Bemis Co Inc (BMS) 10-Q Quarterly Report April 2019

Neenah, Wisconsin, April 22, 2019 - Bemis Company, Inc. (NYSE:BMS) today reported financial results for its first quarter ended March 31, 2019. 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 FIRST QUARTER



	Q1
($ in millions except per share amounts)	2019		2018		Change
Earnings Per Share	$	0.66	$	0.52	26.9		%
Adjusted Earnings Per Share	$	0.67	$	0.63	6.3		%

U.S. Packaging Operating Profit	$	91.5	$	87.2	$	4.3
Latin America Packaging Operating Profit	$	11.9	$	8.0	$	3.9
Rest of World Packaging Operating Profit	$	20.1	$	16.5	$	3.6

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

“We delivered another strong earnings quarter,” said William F. Austen, Bemis Company’s President and Chief Executive Officer. “All operating segments performed within our range of expectations and met our Agility objectives. Our U.S. business remains strong, reflected in increased sales volume and operating profit compared to one year ago; we continue to strengthen our operations and lay the foundation for long-term growth through our short-run business initiatives. Our Latin American business continues to execute cost improvements while the business laps the impact of the conversion of certain laundry detergent packaging. Our Rest of World business remains very strong, reflected in operating profit margins that increased 200 basis points versus last year, driven by organic sales growth in our healthcare packaging business and solid operational performance across the segment.”

Austen concluded, “Our teams did a great job this quarter of focusing on running our business and delivering our financial plans; I applaud them for not letting our pending merger with Amcor be a distraction. The operational, commercial, and administrative improvements we have executed through Agility are apparent in our results and will continue to provide long-term benefit. Bemis is well-positioned to continue progressing in the future.”

The following information was filed by Bemis Co Inc (BMS) on Monday, April 22, 2019 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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Inside Bemis Co Inc's 10-Q Quarterly Report:

Financial - Debt Highlight
A reconciliation of total debt to net debt at March 31, 2019 and December 31, 2018 follows: Organic sales growth (decline) 0.4 % 0.4 % Currency effect (20.3 )% Organic sales growth (decline) 4.2 % (16.1 )% Currency effect (4.7 )% Organic sales growth (decline) 3.9 % (0.8 )% Currency effect (4.2 )% Organic sales growth (decline) 1.7 % (2.5 )% We determine the effect of changes in currency exchange rates by translating the respective periods sales using the same currency exchange rates that were in effect during the prior year.

Financial - Earnings Highlight
A reconciliation of reported diluted earnings per share to adjusted diluted earnings per share for the three months ended March 31, 2019 and 2018 follows: (1) Restructuring and related costs include the 2016 restructuring plan focused on plant closures in Latin America and the 2017 restructuring plan focused on aligning the Company's cost structure to its environment.
Financial - Dividend Highlight
In February 2019, the Board of Directors approved the 36 consecutive annual increase in the quarterly cash dividend on common stock to $0.32 per share, a 3.2 percent increase.
Financial - Earnings Highlight
The increase in operating profit in Rest of World Packaging was driven by increased sales volume in the Companys healthcare packaging business and strong operational performance across the segment.
Revenue - Product Highlight
These measures also exclude gains or losses on sales of significant property and divestitures, certain litigation matters, and certain acquisition-related expenses, including transaction expenses, due diligence expenses, professional and legal fees, purchase accounting adjustments for inventory and order backlog and changes in the fair value of deferred acquisition payments.
Revenue - Geography
Additionally, the implementation of high...Read more
Revenue - Geography
Latin America Packaging operating profit...Read more
Financial - Earnings
Rest of World Packaging operating...Read more
Financial - Expense
Restructuring charges in 2019 consisted...Read more
Other - Other
We expect an annual pre-tax...Read more
Financial - Cash Flow
Compared to the prior year,...Read more
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The total program cost is...Read more
Revenue - Geography
Currency translation and the impact...Read more
Financial - Expense
(2) Other costs include costs...Read more
Revenue - Product
Compared to the prior first...Read more
Other - Other
Management of the Company uses...Read more
Revenue - Product
Net sales include the contractual...Read more
Financial - Earnings
During the second quarter of...Read more
Financial - Earnings
Diluted earnings per share for...Read more
Financial - Earnings
Diluted earnings per share for...Read more
Financial - Earnings
The net impact of currency...Read more
Financial - Income
The primary difference in the...Read more
Revenue - Product
U.S. Packaging net sales of...Read more
Financial - Earnings
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Financial - Earnings
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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: 0000011199-19-000012
Submitted to the SEC: Fri Apr 26 2019 12:43:15 PM EST
Accepted by the SEC: Fri Apr 26 2019
Period: Sunday, March 31, 2019
Industry: Converted Paper And Paperboard Prods No Contaners Boxes