Bemis Company Reports Solid Fourth Quarter and 2018 Results
6:00 am ET January 31, 2019 (BusinessWire) Print
Bemis Company, Inc. (NYSE:BMS) today reported financial results for itsfourth quarter and year ended December31, 2018. Refer to thereconciliation of Non-GAAP measures detailed in the attached schedule,including adjusted earnings per share, adjusted EBITDA, and net debt.
SUMMARY OF THE FOURTH QUARTER AND FULL YEAR 2018
Q4 Q4 YTD
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($ in millions except per share amounts) 2018 2017 change 2018 2017 change
--------- ---------- ---------- --------- --------- -----------
Earnings Per Share $ 0.70 $ (0.44 ) 259.1 % $ 2.36 $ 1.02 131.4 %
Adjusted Earnings Per Share $ 0.71 $ 0.63 12.7 % $ 2.79 $ 2.39 16.7 %
Cash from Operations $ 158.4 $ 79.5 99.2 % $ 461.5 $ 379.0 21.8 %
U.S. Packaging Operating Profit $ 89.7 $ 89.3 $ 0.4 $ 360.2 $ 352.5 $ 7.7
Latin America Packaging Operating Profit $ 7.8 $ 6.2 $ 1.6 $ 32.8 $ 30.0 $ 2.8
Rest of World Packaging Operating Profit $ 23.8 $ 15.4 $ 8.4 $ 81.2 $ 61.1 $ 20.1
Refer to the reconciliation of Non-GAAP measures detailed in
the attached schedule, including adjusted earnings per share,
referenced in this release.
"We delivered strong earnings and operating cash flow improvement in2018. Our Agility plan to fix, strengthen, and grow Bemis is progressingwell and benefiting our business," said William F. Austen, BemisCompany's President and Chief Executive Officer. "All operating segmentsperformed in-line with our expectations and met our Agility objectivesduring 2018. In our U.S. business, we focused on improving operationsand laying the foundation for long-term growth through our Agile Laneinitiative to penetrate short-run business. Our teams in the U.S. workedtirelessly to deliver our financial plans in light of both known andincremental headwinds during the year. In our Latin American business,we continued to execute cost improvements in light of the challengingeconomic environment in Brazil and delivered 100 basis points of marginexpansion during the year. In our Rest of World business, we delivered200 basis points of operating profit improvement in 2018, driven bysolid operational performance across the segment and strong organicsales growth in our healthcare packaging business."
Austen concluded, "I am proud of our teams and the countlessoperational, commercial, and administrative improvements we executed in2018 to drive long-term benefit in our business. We are well-positionedto continue progressing in 2019."
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