Bemis Lowers Third Quarter and Total Year Earnings
NEENAH, Wis.—Bemis Company, Inc. announced that, based upon preliminary performance results through Sept., it expects third quarter diluted earnings to be $0.37 to $0.40 per share. This is below its previous guidance range of $0.48 to $0.51 per share established in July. In addition, Bemis expects to further reduce its 2007 total year guidance by as much as 10 percent below its previous total year guidance. More specific guidance for the remainder of the year will be included in the 2007 third quarter earnings press release on Oct. 30, 2007.
“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.”
Bemis will announce its third quarter 2007 results in a news release that will be available on the Bemis Web site on Tuesday, Oct. 30, before the market opens.
- People:
- Bemis Lowers
- Jeffrey Curler