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Bemis reports strong earnings

January 31, 2014

"We achieved record earnings per share and strengthened our gross margins in 2013," said CEO Henry Theisen.

Bemis Company Inc., the Neenah, WI-based maker of packaging and pressure sensitive materials, has reported record diluted earnings per share during 2013 on slightly lower overall sales. The company earned $212.6 million, or $2.04 per share, on sales of $5.03 billion in 2013. That compares with earnings of $173.8 million, or $1.66 per share, on sales of $5.14 billion in 2012.

Adjusted diluted earnings would have been $2.28 per share in 2013 up from $2.15 per share in 2012, Bemis said. The company earned $56.2 million, or 54 cents per share, on sales of $1.22 billion during the fourth quarter of last year. That compares with earnings of $40.1 or 38 cents per share, on sales of $1.24 billion for the fourth quarter of 2012.

"We delivered on our strategy to achieve sustainable improvements in sales mix and optimized our footprint with the completion of our facility consolidation program," CEO Henry Theisen said in a statement. "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."

Packaging sales in the United States accounted for $3 billion in sales in 2013 while global packaging added another $1.5 billion. Pressure sensitive net sales totaled $553.2 million, the company said.

For the full year 2013, the Bemis reported record diluted earnings per share of $2.04 compared to $1.66 per share for the full year 2012.

"We achieved record earnings per share and strengthened our gross margins in 2013," said Theisen. "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."

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