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Bemis reports earnings drop

8:33 PM, Apr. 25, 2013  |  Comments
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Bemis Co. Inc. on Thursday said facility consolidation and acquisition-related charges drove earnings down for its first quarter when compared to a year ago.

The company reported earnings per share of 47 cents on net sales of $1.3 billion, down 49 cents per share or 1.8 percent from a year ago.

The company said gross profit as a percent of net sales improved to 19.3 percent compared to 17.7 percent in its first quarter of 2012. Facility consolidation charges totaled $9.3 million.

Bemis repurchased 1 million shares of its common stock at for $36 million.

The Neenah-based flexible packaging company forecasts second quarter earnings to range between 57 cents and 63 cents per share.

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