Bemis Company Reports Third Quarter Results
NEENAH, Wis.—Bemis Company, Inc. has reported quarterly diluted earnings of $0.40 per share for the third quarter ended Sept. 30, 2007, compared to $0.45 per share for the same quarter of 2006. Diluted earnings per share for the third quarter of 2006 included restructuring and related charges totaling $0.03 per share.
Net sales for the third quarter of 2007 were $905.7 million, comparable to net sales of $903.3 million for the same period of 2006. Currency benefits contributed 3.3 percent to net sales for the current quarter.
“Reduced demand for many food and consumer products in North America has adversely impacted our capacity utilization this quarter,” said Jeffrey Curler, chairman and chief executive officer. “Several of our operations have reduced workforce levels, and all of our business units are focused on immediate cost reduction. We intend to accelerate sales and profit growth by strengthening our sales efforts in our target markets. Combined with opportunities related to our new packaging products, we expect to improve our competitive position and build positive sales and profit growth momentum going forward.”