Neenah-based Bemis Company Inc. today reported first quarter net income of $49.3 million, or 47 cents diluted earnings per share, up 12 percent from 2012 first quarter net income of $44 million, or 42 cents diluted earnings per share.
The earnings increase came despite a 3.5 percent dip in net sales from $1.3 billion in the first quarter of 2012 to $1.255 billion in the first quarter of 2013.
“Our improved margin performance reflects our increased sales of barrier packaging for refrigerated products and the benefits of our 2012 facility consolidation program,” said Henry Theisen, Bemis Company’s president and chief executive officer. “We are building positive momentum as we enter our seasonally stronger summer months and look forward to continued improvement throughout the year.”
The company’s outlook for the rest of 2013 remains stable and similar to 2012, Theisen said.
“Our outlook for 2013 is unchanged, as we anticipate volume levels to be consistent with 2012, coupled with a generally stable raw material cost environment,” he said. “The facility consolidation activities are substantially completed, and we are maintaining our cost savings objective of $45 million for 2013. In a low growth environment, cost management continues to be a priority. We expect our continued prudent investments in barrier technology and related capacity will deliver improving returns once market growth returns.”