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Bemis shows sales increase for second quarter
Bemis Company has reported quarterly diluted earnings from continuing operations of $0.52 per share for the second quarter.
Excluding the effect of special charges, diluted earnings per share from continuing operations, as adjusted, would have been $0.58 for the second quarter of 2010 compared to $0.50 for the second quarter of 2009, a 16.0% increase.
Highlights
- Record quarterly net sales of $1.3bn included organic sales growth of 6.5%.
- Adjusted diluted earnings per share increased 16.0% driven by accretive acquisitions, World Class Manufacturing savings, and sales mix improvements.
- Cash flow from operations increased 5.5% from the same period of 2009.
- Total year adjusted diluted earnings per share guidance increased to $2.10 — $2.20 per share.
“We’re quickly realising the benefits of our 2010 Food Americas acquisition,” said Henry Theisen, Bemis Company’s president and CEO. “The integration of our newly acquired operations is progressing well and cost synergies continue to be realised at an accelerated pace. Strong sales growth driven by increased unit volume and improved sales mix supported improved operating profit performance this quarter. We have increased our outlook for total year results, reflecting our confidence in the current positive market trends and momentum in both acquisition integration and World Class Manufacturing improvements.”
Source: Bemis Company
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