bemis company (BMS) Snapshot

The Board of Directors of Bemis Company, Inc. has declared a regular quarterly dividend of 26 cents per share. The cash dividend is payable on June 3, 2013, to shareholders of record at the close of business on May 21, 2013.

Bemis Company, Inc. increased its quarterly cash dividend by 4%, the 30 consecutive annual increase.

Bemis Company, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net sales of $1,255.0 million compared to $1,304.8 million a year ago. Operating income was $92.1 million compared to $88.5 million a year ago. Income before income taxes was $71.4 million compared to $67.9 million a year ago. Net income was $49.3 million or $0.47 per diluted share compared to $44.0 million or $0.42 per diluted share a year ago. Net cash provided by operating activities was $8.4 million compared to $48.8 million a year ago. Additions to property and equipment were $27.2 million compared to $23.7 million a year ago. Diluted earnings per share, as adjusted were $0.53 compared to $0.49 a year ago. Excluding the impact of currency, net sales for the quarter decreased by 1.8% compared to the first quarter of 2012. The company expects adjusted diluted earnings per share for the second quarter of 2013 to be in the range of $0.57 to $0.63. This excludes charges associated with the facility consolidation program, which will continue through the second quarter of 2013 as the remaining production is transitioned and properties are prepared for sale. The company confirmed its guidance for adjusted diluted earnings per share for the full year 2013 in the range of $2.30 to $2.45 per share. The incremental savings of the facility consolidation activities are expected to be approximately $37 million in 2013. The effective income tax rate for the remaining quarters of 2013 is expected to be approximately 35.3%. Management also confirmed that it expects its total year 2013 cash provided by operating activities to total approximately $430 million and capital expenditures to total approximately $175 million.