Weak dollar fuels sales overseas for Bemis
Jul 31, 2008. /Lesprom.com/. Bemis Company Inc. reported 2Q net income of $46.4 million, or $0.46 per share, which was down from $49.5 million, or $0.47 per share, in the same period a year ago. The company's quarterly net sales grew to a record $980.0 million from $921.8 million a year earlier. With the weaker U.S. dollar, currency benefits contributed 5.3% to net sales for the quarter.
Jul 31, 2008. /Lesprom.com/. Bemis Company Inc. reported 2Q net income of $46.4 million, or $0.46 per share, which was down from $49.5 million, or $0.47 per share, in the same period a year ago. The company's quarterly net sales grew to a record $980.0 million from $921.8 million a year earlier. With the weaker U.S. dollar, currency benefits contributed 5.3% to net sales for the quarter.
"I am pleased to report that Bemis is regaining momentum in key markets where we have been investing in technology and processes," said Henry Theisen, President and CEO of Bemis. "Rapidly rising raw material costs and global economic uncertainty have created a challenging operating environment for our industry. Our business teams are aggressively responding to volatile raw material cost increases while maintaining their dedication to cost management and customer service initiatives. Prudent management of purchasing, pricing, and customer relationships is key to our success during this period. While I am confident in our ability to meet these challenges, we are adjusting our total year earnings per share guidance to reflect this uncertain environment."
Bemis Company is a supplier of flexible packaging and pressure sensitive materials.