Bemis (BMS) Reports In-Line Q3 EPS, Revenues Slight Beat; Narrows FY18 EPS Outlook

Bemis (NYSE: BMS) reported Q3 EPS of $0.77, in-line with the analyst estimate of $0.77. Revenue for the quarter came in at $1.03 billion versus the consensus estimate of $1.02 billion.

“We delivered strong adjusted earnings per share during the third quarter. We continue to make progress through Agility to fix, strengthen, and grow our business,” said William F. Austen, Bemis Company’s President and Chief Executive Officer. “All of our segments performed in-line with our expectations, overcoming incremental headwinds from currency and freight costs. In our U.S. business, strong operational performance within our factories continued. In our Latin American business, our teams continued to execute cost improvements in light of the challenging economic environment in Brazil. In our Rest of World business, our teams delivered the highest level of operating profit since the reporting segment was created through strong operational performance and organic sales growth of our healthcare packaging business.”

Austen concluded, “Through three quarters of 2018, we have increased adjusted earnings per share by 18 percent over the prior year and implemented numerous operational, commercial, and administrative improvements through Agility. Our teams across the globe are committed to improving our business for the long-term.”

Outlook

Austen stated, “We are maintaining the midpoint of our earnings per share guidance range. This reflects our plan for strong operating performance to continue to overcome headwinds from currency and freight costs as well as the impact of not repurchasing shares during the second half of 2018. We continue to expect full year operating profit margins in both our Latin American and healthcare packaging businesses to increase 100 basis points as compared to last year.”

Austen further commented, “We continue to execute well on all aspects of Agility. We are delivering cost savings to plan and are strengthening and growing our business as we focus on driving our Agile Lane initiative which aligns our people, processes, and assets to excel at short-run business across our entire customer base in the U.S.”

GUIDANCE:

Bemis sees FY2018 EPS of $2.77-$2.82, versus the consensus of $2.79.

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

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