Bemis Company Reports Strong First Quarter Earnings Results
Bemis Company, Inc. (NYSE:BMS) today reported financial results for its first quarter ended March 31, 2019. 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 FIRST QUARTER
|($ in millions except per share amounts)||2019||2018||Change|
|Earnings Per Share||$||0.66||$||0.52||26.9||%|
|Adjusted Earnings Per Share||$||0.67||$||0.63||6.3||%|
|U.S. Packaging Operating Profit||$||91.5||$||87.2||$||4.3|
|Latin America Packaging Operating Profit||$||11.9||$||8.0||$||3.9|
|Rest of World Packaging Operating Profit||$||20.1||$||16.5||$||3.6|
Refer to the reconciliation of Non-GAAP measures detailed in the attached schedule, including adjusted earnings per share, referenced in this release.
“We delivered another strong earnings quarter,” said William F. Austen, Bemis Company’s President and Chief Executive Officer. “All operating segments performed within our range of expectations and met our Agility objectives. Our U.S. business remains strong, reflected in increased sales volume and operating profit compared to one year ago; we continue to strengthen our operations and lay the foundation for long-term growth through our short-run business initiatives. Our Latin American business continues to execute cost improvements while the business laps the impact of the conversion of certain laundry detergent packaging. Our Rest of World business remains very strong, reflected in operating profit margins that increased 200 basis points versus last year, driven by organic sales growth in our healthcare packaging business and solid operational performance across the segment.”