Earnings for Bemis miss Wall Street expectations

Earnings for Bemis miss Wall Street expectations
Posted at 10:21 AM, Oct 25, 2018
and last updated 2018-10-25 12:33:14-04

Bemis Co. (BMS) on Thursday reported third-quarter profit of $57.5 million.

On a per-share basis, the Neenah, Wisconsin-based company said it had profit of 63 cents. Earnings, adjusted for non-recurring costs and restructuring costs, came to 77 cents per share.

The results missed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 78 cents per share.

The packaging company posted revenue of $1.03 billion in the period, beating Street forecasts. Four analysts surveyed by Zacks expected $1.02 billion.

Bemis expects full-year earnings in the range of $2.77 to $2.82 per share.

Bemis shares have fallen nearly 7 percent since the beginning of the year, while the Standard & Poor’s 500 index has fallen roughly 1 percent. The stock has declined roughly 4 percent in the last 12 months.