Bemis Company, Inc. (NYSE:BMS) today reported financial results
for its third quarter ended September 30, 2017. Refer to the
reconciliation of Non-GAAP measures detailed in the attached
schedule, including adjusted earnings per share, adjusted EBITDA,
and net debt, referenced in this release.
SUMMARY OF THE QUARTER
Q3 Q3 YTD ($ in millions except per
share amounts) 2017 2016 %
change 2017 2016 % change
Earnings Per Share $ 0.61 $ 0.72 (15.3 )% $ 1.46 $ 1.84 (20.7 )%
Adjusted Earnings Per Share $ 0.70 $ 0.75 (6.7 )% $ 1.76 $ 2.02
(12.9 )% Cash from Operations $ 99.0 $ 195.4 (49.3 )% $ 299.5 $
348.4 (14.0 )%
Refer to the reconciliation of Non-GAAP measures detailed in the
attached schedule, including adjusted earnings per share,
referenced in this release.
“We made progress during the third quarter, driven in part by
operational and manufacturing efficiencies in our U.S. business,”
said William F. Austen, Bemis Company’s President and Chief
Executive Officer. “Profit in our Global business also improved
over the second quarter. As anticipated, in Latin America, unit
volumes continued to be weak due to the challenging economic
environment in Brazil; profit improved sequentially as we reduced
variable costs to align with customer demand in Brazil.”
Austen continued, “During the third quarter, we concluded the
analysis of our restructuring and cost savings plan to properly
align our manufacturing and administrative cost structures and
better position the Company in the current business environment and
for the long-term. We established an Enterprise Project Management
Office to enhance ownership and accountability and to ensure that
our planned $65 million in savings are delivered on time. The
actions we are taking will create a more agile, streamlined, and
efficient business, and we will implement these initiatives while
maintaining the high quality products, focus on service, and
culture of respect and innovation consistent with Bemis’
standard.”
Austen further commented, “While we have made good progress on
our business initiatives during the third quarter, we anticipate
volume challenges during the fourth quarter in our U.S. and Latin
American businesses. We will continue to stay focused on our cost
savings plan and initiatives to strengthen our business.”
2017 RESTRUCTURING AND COST SAVINGS PLAN
On September 12, 2017, the Company announced the remaining
details of its restructuring and cost savings plan to reduce its
fixed manufacturing and administrative cost structures. The Company
increased the pre-tax annual savings run rate target to $65
million. Estimated total pre-tax costs to implement the plan are
$100 to $125 million. Of that total, pre-tax cash expense is
estimated between $70 and $80 million.
The plan includes the following actions:
Optimizing manufacturing capacity. The Company will close
a total of four manufacturing facilities. Work performed at these
facilities will be transferred to other Bemis locations. The
Company initiated the closing of two of these facilities in 2017
and will initiate the others in 2018. Benefits from these four
plant closures will be approximately $17 million when fully
implemented.
Consolidating office space. The Company will consolidate
a portion of its administrative facilities. Certain administrative
offices in the United States and Latin America will be exited and
relocated to other existing company-owned buildings. Benefits from
these consolidations will be approximately $5 million when fully
implemented.
Reducing SG&A Cost Structure. The Company is reducing
its administrative support cost structure to align with the current
business environment. Over the next three years, the Company will
reduce a total of 500 administrative positions, or 8 percent of the
global administrative workforce. Impacted employees will receive
job placement assistance and severance benefits to assist in their
transition. The total cost savings from these changes will be
approximately $35 million when fully implemented.
Reducing Other Costs. The Company has identified numerous
opportunities for cost efficiency across a variety of operational
and administrative activities and functions. Examples include
consolidating external warehouses used for inventory storage,
reducing transportation costs associated with shipping product, and
optimizing costs associated with travel. Benefits from these
opportunities are expected to be approximately $8 million when
fully implemented.
During the third quarter, the Company recorded restructuring and
other costs totaling $12.9 million or $0.09 per share, primarily
related to the initial steps in its 2017 plan. These charges
consisted primarily of employee termination costs and fixed asset
write-downs of equipment. Management anticipates approximately $10
million of cash expenditure during 2017 related to this plan.
BUSINESS SEGMENT RESULTS
U.S. Packaging
U.S. Packaging net sales of $672.3 million for the third quarter
of 2017 represented an increase of 2.2 percent compared to the same
period of 2016. Compared to the prior third quarter, unit volumes
were up approximately two percent.
U.S. Packaging operating profit decreased to $99.6 million in
the third quarter of 2017, or 14.8 percent of net sales, compared
to $100.8 million, or 15.3 percent of net sales, in 2016. Compared
to the prior year, profits were impacted by previously-negotiated
contractual selling price reductions on select products, partially
offset by manufacturing efficiencies and the benefits of increased
unit volumes. Compared to the second quarter of 2017, increased
profits were due to strong operational performance and
manufacturing efficiencies, stabilization at a facility in
Wisconsin that struggled with an ERP go-live during the second
quarter, and lower business incentives related to select customers
who were unable to meet their commitments for new business
volume.
Global Packaging
Global Packaging net sales of $362.8 million for the third
quarter of 2017 represented a decrease of 1.8 percent compared to
the same period of 2016. Currency translation increased net sales
by 0.5 percent. Organic sales decline of 2.3 percent reflects
unfavorable mix of products sold, partially offset by sales price
increases. Compared to the prior third quarter, Global Packaging
unit volumes were relatively flat, comprised of weak volumes in the
Company’s Latin American business, as anticipated, and offset by
net volume growth in the remaining regions of the Global Packaging
Segment.
Global Packaging operating profit for the third quarter was
$24.6 million, compared to $36.2 million for the same period in
2016. Compared to the prior year, lower profits in Global Packaging
were driven primarily by the impact of the challenging economic
environment in Brazil. Current third quarter profits in the
Company’s Latin American business were in-line with the Company’s
expectations shared during the most recent earnings cycle, which
outlined sequential profit improvement as compared to the second
quarter of 2017.
CASH FLOW AND CAPITAL STRUCTURE
Cash flow from operations for the nine months ended
September 30, 2017 was $299.5 million, compared to $348.4
million in the prior year. This decline was driven by profit levels
in 2017; the Company’s accounts payable improvements have been
maintained as anticipated.
Cash flows from investing activities includes a $3.9 million
outflow during the third quarter related to the acquisition of
Romanian-based flexible packaging company Evadix SA. This small,
yet strategic acquisition establishes Bemis with its first
manufacturing operation in Eastern Europe. The acquired facility
provides a strong converting platform to leverage Bemis’ expertise
and capabilities in film-making from Western Europe to grow sales
of meat and cheese packaging throughout Europe. The transaction is
subject to statutory closing conditions which are planned to be
fulfilled during November of 2017.
Total company net debt to adjusted EBITDA was 2.7 times at
September 30, 2017.
Capital expenditures totaled $143.0 million for the nine months
ended September 30, 2017, reflecting planned investment to
support productivity improvements in the U.S. Packaging segment and
growth initiatives in the Global Packaging segment.
During the third quarter, Bemis repurchased 1.2 million shares
for $54.9 million. At September 30, 2017, the remaining Board
authorization for the repurchase of Bemis common stock was 18.2
million shares.
OUTLOOK
Management expects adjusted diluted earnings per share to be in
the range of $2.35 to $2.40 for the full year 2017.
Austen stated, “We have narrowed our EPS guidance range
primarily on account of lower unit volume expectations during the
fourth quarter from some of our U.S. customers and also on account
of some anticipated hurricane-related impacts in the fourth
quarter. These hurricane-related impacts include higher raw
material input prices in Latin America that have become difficult
to pass through to our customers in that region due to the tough
economic environment and the impact of light production levels at
our healthcare facility in Puerto Rico that are aligned to the
demands of our customer base in that region.”
Austen further commented, “The strong foundational elements of
Bemis Company remain. We are committed to maintaining a strong
balance sheet, to returning free cash flow to our shareholders, to
developing opportunities for organic and inorganic growth, and to
providing an attractive, long-term investment for our
shareholders.”
Management expects full year 2017 cash from operations to be in
the range of $400 to $425 million, primarily a result of revised
earnings expectations. This guidance includes approximately $30
million of cash expenditure related to the Company’s restructuring
programs, $20 million of which relates to the 2016 plan to close
four plants in Latin American and $10 million of which relates to
initial actions from the 2017 restructuring and cost savings
plan.
Management continues to expect capital expenditures for 2017
between $185 and $200 million to support projects underway.
Management continues to evaluate future capital spending levels as
part of its comprehensive review of the business.
Management expects an effective income tax rate for 2017 of
approximately 31.5 percent, which incorporates the new accounting
standard for stock-based compensation.
PRESENTATION OF NON-GAAP INFORMATION
This press release refers to non-GAAP financial measures:
adjusted diluted earnings per share, organic sales growth, adjusted
EBITDA, net debt to adjusted EBITDA, and adjusted return on
invested capital. These non-GAAP financial measures adjust for
factors that are unusual or unpredictable. These measures exclude
the impact of certain amounts related to the effect of changes in
currency exchange rates, acquisitions, and restructuring, including
employee-related costs, equipment relocation costs, accelerated
depreciation and the write-down of equipment. These measures also
exclude gains or losses on sales of significant property and
divestitures, certain litigation matters, and certain
acquisition-related expenses, including transaction expenses, due
diligence expenses, professional and legal fees, purchase
accounting adjustments for inventory and order backlog and changes
in the fair value of deferred acquisition payments. This adjusted
information should not be construed as an alternative to results
determined in accordance with accounting principles generally
accepted in the United States of America (GAAP). Management of the
Company uses the non-GAAP measures to evaluate operating
performance and believes that these non-GAAP measures are useful to
enable investors to perform comparisons of current and historical
performance of the Company. All historical non-GAAP information is
reconciled with reported GAAP results. Forward looking non-GAAP
measures contained in our 2017 outlook are reconciled to GAAP
measures as practically as possible. However, we are not providing
forward looking guidance for full year 2017 U.S. GAAP guidance or a
reconciliation of full year 2017 adjusted EPS to U.S. GAAP EPS
because we are unable to predict with reasonably certainty the
ultimate outcome of certain significant items without unreasonable
effort. These items include, but are not limited to, restructuring
expenses, asset impairments, possible gains or losses on the sale
of businesses or other assets, certain other gains or losses and
the income tax effects of these items and/or other income
tax-related events. These items are uncertain, depend on various
factors, and could have a material impact on U.S. GAAP EPS for the
guidance period.
FORWARD-LOOKING STATEMENTS
This release contains certain estimates, predictions, and other
“forward-looking statements” (as defined in the Private Securities
Litigation Reform Act of 1995, and within the meaning of
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as
amended). Forward-looking statements are generally identified with
the words “believe,” “expect,” “anticipate,” “intend,” “estimate,”
“target,” “may,” “will,” “plan,” “project,” “should,” “continue,”
or the negative thereof or other similar expressions, or discussion
of future goals or aspirations, which are predictions of or
indicate future events and trends and which do not relate to
historical matters. Such statements are based on information
available to management as of the time of such statements and
relate to, among other things, expectations of the business
environment in which we operate, projections of future performance
(financial and otherwise), including those of acquired companies,
perceived opportunities in the market and statements regarding our
strategy and vision. Forward-looking statements involve known and
unknown risks, uncertainties, and other factors, which may cause
actual results, performance, or achievements to differ materially
from anticipated future results, performance or achievements
expressed or implied by such forward-looking statements. We
undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise.
Factors that could cause actual results to differ from those
expected include, but are not limited to:
- The costs, availability, and terms of
acquiring our raw materials (particularly for polymer resins and
adhesives), as well as our ability to pass any price changes on to
our customers;
- Our ability to retain and build upon
the relationships and sales of our key customers;
- The potential loss of business or
increased costs due to customer or vendor consolidation;
- The ability of our foreign operations
to maintain working efficiencies, as well as properly adjust to
continuing changes in global politics, legislation, and economic
conditions;
- A failure to realize the full potential
of our restructuring activities;
- Variances in key exchange rates that
could affect the translation of the financial statements of our
foreign entities;
- Our ability to effectively implement
and update our global enterprise resource planning ("ERP")
systems;
- Our ability to realize the benefits of
our acquisitions and divestitures, and whether we are able to
properly integrate those businesses we have acquired;
- Fluctuations in interest rates and our
borrowing costs, along with other key financial variables;
- A potential failure in our information
technology infrastructure or applications and their ability to
protect our key functions from cyber-crime and other malicious
content;
- Unexpected outcomes in our current and
future administrative and litigation proceedings;
- Changes in governmental regulations,
particularly in the areas of environmental, health and safety
matters, fiscal incentives, and foreign investment;
- Changes in the competitive conditions
within our markets, as well as changes in the demand for our
goods;
- Our ability to effectively introduce
new products into the market and to protect or retain our
intellectual property rights;
- Changes in our ability to attract and
retain high performance employees;
- Changes in the value of our goodwill
and other intangible assets;
- Changes in import and export regulation
that could subject us to liability or impair our ability to compete
in international markets;
- Our ability to manage all costs
associated with our pension plans; and
- Changes in our credit rating.
These and other risks, uncertainties, and assumptions identified
from time to time in our filings with the Securities and Exchange
Commission, including without limitation, those described under
Item 1A "Risk Factors" of our Annual Report on Form 10-K and our
quarterly reports on Form 10-Q, could cause actual future results
to differ materially from those projected in the forward-looking
statements. In addition, actual future results could differ
materially from those projected in the forward-looking statements
as a result of changes in the assumptions used in making such
forward-looking statements.
INVESTOR CONFERENCE CALL
Bemis Company, Inc. will webcast an investor telephone
conference regarding its third quarter 2017 financial results this
morning at 10:00 a.m., Eastern Time. Individuals may listen to the
call on the Internet at www.bemis.com under “Investor Relations.”
Listeners are urged to check the website ahead of time to ensure
their computers are configured for the audio stream. Instructions
for obtaining the required, free, downloadable software are
available in a pre-event system test on the site.
ABOUT BEMIS COMPANY, INC.
Bemis Company, Inc. (“Bemis” or the “Company”) is a major
supplier of flexible and rigid plastic packaging used by leading
food, consumer products, healthcare, and other companies worldwide.
Founded in 1858, Bemis reported 2016 net sales from continuing
operations of $4.0 billion. Bemis has a strong technical base in
polymer chemistry, film extrusion, coating and laminating,
printing, and converting. Headquartered in Neenah, Wisconsin, Bemis
employs approximately 17,000 individuals worldwide. More
information about Bemis is available at our website,
www.bemis.com.
BEMIS COMPANY,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENT OF INCOME
(in millions, except per share
amounts)
(unaudited)
Three Months EndedSeptember
30,
Nine Months EndedSeptember
30,
2017 2016 2017 2016 Net
sales $ 1,035.1 $ 1,027.2 $ 3,042.6 $ 3,016.4 Cost of products sold
827.4 802.4 2,451.1 2,365.8 Gross
profit 207.7 224.8 591.5 650.6 Operating expenses: Selling,
general and administrative expenses 94.6 95.8 286.8 295.6 Research
and development 10.0 11.6 33.6 34.7 Restructuring and other costs
12.9 4.4 41.1 24.8 Other operating income (7.8 ) (3.2 ) (13.9 )
(9.1 ) Operating income 98.0 116.2 243.9 304.6
Interest expense 16.7 15.1 48.7 44.5 Other non-operating income
(0.7 ) (0.6 ) (2.2 ) (1.1 ) Income before income taxes 82.0
101.7 197.4 261.2 Provision for income taxes 26.4
33.1 62.7 85.5 Net income $ 55.6
$ 68.6 $ 134.7 $ 175.7 Basic earnings
per share $ 0.61 $ 0.73 $ 1.47 $ 1.86
Diluted earnings per share $ 0.61 $ 0.72 $
1.46 $ 1.84 Cash dividends paid per share $
0.30 $ 0.29 $ 0.90 $ 0.87
Weighted average shares outstanding: Basic 90.9 94.3 91.8 94.6
Diluted 91.2 95.0 92.1 95.5
BEMIS COMPANY,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEET
(in millions)
(unaudited)
September 30, 2017
December 31,2016
ASSETS
Cash and cash equivalents $ 44.7 $ 74.2 Trade receivables
493.6 461.9 Inventories 627.2 549.4 Prepaid expenses and other
current assets 99.4 80.0 Total current assets 1,264.9
1,165.5 Property and equipment, net 1,323.4
1,283.8 Goodwill 1,047.1 1,028.8 Other
intangible assets, net 146.4 155.2 Deferred charges and other
assets 94.9 82.4 Total other long-term assets 1,288.4
1,266.4
TOTAL ASSETS $ 3,876.7 $
3,715.7
LIABILITIES
Current portion of long-term debt $ 5.1 $ 2.0 Short-term
borrowings 15.8 15.3 Accounts payable 506.7 378.0 Employee-related
liabilities 77.2 79.6 Accrued income and other taxes 41.5 31.2
Other current liabilities 57.4 70.0 Total current
liabilities 703.7 576.1 Long-term debt, less
current portion 1,530.6 1,527.8 Deferred taxes 235.5 219.7 Other
liabilities and deferred credits 131.0 132.4
TOTAL LIABILITIES 2,600.8 2,456.0
EQUITY
Common stock issued (129.1 and 128.8 shares, respectively)
12.9 12.9 Capital in excess of par value 586.0 581.5 Retained
earnings 2,393.0 2,341.7 Accumulated other comprehensive loss
(383.6 ) (447.8 )
Common stock held in treasury (38.3 and
36.1 shares at cost, respectively)
(1,332.4 ) (1,228.6 )
TOTAL EQUITY 1,275.9
1,259.7
TOTAL LIABILITIES AND EQUITY $ 3,876.7
$ 3,715.7
BEMIS COMPANY,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions)
(unaudited)
Nine Months Ended September 30, 2017
2016
Cash flows from
operating activities
Net income $ 134.7 $ 175.7 Adjustments to reconcile net income to
net cash provided by operating activities: Depreciation and
amortization 127.5 121.4 Excess tax benefit from share-based
payment arrangements — (4.4 ) Share-based compensation 13.0 13.9
Deferred income taxes 5.4 17.0 Income of unconsolidated affiliated
company (2.3 ) (1.7 ) Net loss on disposal of property and
equipment 4.8 1.7 Changes in working capital, excluding effect of
acquisitions and currency 8.2 15.4 Changes in other assets and
liabilities 8.2 9.4 Net cash provided by
operating activities 299.5 348.4
Cash flows from
investing activities
Additions to property and equipment (143.0 ) (129.0 ) Business
acquisitions and adjustments, net of cash acquired (3.9 ) (114.5 )
Proceeds from sale of property and equipment 6.5 7.3
Net cash used in investing activities (140.4 ) (236.2 )
Cash flows from
financing activities
Proceeds from issuance of long-term debt 2.2 297.1 Repayment of
long-term debt — (23.9 ) Net borrowing (repayment) of commercial
paper 1.0 (165.8 ) Net repayment of short-term debt (0.4 ) (8.1 )
Cash dividends paid to shareholders (84.0 ) (86.9 ) Common stock
purchased for the treasury (103.8 ) (95.4 ) Excess tax benefit from
share-based payment arrangements — 4.4 Stock incentive programs and
related tax withholdings (8.5 ) (14.6 ) Net cash used in
financing activities (193.5 ) (93.2 ) Effect of exchange
rates on cash and cash equivalents 4.9 0.9 Net
(decrease) increase in cash and cash equivalents (29.5 ) 19.9
Cash and cash equivalents balance at beginning of year 74.2
59.2 Cash and cash equivalents balance at end
of period $ 44.7 $ 79.1
BEMIS COMPANY,
INC. AND SUBSIDIARIES
SEGMENT SALES AND
PROFIT INFORMATION
(in millions, except per share amounts and
percentages)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September 30, 2017
2016 2017 2016 Net sales U.S. Packaging
(a) $ 672.3 $ 657.6 $ 1,982.7 $ 1,989.1 Global Packaging (b) 362.8
369.6 1,059.9 1,027.3 Total net sales $
1,035.1 $ 1,027.2 $ 3,042.6 $ 3,016.4
Segment operating profit U.S. Packaging (c) $ 99.6 $ 100.8 $
263.2 $ 306.0 Global Packaging (d) 24.6 36.2 69.5 80.6
Restructuring and other costs 12.9 4.4 41.1 24.8 General corporate
expenses 13.3 16.4 47.7 57.2
Operating income 98.0 116.2 243.9 304.6 Interest expense
16.7 15.1 48.7 44.5 Other non-operating income (0.7 ) (0.6 ) (2.2 )
(1.1 ) Income before income taxes $ 82.0 $ 101.7
$ 197.4 $ 261.2
Operating
profit return on sales U.S. Packaging (c / a) 14.8 % 15.3 %
13.3 % 15.4 % Global Packaging (d / b) 6.8 % 9.8 % 6.6 % 7.8 %
Components of changes in net sales
Q3% Change YoY
Q3 YTD% Change YoY
U.S Packaging: Organic sales growth (decline) * 2.2 % (0.3
)%
U.S. Packaging 2.2 % (0.3 )%
Global
Packaging: Currency effect 0.5 % 1.0 % Acquisition effect — %
2.4 % Organic sales decline * (2.3 )% (0.2 )%
Global
Packaging (1.8 )% 3.2 %
Total Company: Currency
effect 0.2 % 0.3 % Acquisition effect — % 0.8 % Organic sales
growth (decline) * 0.6 % (0.2 )%
Total change in net sales
0.8 % 0.9 % *Organic sales growth (decline) = sum of price,
mix, and volume
BEMIS COMPANY,
INC. AND SUBSIDIARIES
RECONCILIATION OF
NON-GAAP EARNINGS PER SHARE AND NET DEBT
(in millions, except per share
amounts)
(unaudited)
Three Months EndedSeptember
30,
Nine Months EndedSeptember
30,
2017 2016 2017 2016
Non-GAAP earnings per share Diluted earnings per share, as
reported $ 0.61 $ 0.72 $ 1.46 $ 1.84 Non-GAAP adjustments
per share, net of taxes: Restructuring and related costs (1) 0.09
0.03 0.30 0.12 Other costs (2) — — — 0.06
Diluted earnings per share, as adjusted $ 0.70 $ 0.75
$ 1.76 $ 2.02
(1)
Restructuring and related costs include costs related to the
2016 restructuring plan focused on plant closures in Latin America
and the 2017 restructuring plan focused on aligning the Company's
cost structure to its environment.
(2)
Other costs are comprised primarily of acquisition-related costs
associated with the Emplal Participações S. A. and SteriPack
acquisitions and were recorded both in operating income and
interest expense (reflecting fees to extinguish portions of the
Emplal seller's debt).
September 30, 2017 Net
Debt Current portion of long-term debt $ 5.1 Short-term
borrowings 15.8 Long-term debt, less current portion 1,530.6
Total debt 1,551.5 Less cash and cash equivalents (44.7 ) Net debt
$ 1,506.8
BEMIS COMPANY,
INC. AND SUBSIDIARIES
RECONCILIATION OF
NON-GAAP RETURN ON INVESTED CAPITAL AND EBITDA
(in millions)
(unaudited)
Three Months Ended
12 months endedSeptember
30,2017
September 30, 2017
June 30, 2017
March 31, 2017 December 31,
2016 Net income $ 55.6 $ 28.0 $ 51.1 $ 60.5 $ 195.2
Income taxes 26.4 13.1 23.2 29.2 91.9 Interest expense 16.7 16.0
16.0 15.7 64.4 Other non-operating income (0.7 ) (0.6 ) (0.9 ) (0.7
) (2.9 )
Earnings before interest and taxes (EBIT) 98.0 56.5
89.4 104.7 348.6 Restructuring and other costs 12.9 23.8
4.4 3.8 44.9
Adjusted EBIT (a)
110.9 80.3 93.8 108.5 393.5 Depreciation and amortization 42.5
43.2 41.8 40.7 168.2
Adjusted
EBITDA $ 153.4 $ 123.5 $ 135.6 $ 149.2
$ 561.7
Average Invested
Capital(1) (b) $ 2,746.0
Assumed tax
rate(2) (c) 35.0 %
Adjusted ROIC (a * (1 - c)
/ b) 9.3 %
Three Months Ended
12 months endedSeptember
30,2016
September 30, 2016
June 30, 2016
March 31,2016
December 31,2015
Net income $ 68.6 $ 50.9 $ 56.2 $ 56.8 $ 232.5 Income taxes
33.1 24.7 27.7 28.4 113.9 Interest expense 15.1 14.0 15.4 13.2 57.7
Other non-operating (income) expense (0.6 ) (0.6 ) 0.1 (1.2
) (2.3 )
Earnings before interest and taxes (EBIT) 116.2
89.0 99.4 97.2 $ 401.8 Restructuring and other costs 4.4
19.6 0.8 2.2 27.0
Adjusted EBIT
(a) 120.6 108.6 100.2 99.4 428.8 Depreciation and amortization
40.1 40.5 40.8 40.0 161.4
Adjusted EBITDA $ 160.7 $ 149.1 $ 141.0
$ 139.4 $ 590.2
Average Invested
Capital(1) (b) $ 2,627.6
Assumed tax
rate(2) (c) 35.0 %
Adjusted ROIC (a * (1 - c)
/ b) 10.6 %
(1)
Average invested capital includes all equity and debt
amounts, less cash, calculated on a five-quarter average.
(2)
Tax rate assumed to be the U.S. federal statutory rate.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171026005520/en/
Bemis Company Inc.Erin M. Winters,
920-527-5288Director of Investor Relations
Bemis (NYSE:BMS)
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