Bemis Company Reports Strong Second Quarter Earnings
August 1, 2018Bemis Company, Inc. (NYSE:BMS) today reported financial results for its second quarter ended June 30, 2018. Refer to the reconciliation of Non-GAAP measures detailed in the attached schedule, including adjusted earnings per share, adjusted EBITDA, and net debt.
SUMMARY OF THE QUARTER
| Q2 | Q2 YTD | |||||||||||||||||||||||
| ($ in millions except per share amounts) | 2018 | 2017 | change | 2018 | 2017 | change | ||||||||||||||||||
| Earnings Per Share | $ | 0.51 | $ | 0.30 | 70.0 | % | $ | 1.03 | $ | 0.85 | 21.2 | % | ||||||||||||
| Adjusted Earnings Per Share | $ | 0.68 | $ | 0.48 | 41.7 | % | $ | 1.31 | $ | 1.06 | 23.6 | % | ||||||||||||
| U.S. Packaging Operating Profit | $ | 89.9 | $ | 80.1 | $ | 9.8 | $ | 177.1 | $ | 163.6 | $ | 13.5 | ||||||||||||
| Latin America Packaging Operating Profit | $ | 9.0 | $ | 2.9 | $ | 6.1 | $ | 17.0 | $ | 16.5 | $ | 0.5 | ||||||||||||
| Rest of World Packaging Operating Profit | $ | 18.7 | $ | 14.8 | $ | 3.9 | $ | 35.2 | $ | 28.4 | $ | 6.8 | ||||||||||||
“We delivered strong earnings this quarter and continued to make progress on Agility, which is our plan to fix, strengthen, and grow our business,” said William F. Austen, Bemis Company’s President and Chief Executive Officer. “Operating profit increased $20 million compared to last year, with strong improvement in all of our business segments. In our U.S. business, operating profit increased nearly $10 million as a result of the benefits of Agility and strong operations within our factories. In our Latin America business, despite currency translation headwinds, operating profit increased $6 million due to continued variable and fixed cost improvements made in light of the challenging economic environment in Brazil. Our teams in Brazil also did an excellent job mitigating the impact from the nationwide trucker strike during the quarter. And in our Rest of World business, operating profit increased nearly $4 million driven by strong organic sales growth of healthcare packaging.”
