Bemis Company, Inc. (BMS)

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Bemis misses by $0.02, misses on revs; lowers top end of FY16 EPS in-line (BMS) :
•Reports Q1 (Mar) adj earnings of $0.60 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus of $0.62; revenues fell 6.9% year/year to $967.9 mln vs the $1.01 bln Capital IQ Consensus.
•Co issues in-line guidance for FY16, lowers top end of EPS to $2.68-2.78 from $2.68-2.83 vs. $2.76 Capital IQ Consensus Estimate.
•Gross profit margins improved 70 basis points to 21.6 percent of net sales for the first quarter of 2016, compared to 20.9 percent in the prior first quarter.
•Management lowered the top end of the full year EPS guidance range fully on account of the impact of the operational inefficiencies in the Company's Latin American business and in the Company's North American healthcare business. Management confirmed that it expects full year cash from operations to be in the range of $450 to $500 mln.
•Management also confirmed that it expects capital expenditures for 2016 of ~$200 mln to support productivity and efficiency projects as well as growth projects driven by increased customer demand for value-added products.