Bemis reported first quarter 2014 diluted earnings of $0.48 per share, compared to $0.47 per share for the same quarter of 2013.
Excluding the items detailed in the attached schedule, "Reconciliation of Non-GAAP Earnings per Share," adjusted diluted earnings for the first quarter of 2014 would have been $0.58 per share, compared to $0.53 for the same quarter of 2013, an increase of 9.4 percent. Net sales for the first quarter 2014 were $1.2 billion. Excluding the impact of currency, sales increased approximately one percent compared to the first quarter of 2013.
"Bemis achieved record first quarter adjusted earnings per share," said Henry Theisen, Bemis Company's Chairman and Chief Executive Officer.
Adjusted diluted earnings per share for the first quarter increased 9.4 percent to $0.58, in line with management's guidance for the quarter.
Management announced the planned closure of a Pressure Sensitive Materials plant, resulting in a $25 million pre-tax charge in the first quarter, most of which impacted Cost of Products Sold.
Excluding the charge related to the plant closure noted above, gross profit as a percentage of net sales for the first quarter improved sequentially as compared to the fourth quarter of 2013 and was consistent with first quarter 2013 levels.
On March 31, 2014, Bemis completed the sale of its Paper Packaging Division. A $9.4 million pre-tax gain was recorded on the sale as part of other non-operating income.
Management established adjusted diluted earnings guidance for the second quarter of 2014 in the range of $.61 to $.66 per share and confirmed total year 2014 earnings guidance in the range of $2.40 to $2.55 per share.
