Bemis 2Q profit rises on cost cutting

NEENAH, Wis. - Packaging maker Bemis Co. said Friday its second-quarter earnings rose nearly 5 percent as cost-cutting and lower raw material costs offset a nearly 12 percent drop in sales.

Net income attributable to common shareholders rose to $48.5 million, or 47 cents per share, compared with $46.4 million, or 45 cents per share, in the year earlier period.

Excluding a one-time charge, the company said it earned 50 cents per share.

Analysts polled by Thomson Reuters expected, on average, earnings per share of 44 cents.

Sales slipped to $866.4 million from $980 million.

"Our cost management initiatives have successfully reduced operating costs and generated savings that benefit the bottom line and cash flow," CEO Henry Theisen said.

Interest expense and research and development costs fell in the period.

Bemis also issued a third-quarter forecast for earnings per share of 38 cents to 43 cents. Analysts expect 41 cents per share.

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