Bemis Company Earnings: Profit and Revenue Dip
S&P 500 (NYSE:SPY) component Bemis Company Inc. (NYSE:BMS) reported its results for the second quarter. Bemis Company is a manufacturer of flexible packaging products and pressure-sensitive materials for customers worldwide.
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Bemis Company Inc. Earnings Cheat Sheet
Results: Net income for Bemis Company Inc. fell to $42.3 million (40 cents per share) vs. $54.3 million (51 cents per share) a year earlier. This is a decline of 22% from the year-earlier quarter.
Revenue: Fell 4.2% to $1.31 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Bemis Company Inc. fell short of the mean analyst estimate of 52 cents per share. Analysts were expecting revenue of $1.32 billion.
Quoting Management: “In this challenging year, we continue to focus on prudent cost management and efficient implementation of our facility consolidation program,” said Henry Theisen, Bemis Company’s President and Chief Executive Officer.
The company fell short of forecasts after beating estimates in the previous two quarters. In the first quarter, it topped the mark by 2 cents, and in the fourth quarter of the last fiscal year, it was ahead by 6 cents.
Net income has dropped 22.3% year-over-year on average across the last five quarters. Performance was hurt by a 57.3% decline in the fourth quarter of the last fiscal year from the year-earlier quarter.
Revenue has dropped in the past two quarters. In the first quarter, revenue declined 1.5% to $1.3 billion from the year-earlier quarter.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the third quarter is 55 cents per share, down from 57 cents ninety days ago. For the fiscal year, the average estimate has moved down from $2.10 a share to $2.07 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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