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Non-Tech : BMS - Bemis The Behemoth!

BMS 57.25

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Jun 28 5:00 PM EST

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From: JakeStraw	4/29/2010 10:11:59 AM
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Bemis Company Reports 2010 First Quarter Results finance.yahoo.com Total Bemis net sales were $1.0 billion for the first quarter of 2010, a 21.1 percent increase from $843.4 million for the same period of 2009. Acquisitions completed during the last twelve months, including the recently acquired Alcan Packaging Food Americas business, increased first quarter net sales by an estimated 17 percent. Currency effects increased net sales by 4.8 percent compared to the first quarter of 2009. “With this acquisition completed, we are pleased to report our first billion dollar net sales quarter as we begin to integrate the Food Americas business with Bemis Company,” said Henry Theisen, Bemis Company’s President and Chief Executive Officer. “The positive momentum we enjoyed in our higher value-added flexible packaging product lines during 2009 continued through the first quarter. While increased raw material costs and competitive pressures have created a more challenging environment in early 2010, we are encouraged by the strength of our flexible packaging backlog and improvement in our pressure sensitive materials business. The integration of the Food Americas business is well underway and cost savings synergies are ahead of schedule.” Management expects adjusted diluted earnings per share from continuing operations for the second quarter of 2010 to be in the range of $0.53 to $0.58. Management expects adjusted diluted earnings per share from continuing operations for the full year 2010 to be in the range of $2.00 to $2.15 per share. This is an increase from management’s previous adjusted annual guidance of $1.95 to $2.10 per share, reflecting an accelerated rate of acquisition related cost savings synergies. Including the needs of the recently acquired facilities, management now expects total Bemis capital expenditures in 2010 to be in the $160 million to $170 million range. This spending level is well below depreciation and amortization expense, which is expected to be in the range of $210 million to $220 million in 2010.

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