Bemis Lowers Third Quarter and Total Year Earnings
“Sales volumes substantially weakened during the third quarter,” said Jeffrey Curler, chairman and chief executive officer of Bemis Company, Inc. “Preliminary results indicate that North American flexible packaging sales will be about 5.0 percent below our previous expectations, reflecting generally lower levels of consumer demand for our flexible packaging customers’ products. These lower sales levels have severely impacted manufacturing cost absorption and operating profit. In addition, our European pressure sensitive materials sales softened in August and September, resulting in reduced operating profit levels in this business segment. At this point, we expect these weak business conditions to continue into the fourth quarter. Our business teams are implementing measures to immediately reduce costs and adjust staffing levels in order to improve profit levels during this challenging period.”
- People:
- Bemis Lowers
- Jeffrey Curler