Bemis Issues Q1 Results for 2015

 

NEENAH, WI | Bemis Company reported first quarter 2015 diluted earnings per share from continuing operations of $0.58/share, consistent with the same quarter of 2014. Excluding the effect of plant closure costs and transaction-related gains in the report, “Reconciliation of Non-GAAP Earnings Per Share,” adjusted diluted earnings per share from continuing operations would have been $0.61 in 2015 and $0.52 in 2014.

“I am pleased with our strong operating performance this quarter, reflecting continued progress in the implementation of our long-term strategy,” says William F. Austen, Bemis Company’s president and CEO. “Sales growth in our target end-markets delivered margin improvements throughout our entire business. Sales mix improvements in our US Packaging business were offset by light consumer demand and some customer delays of certain shipments. Global Packaging unit volumes were strong in Europe, Asia, and our healthcare packaging business, offset by lighter unit volumes in Latin America due to continuing tough economic conditions. We are focused on improving the margin profile of our entire business, regardless of volume conditions, and I am confident that we will continue to deliver our targeted margin improvement during both the short and long terms.”

Highlights of report:

• First quarter adjusted diluted EPS from continuing operations increased 17.3% to $0.61 per share.

• Net sales increased 2.5% in the first quarter, excluding the impact of currency translation and divestitures.

• Gross profit as a percentage of net sales improved to 20.9% in the first quarter, compared to 19.3% in the prior first quarter.

• US Packaging segment operating profit return on sales increased to 13.5%, compared to 12.4% in the prior first quarter.

• Global Packaging segment adjusted operating profit return on sales increased to 8.8%, compared to 6.8% in the prior first quarter.

• Adjusted return on invested capital increased to 9.9% at March 31, 2015, compared to 9.4% at March 31, 2014.

• Cash flow from operations for the first quarter was $85.2 million, compared to $12.5 million for the prior first quarter.

• Management confirmed full year adjusted EPS outlook in the range of $2.52 to $2.67.

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