The 10-second takeaway
For the quarter ended June 30 (Q2), Bemis missed slightly on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue dropped slightly. Non-GAAP earnings per share grew. GAAP earnings per share grew significantly.
Margins increased across the board.
Bemis logged revenue of $1.30 billion. The nine analysts polled by S&P Capital IQ expected revenue of $1.32 billion on the same basis. GAAP reported sales were the same as the prior-year quarter's.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.61. The 13 earnings estimates compiled by S&P Capital IQ anticipated $0.59 per share. Non-GAAP EPS of $0.61 for Q2 were 13% higher than the prior-year quarter's $0.54 per share. GAAP EPS of $0.51 for Q2 were 28% higher than the prior-year quarter's $0.40 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 19.4%, 160 basis points better than the prior-year quarter. Operating margin was 8.6%, 80 basis points better than the prior-year quarter. Net margin was 4.1%, 90 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $1.31 billion. On the bottom line, the average EPS estimate is $0.65.
Next year's average estimate for revenue is $5.13 billion. The average EPS estimate is $2.38.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Bemis is hold, with an average price target of $38.33.
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