Bemis see 3Q profit in range of Wall St. estimates

NEENAH, Wis. - Bemis Co. on Friday issued third-quarter guidance within the range of Wall Street's expectations for the packaging maker.

The company forecast earnings per share in a range of 38 cents to 43 cents. Analysts polled by Thomson Reuters expect, on average, 41 cents per share.

Bemis, whose flexible packaging business accounts for about 85 percent of its revenue, said that as "global economies improve, we expect to benefit from increased production volumes and continue to benefit from the improvements in our manufacturing operations."

Earlier this week the company increased its full-year guidance to $1.68 to $1.75 per share. The company continues to expect capital expenditures to be in the $100 million to $110 million range for 2009.

The company also reported second-quarter earnings rose nearly 5 percent as cost-cutting and cheaper raw material offset a sales drop.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.