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.

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