bemis\' cost cuts lift 4q profit despite sales drop
Food packaging maker Bemis said Thursday its fourth
Despite the decline in sales, quarterly net income rose by 76% due to cost cuts.
The adjusted results outweighed Wall Street\'s views.
The company made $40.
1 million, 38 cents per share, $22.
8 million, or 22 cents per share, before-year period.
The cost of consolidating the plant, reducing the value of the equipment and other projects, with a gain of 52 cents per share.
Analysts surveyed by FactSet forecast earnings per share of 50 cents.
The cost of the company\'s products fell 5% to $997.
8 million, and said that more and higher prices were soldProfit products.
Income for the three months ended December.
Fell 3% to $1 on the 31st.
23 billion from $1.
27 billion, hampered by a stronger dollar.
Overseas sales were hit when the dollar appreciated.
The performance was in line with Wall Street expectations.
This year, Bemis Co. earned $173.
8 million, or $1. 66 per share.
Down 6% from $184.
1 million, or $1.
73 per share, the year before.
Income fell 3% to $5.
14 billion from $5. 32 billion.
Looking to the future, Bemis is expected to be the first
Adjusted quarterly earnings per share were 50 cents to 56 cents, in line with analysts\' forecasts of 54 cents per share.
The company\'s forecast for annual profits is $2. 30 to $2.
$45 per share, mostly above analysts\' estimates of $2. 34 per share.
Shares of Bemis rose 11 cents to $35.
Morning trading 87.