year 2014 earnings guidance in the range of $2.40 to $2.55 per share.
Bemis Company Reports 2014 First Quarter Results
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