Bemis Co Inc (BMS) 10-Q Quarterly Report July 2017

Neenah, Wisconsin, July 27, 2017 - Bemis Company, Inc. (NYSE:BMS) today reported financial results for its second quarter ended June 30, 2017. Refer to the reconciliation of Non-GAAP measures detailed in the attached schedule, including adjusted earnings per share, adjusted EBITDA, and net debt, referenced in this release.

SUMMARY OF THE QUARTER



	Q2						Q2 YTD
($ in millions except per share amounts)	2017		2016		% change		2017		2016		% change
Earnings Per Share	$	0.30	$	0.53	(43.4	)%	$	0.85	$	1.12	(24.1	)%
Adjusted Earnings Per Share	$	0.48	$	0.67	(28.4	)%	$	1.06	$	1.27	(16.5	)%
Cash from Operations	$	106.0	$	100.4	5.6	%	$	200.5	$	153.0	31.0	%

Refer to the reconciliation of Non-GAAP measures detailed in the attached schedule, including adjusted earnings per share, referenced in this release.

“Total company profits were less than expected this quarter due to the impact of the challenging economic environment in Brazil. Sales volumes declined sharply in Brazil versus our run rates as consumers, retailers, and our customers reacted to the latest political instability. In our U.S. business, profits were in line with the expectations we shared last quarter,” said William F. Austen, Bemis Company’s President and Chief Executive Officer. “During June, we initiated a restructuring and cost savings plan to better position the Company in the current environment and for the long term. These efforts are progressing well to create a more agile, streamlined, and efficient business that continues to be successful over the long term.”

2017 RESTRUCTURING AND COST SAVINGS PLAN

Refer to the June 30, 2017 press release and the July 7, 2017 8-K for additional details of this plan.

During June, the Company announced initial details on its restructuring and cost savings plan to improve profitability primarily in its U.S. and Latin American businesses by reducing its manufacturing and administrative cost structure. This plan targets an annual savings run rate of $55 to $60 million, with savings starting in 2017 and fully realized during 2019. Estimated total costs to implement the plan are $100 to $120 million.

The following information was filed by Bemis Co Inc (BMS) on Thursday, July 27, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Bemis Co Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: BMS
CIK: 11199
Form Type: 10-Q Quarterly Report
Accession Number: 0000011199-17-000031
Submitted to the SEC: Fri Jul 28 2017 10:56:36 AM EST
Accepted by the SEC: Fri Jul 28 2017
Period: Friday, June 30, 2017
Industry: Converted Paper And Paperboard Prods No Contaners Boxes