Bemis Q3 Profit Falls, Yet Meets Estimates - Quick Facts

(RTTNews) - Goods packaging company Bemis Co., Inc. (BMS) Thursday reported third-quarter net income of $17.0 million or $0.17 per share, significantly down from $54.0 million or $0.52 per share in the prior year.

Earnings from continuing operations were $0.61 per share, higher than $0.47 per share reported last year.

Adjusted earnings per share totaled $0.67, while the firm posted $0.60 per share a year earlier. On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.67 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter decreased to $1.10 billion from $1.12 billion in the preceding year. Excluding the impact of currency and divestitures, net sales increased 2.5 percent. Analysts estimated revenues of $1.23 billion for the quarter.

In anticipation of the sale of the Pressure Sensitive Materials business segment, management established new guidance for continuing operations.

Looking ahead, for the fourth quarter, the company expects adjusted earnings to be in the range of $0.53 to $0.58 per share. Street analysts expect earnings of $0.60 per share for the quarter.

For full-year 2014, adjusted earnings are expected to be in the range of $2.26 to $2.31 per share. Analysts are looking for earnings of $2.50 per share for the year.

The company earlier forecast annual earnings of $2.45 to $2.55 per share.