Packaging products maker Bemis Co. Inc. (BMS), Thursday reported a drop in fourth quarter profit, hurt by charges and expenses, despite a 4.4% increase in quarterly sales. Adjusted earnings, however, came in above estimates, as did revenues for the quarter.
For the fourth-quarter, net income attributable to the company decreased to $28.99 million or $0.26 per share from $33.21 million or $0.32 per share in the same quarter a year ago.
Quarterly results reflect a benefit from net foreign exchange gains and currency transaction impacts totaling $4.3 million before taxes, adding $0.03 per share to the results of the quarter. While in the prior quarter, results were negatively impacted by volatile currency exchange rates and other factors. Net income was $30.36 million, compared to $34.44 million in the year-ago quarter.
Excluding acquisition related charges and other items, earnings would have been $0.45 per share, compared to $0.32 per share in the year ago quarter.
On average, eight analysts polled by Thomson Reuters expected the company to earn $0.34 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales increased 4.4% to $905.88 million from $867.87 million in the year-earlier quarter, beating Street estimates of $902.85 million for the quarter.
Currency translation benefits increased net sales by 6.8% and the June 2009 acquisition of a packaging business in South America increased sales by 3.0%.
Sales from Flexible packaging increased 5.4% to $770.5 million, while pressure sensitive materials decreased 0.9% to $136.6 million
Costs of products sold increased to $728.24 million from $721.27 million, while selling, general and administrative expenses increased to $97.64 million from $79.98 million in the year-ago quarter. Interest expenses also increased to $16.77 million from $9.04 million in the prior-year quarter.
For full year 2009, net income attributable to the company decreased to $150.06 million or $1.40 per share from $166.21 million or $1.61 per share in the prior year. Excluding items, earnings would have been $1.86 per share in 2009. Net sales were $3.51 billion, down from $3.78 billion a year ago. Looking ahead to the first quarter of 2010, the management said it expects first quarter 2010 earnings to be similar to the results of the first quarter of 2009.
Due to the anticipated first quarter closing of the pending Alcan Packaging Food Americas acquisition and the significant impact this acquisition will have on 2010 results of operations, management plans to announce annual guidance for earnings per share shortly after the completion of the acquisition.
BMS closed Thursday's regular trading at $28.45, down $0.29 or 1.01%, on a volume of 0.997 million shares.
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