Bemis Company Reports Solid Fourth Quarter and 2018 Results
6:00 am ET January 31, 2019 (BusinessWire) Print
Bemis Company, Inc. (NYSE:BMS) today reported financial results for its fourth quarter and year ended December31, 2018. Refer to the reconciliation of Non-GAAP measures detailed in the attached schedule, including adjusted earnings per share, adjusted EBITDA, and net debt.
SUMMARY OF THE FOURTH QUARTER AND FULL YEAR 2018
Q4 Q4 YTD ------------------------------- ------------------------------- ($ in millions except per share amounts) 2018 2017 change 2018 2017 change --------- ---------- ---------- --------- --------- ----------- Earnings Per Share $ 0.70 $ (0.44 ) 259.1 % $ 2.36 $ 1.02 131.4 % Adjusted Earnings Per Share $ 0.71 $ 0.63 12.7 % $ 2.79 $ 2.39 16.7 % Cash from Operations $ 158.4 $ 79.5 99.2 % $ 461.5 $ 379.0 21.8 % U.S. Packaging Operating Profit $ 89.7 $ 89.3 $ 0.4 $ 360.2 $ 352.5 $ 7.7 Latin America Packaging Operating Profit $ 7.8 $ 6.2 $ 1.6 $ 32.8 $ 30.0 $ 2.8 Rest of World Packaging Operating Profit $ 23.8 $ 15.4 $ 8.4 $ 81.2 $ 61.1 $ 20.1 Refer to the reconciliation of Non-GAAP measures detailed in the attached schedule, including adjusted earnings per share, referenced in this release. "We delivered strong earnings and operating cash flow improvement in 2018. Our Agility plan to fix, strengthen, and grow Bemis is progressing well and benefiting our business," said William F. Austen, Bemis Company's President and Chief Executive Officer. "All operating segments performed in-line with our expectations and met our Agility objectives during 2018. In our U.S. business, we focused on improving operations and laying the foundation for long-term growth through our Agile Lane initiative to penetrate short-run business. Our teams in the U.S. worked tirelessly to deliver our financial plans in light of both known and incremental headwinds during the year. In our Latin American business, we continued to execute cost improvements in light of the challenging economic environment in Brazil and delivered 100 basis points of margin expansion during the year. In our Rest of World business, we delivered 200 basis points of operating profit improvement in 2018, driven by solid operational performance across the segment and strong organic sales growth in our healthcare packaging business."
Austen concluded, "I am proud of our teams and the countless operational, commercial, and administrative improvements we executed in 2018 to drive long-term benefit in our business. We are well-positioned to continue progressing in 2019." |
