Bemis Q2 Profit Rises; Updates FY13 EPS View

(RTTNews) - Bemis Company Inc. (BMS) reported that its second-quarter net income was $53.1 million or $0.51 per share, compared to $42.3 million or $0.40 per share in the same quarter last year.

Adjusted earnings per share would have increased to $0.61 for the second quarter of 2013 compared to $0.54 for the second quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.59 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter declined to $1.297 billion from $1.313 billion in the prior year quarter. Eleven analysts had consensus revenue estimate of $1.32 billion for the quarter. Excluding the impact of currency, net sales for the quarter decreased by 0.7 percent compared to the second quarter of 2012.

The company expects adjusted earnings per share for the third quarter of 2013 to be in the range of $0.57 to $0.63. Analysts expect the company to report earnings of $0.65 per share for the third-quarter.

The company updated its guidance for adjusted earnings per share for the full year 2013 in the range of $2.30 to $2.40 per share, a smaller range compared to the previous guidance of $2.30 to $2.45 per share. The decrease in the top of the range reflects the expected impact of a weaker Brazilian currency and lower profit levels in its pressure sensitive business for the remainder of 2013. Analysts expect the company to report earnings of $2.38 per share for fiscal 2013.