Bemis (BMS) Misses Q1 EPS by 7c, Miss on Revenues, Lowers FY Guidance

Bemis (NYSE: BMS) reported Q1 EPS of $0.58, $0.07 worse than the analyst estimate of $0.65. Revenue for the quarter came in at $995.4 billion versus the consensus estimate of $1 billion.

GUIDANCE:

Bemis sees FY2017 EPS of $2.50-$2.60, versus the consensus of $2.90.

OUTLOOK

Management expects adjusted diluted earnings per share to be in the range of $2.50 to $2.60 for the full year 2017. Management estimates GAAP diluted earnings per share to be in the range of $2.44 to $2.54 for the full year 2017, excluding the impact of items that cannot be reasonably predicted at this time, such as any charges associated with future actions taken to improve financial and operational performance in U.S. Packaging.

Austen stated, “Our updated guidance reflects the impact of lower volume expectations from our core U.S. customer base and near-term operating inefficiencies in our U.S. Packaging business. We are confident that the initiatives to improve U.S. Packaging operations and profitability will enhance our positioning and performance, while driving enhanced value to our shareholders over the long-term.”

Management expects full year 2017 cash from operations to be in the range of $415 to $455 million, primarily a result of revised earnings expectations. This guidance excludes the impact of future U.S. Packaging restructuring efforts.

Management expects capital expenditures for 2017 of approximately $200 million to support productivity and efficiency projects as well as growth projects. Management will evaluate capital spending as part of its comprehensive review of the U.S. business.

Management expects an effective income tax rate for 2017 of approximately 32.5 percent, which incorporates the new accounting standard for stock-based compensation.

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

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