Bemis Company Q3 Profit Rises - Quick Facts

(RTTNews) - Bemis Company Inc. (BMS) reported third-quarter net income of $54.0 million or $0.52 per share, compared to $47.4 million or $0.45 per share, last year. Adjusted earnings per share was $0.60 for the third quarter of 2013.

On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $0.61 for the quarter. Analysts' estimates typically exclude special items.

Net sales decreased to $1.26 billion, from $1.29 billion, last year. Excluding the impact of currency, net sales for the quarter decreased by less than one percent compared to the third quarter of 2012. Analysts expected revenue of $1.28 billion for the quarter.

The company established adjusted earnings guidance for the fourth quarter in the range of $0.50 to $0.56 per share, updating total year 2013 earnings guidance to the range of $2.24 to $2.30 per share. Analysts expect the company to report fourth-quarter profit per share of $0.60, and full year profit per share of $2.35.

The company said its adjusted guidance for 2013 reflects the negative impact of currency translation, the lack of anticipated sales growth in the second half of the year, and the higher production equipment transition costs that are expected to end during the fourth quarter.