Bemis (BMS) Misses Q1 EPS by 2c; Trims Outlook

Bemis (NYSE: BMS) reported Q1 EPS of $0.60, $0.02 worse than the analyst estimate of $0.62. Revenue for the quarter came in at $967.9 million versus the consensus estimate of $1.01 billion.

GUIDANCE:

Bemis sees FY2016 EPS of $2.68-$2.78, versus prior guidance of $2.68-$2.83 and the consensus of $2.76.

“We continue to make progress on many aspects of executing our long-term strategy. However, in the short-term, our operating performance this quarter was mixed,” said William F. Austen, Bemis Company's President and Chief Executive Officer. “Our U.S. Packaging business delivered strong performance driven by manufacturing efficiencies. Our Global Packaging business was dampened by operational challenges in our Latin American business and by the inefficient ramp-up of our newly hired workforce at our expanded healthcare packaging facility in Wisconsin. Our teams are working to rectify these issues, and operating performance should be stabilized by the third quarter. I remain confident in our strategy and our ability to create long-term value for our stakeholders.”

For earnings history and earnings-related data on Bemis (BMS) click here.

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