Bemis Company, Inc. (NYSE:BMS) today reported financial results
for its first quarter ended March 31, 2019. Refer to the
reconciliation of Non-GAAP measures detailed in the attached
schedule, including adjusted earnings per share, adjusted EBITDA,
and net debt.
SUMMARY OF THE FIRST QUARTER
Q1 ($ in millions except per share
amounts) 2019 2018
Change Earnings Per Share $ 0.66 $ 0.52 26.9 % Adjusted
Earnings Per Share $ 0.67 $ 0.63 6.3 % U.S. Packaging
Operating Profit $ 91.5 $ 87.2 $ 4.3 Latin America Packaging
Operating Profit $ 11.9 $ 8.0 $ 3.9 Rest of World Packaging
Operating Profit $ 20.1 $ 16.5 $ 3.6
Refer to the reconciliation of Non-GAAP
measures detailed in the attached schedule, including adjusted
earnings per share, referenced in this release.
“We delivered another strong earnings quarter,” said William F.
Austen, Bemis Company’s President and Chief Executive Officer. “All
operating segments performed within our range of expectations and
met our Agility objectives. Our U.S. business remains strong,
reflected in increased sales volume and operating profit compared
to one year ago; we continue to strengthen our operations and lay
the foundation for long-term growth through our short-run business
initiatives. Our Latin American business continues to execute cost
improvements while the business laps the impact of the conversion
of certain laundry detergent packaging. Our Rest of World business
remains very strong, reflected in operating profit margins that
increased 200 basis points versus last year, driven by organic
sales growth in our healthcare packaging business and solid
operational performance across the segment.”
Austen concluded, “Our teams did a great job this quarter of
focusing on running our business and delivering our financial
plans; I applaud them for not letting our pending merger with Amcor
be a distraction. The operational, commercial, and administrative
improvements we have executed through Agility are apparent in our
results and will continue to provide long-term benefit. Bemis is
well-positioned to continue progressing in the future.”
PROPOSED COMBINATION WITH AMCOR
On August 6, 2018, Bemis announced a plan for an all-stock
combination with Amcor to create the global leader in consumer
packaging with the footprint, scale, talent, and capabilities to
better serve customers around the world, drive significant value
for shareholders, create enhanced opportunities for employees, and
deliver the most sustainable innovations for the environment.
Austen stated, “We believe combining these two organizations
will drive significant value for shareholders, employees, and
customers over the long-term. Bemis shareholders will have the
opportunity to benefit from the expected increased dividend, which
nearly doubles from Bemis’ current dividend, and the value creation
driven from not only the $180 million of cost synergies identified
as part of the transaction but also additional potential revenue
synergies from cross-selling opportunities. We look forward to
creating value for our stakeholders through this combination.”
Timothy M. Manganello, Chairman of the Board of Bemis Company,
said, “The Bemis Board unanimously supports our pending combination
with Amcor and believes it maximizes value for our stakeholders.”
Manganello continued, “On behalf of the Board, I thank Bill Austen
and his team for their strong leadership, thoughtful guidance, and
true dedication to Bemis and our associates over the years. Bill
has courageously led our company through much change, including the
recent successful implementation of Agility to fix, strengthen, and
grow this business. Because of Bill’s leadership and foresight,
Bemis is well-positioned to succeed in its next chapter in
combining with Amcor to create the global leader in consumer
packaging.”
As previously announced, Bemis’ Special Meeting is scheduled to
take place on May 2, 2019 at 10:00 a.m. Eastern Time (9:00 a.m.
Central Time) at The Langham, Chicago, 330 North Wabash Avenue,
Chicago, Illinois 60611. All shareholders of record of Bemis’
common stock as of the close of business on March 20, 2019 will be
entitled to vote their shares either in person or by proxy at the
Special Meeting. As previously announced, the transaction is
expected to close May 15, 2019.
During the first quarter of 2019, Bemis recorded approximately
$2.9 million of costs related to the planned transaction with
Amcor. Bemis’ adjusted earnings per share metric excludes certain
costs and other items, including these transaction-related
costs.
BUSINESS SEGMENT RESULTS
U.S. Packaging
U.S. Packaging net sales of $668.9 million for the first quarter
of 2019 increased 0.4 percent compared to the first quarter of
2018. Net sales include the contractual pass-through of lower raw
material input prices versus one year ago. Compared to the prior
first quarter, unit volumes were up approximately one percent.
Excluding the impact of the Company’s exit of infant care business
at its Shelbyville, Tennessee facility, unit volumes would have
been up approximately two percent.
U.S. Packaging operating profit was $91.5 million in the first
quarter of 2019, or 13.7 percent of net sales, compared to $87.2
million, or 13.1 percent of net sales, in the first quarter of
2018. Increased operating profit was driven by the benefits of cost
savings from the Company’s Agility plan.
Latin America Packaging
Latin America Packaging net sales of $142.1 million for the
first quarter of 2019 decreased 16.1 percent compared to the first
quarter of 2018. Currency translation and the impact of
implementing high inflation accounting in the Company’s business in
Argentina decreased net sales by 20.3 percent. Remaining organic
sales growth of 4.2 percent reflects increased selling prices and
improved mix, partially offset by decreased unit volumes of
approximately fourteen percent driven primarily by some laundry
detergent packaging volume in Brazil that is converting to another
packaging format.
Latin America Packaging operating profit increased to $11.9
million in the first quarter of 2019, or 8.4 percent of net sales,
compared to $8.0 million, or 4.7 percent of net sales, in 2018.
Compared to the prior first quarter, the net impact of currency
translation decreased operating profit by $0.7 million.
Additionally, the implementation of high inflation accounting in
the Company’s Argentina business negatively impacted operating
profit by $1.0 million. During the first quarter of 2019, the
Company recorded a $5.8 million non-cash pre-tax benefit related to
Brazil tax credits as a result of a final Brazilian court decision
related to indirect taxes previously paid. The remaining $0.2
million decrease in Latin America Packaging operating profit
compared to the first quarter of 2018 was driven by the impact of
decreased volume from the laundry detergent packaging that is
converting to another packaging format, partially offset by the
benefits of the Company’s Agility plan.
Rest of World Packaging
Rest of World Packaging net sales of $190.4 million for the
first quarter of 2019 decreased 0.8 percent compared to the first
quarter of 2018. Currency translation decreased net sales by 4.7
percent. Organic sales growth of 3.9 percent reflects increased
price and mix, partially offset by decreased unit volumes of
approximately five percent, driven by comparison to an
exceptionally strong first quarter of 2018 in the Company’s Asia
Pacific business. Sales volume in the Company’s healthcare
packaging business increased versus the prior first quarter.
Rest of World Packaging operating profit increased to $20.1
million in the first quarter of 2019, or 10.6 percent of net sales,
compared to $16.5 million, or 8.6 percent of net sales, in 2018.
The net impact of currency translation decreased operating profit
during the first quarter by $0.7 million. The increase in operating
profit in Rest of World Packaging was driven by increased sales
volume in the Company’s healthcare packaging business and strong
operational performance across the segment.
CASH FLOW AND CAPITAL STRUCTURE
Cash flow from operations for the three months ended
March 31, 2019 was $1.5 million, compared to $54.3 million the
prior year. First quarter 2019 results were within the range of the
Company’s expectations and normal seasonality of cash flows.
Compared to the prior year, operating cash flow was lower primarily
due to accounts payable being a use of working capital; this was
within the range of the Company’s expectation for the quarter,
which considered the Company’s exceptional cash flow performance
during the fourth quarter of 2018.
Total company net debt to adjusted EBITDA was 2.3 times at
March 31, 2019.
Capital expenditures totaled $28.6 million for the three months
ended March 31, 2019.
OUTLOOK
Due to the pending merger with Amcor, Bemis Company is not
providing 2019 guidance.
NO INVESTOR CONFERENCE CALL
Due to the pending merger with Amcor, Bemis Company will not be
hosting an Investor Conference Call regarding its first quarter
earnings.
PRESENTATION OF NON-GAAP INFORMATION
This press release refers to non-GAAP financial measures:
adjusted diluted earnings per share, organic sales growth or
decline, adjusted EBITDA and 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, tax benefits associated with
specific items, 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 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,” “likely,” “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:
- Our pending merger with Amcor,
including uncertainties as to the timing of completion, the risk
that the merger may not be completed in a timely manner or at all,
and the risk that our shareholders cannot be certain of the value
of the consideration they will receive;
- 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;
- Changes in the competitive conditions
within our markets, as well as changes in the demand for our
goods;
- Changes in the value of our goodwill
and other intangible assets;
- 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 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;
- Changes in import and export regulation
that could subject us to liability or impair our ability to compete
in international markets;
- 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;
- Changes in our credit rating;
- 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;
- 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; and
- Our ability to manage all costs and the
funded status associated with our pension plans.
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.
LEGAL DISCLOSURES
No Offer or Solicitation
This communication is not intended to and does not constitute an
offer to sell or the solicitation of an offer to subscribe for or
buy or an invitation to purchase or subscribe for any securities in
any jurisdiction, nor shall there be any sale, issuance or transfer
of securities in any jurisdiction in contravention of applicable
law. No offer of securities will be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act.
Important Information
In connection with the contemplated transactions, New Amcor has
filed an effective Registration Statement on Form S-4 (S-4) with
the SEC that includes the joint proxy statement of Bemis and
prospectus of New Amcor. The joint proxy statement/prospectus has
also be sent or given to Bemis shareholders and contains important
information about the contemplated transactions. Shareholders are
urged to read the joint proxy statement/prospectus and other
relevant documents filed or to be filed with the SEC carefully when
they become available because they will contain important
information about Bemis, Amcor, New Amcor, the contemplated
transactions and related matters. Investors and shareholders may
obtain free copies of the joint proxy statement/prospectus and
other documents filed with the SEC by Bemis, Amcor and New Amcor
through the SEC’s website (www.sec.gov).
Bemis shareholders should carefully read the joint proxy
statement/prospectus, and any other relevant documents filed by New
Amcor or Bemis before making any voting or investment decision.
Participants in the Solicitation
Bemis, Amcor, New Amcor and their respective directors and
executive officers may be deemed to be participants in the
solicitation of proxies from Bemis shareholders in connection with
the contemplated transactions. Information about Bemis’s directors
and executive officers is set forth in its annual report on Form
10-K for the fiscal year ended December 31, 2018, including
Amendment No. 1 thereto, which may be obtained for free at the
SEC’s website (www.sec.gov). Information about Amcor’s directors
and executive officers is set forth in its Annual Report 2018,
which may be obtained for free at ASX’s website (www.asx.com.au).
Additional information regarding the interests of participants in
the solicitation of proxies in connection with the contemplated
transactions is included in the joint proxy statement/prospectus
that Bemis has filed with the SEC.
ABOUT BEMIS COMPANY, INC.
Bemis Company, Inc. (“Bemis” or the “Company”) is a supplier of
flexible and rigid plastic packaging used by leading food, consumer
products, healthcare, and other companies worldwide. Founded in
1858, Bemis reported 2018 net sales of approximately $4.1 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
16,000 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 Ended March 31, 2019
2018 Net sales $ 1,001.4 $ 1,027.4 Cost of products
sold 799.2 829.4 Gross profit 202.2 198.0
Operating expenses: Selling, general and administrative expenses
97.1 96.9 Research and development costs 9.7 10.0 Restructuring and
other costs 6.9 13.4 Other operating income (8.6 ) (2.8 )
Operating income 97.1 80.5 Interest expense 18.5 18.9 Other
non-operating income (1.8 ) (0.9 ) Income before income
taxes 80.4 62.5 Provision for income taxes 20.0 14.9
Net income $ 60.4 $ 47.6 Basic
earnings per share $ 0.66 $ 0.52 Diluted
earnings per share $ 0.66 $ 0.52 Cash
dividends paid per share $ 0.32 $ 0.31
Weighted average shares outstanding: Basic 91.2 91.0 Diluted 92.0
91.2
BEMIS COMPANY,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEET
(in millions)
(unaudited)
March 31, 2019
December 31,2018
ASSETS
Cash and cash equivalents $ 57.7 $ 76.1 Trade receivables
482.1 443.3 Inventories 640.1 619.5 Prepaid expenses and other
current assets 100.3 95.7 Total current assets
1,280.2 1,234.6 Property and equipment, net
1,239.1 1,250.3 Operating lease assets 51.1 —
Goodwill 845.2 845.2 Other intangible assets, net 117.4 121.4
Deferred charges and other assets 114.8 119.5 Total
other long-term assets 1,128.5 1,086.1
TOTAL ASSETS $ 3,647.8 $ 3,571.0
LIABILITIES
Current portion of long-term debt $ 1.7 $ 1.8 Short-term
borrowings 12.7 10.2 Accounts payable 465.7 515.9 Employee-related
liabilities 87.6 94.3 Accrued income and other taxes 49.6 33.3
Other current liabilities 44.6 46.1 Total current
liabilities 661.9 701.6 Long-term debt, less
current portion 1,395.0 1,348.6 Deferred taxes 169.5 166.7
Operating lease liabilities 45.2 — Other liabilities and deferred
credits 128.0 138.2
TOTAL LIABILITIES
2,399.6 2,355.1
EQUITY
Common stock issued (129.5 and 129.3 shares, respectively)
13.0 12.9 Capital in excess of par value 601.4 604.2 Retained
earnings 2,487.8 2,456.7 Accumulated other comprehensive loss
(521.6 ) (525.5 ) Common stock held in treasury (38.3 shares at
cost) (1,332.4 ) (1,332.4 )
TOTAL EQUITY 1,248.2
1,215.9
TOTAL LIABILITIES AND EQUITY $
3,647.8 $ 3,571.0
BEMIS COMPANY,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions)
(unaudited)
Three Months Ended March 31, 2019
2018
Cash flows from
operating activities
Net income $ 60.4 $ 47.6
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 41.2 43.2 Share-based compensation
3.7 4.8 Deferred income taxes 1.7 0.7 Income of unconsolidated
affiliated company (0.6 ) (0.8 ) Net loss on disposal of property
and equipment 0.3 0.1 Changes in working capital, excluding effect
of currency (102.1 ) (40.8 ) Changes in other assets and
liabilities (3.1 ) (0.5 ) Net cash provided by operating
activities 1.5 54.3
Cash flows from
investing activities
Additions to property and equipment (28.6 ) (46.2 ) Proceeds from
sale of property and equipment 0.2 0.1 Net
cash used in investing activities (28.4 ) (46.1 )
Cash flows from
financing activities
Repayment of long-term debt (0.4 ) (0.3 ) Net borrowing of
commercial paper 43.2 9.3 Net borrowing of short-term debt 2.4 3.3
Cash dividends paid to shareholders (30.3 ) (29.2 ) Stock incentive
programs and related tax withholdings (6.5 ) (5.6 ) Net cash
used in financing activities 8.4 (22.5 ) Effect of
exchange rates on cash and cash equivalents 0.1 2.9
Net increase (decrease) in cash and cash equivalents (18.4 )
(11.4 ) Cash and cash equivalents balance at beginning of
year 76.1 71.1 Cash and cash equivalents
balance at end of period $ 57.7 $ 59.7
BEMIS COMPANY,
INC. AND SUBSIDIARIES
SEGMENT SALES AND
PROFIT INFORMATION
(unaudited)
Three Months Ended March 31, 2019
2018 Net sales U.S. Packaging (a) $ 668.9 $ 666.0
Latin America Packaging (b) 142.1 169.4 Rest of World Packaging (c)
190.4 192.0 Total net sales $ 1,001.4 $
1,027.4 Segment operating profit U.S. Packaging (d) $
91.5 $ 87.2 Latin America Packaging (e) (1) 11.9 8.0 Rest of World
Packaging (f) 20.1 16.5 Restructuring and other costs 6.9
13.4 General corporate expenses 19.5 17.8
Operating income 97.1 80.5 Interest expense 18.5 18.9 Other
non-operating income (1.8 ) (0.9 ) Income before income
taxes $ 80.4 $ 62.5
Operating profit
return on sales U.S. Packaging (d / a) 13.7 % 13.1 % Latin
America Packaging (e / b) 8.4 % 4.7 % Rest of World Packaging (f /
c) 10.6 % 8.6 % (1) In the first quarter of
2019, the Company recognized a non-cash benefit for Brazil tax
credits as a result of a final Brazilian court decision related to
indirect taxes previously paid. The benefit was $5.8 million
pre-tax and $3.8 million net of taxes. Please refer to the
Reconciliation of Non-GAAP Earnings per share in this release. As
reported in its Annual Report on Form 10-K, in the fourth quarter
of 2018, the Company recognized a non-cash benefit of $15.3 million
pre-tax and $10.1 million net of taxes related to the same topic.
The additional amount was recorded in the first quarter of 2019
after the Company completed its analysis of the benefit to which it
is entitled under the Brazilian court decision in 2018.
BEMIS COMPANY,
INC. AND SUBSIDIARIES
SEGMENT SALES AND
PROFIT INFORMATION
(unaudited)
Components of changes in net sales
Q1 2019 % Change YoY
U.S Packaging: Organic sales growth (decline) * 0.4 %
U.S. Packaging 0.4 %
Latin America Packaging:
Currency effect (20.3 )% Organic sales growth (decline) * 4.2 %
Latin America Packaging (16.1 )%
Rest of World
Packaging: Currency effect (4.7 )% Organic sales growth
(decline) * 3.9 %
Rest of World Packaging (0.8 )%
Total Company: Currency effect (4.2 )% Organic sales growth
(decline) * 1.7 %
Total change in net sales (2.5 )%
* 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 Ended March 31, 2019
2018 Non-GAAP earnings per share Diluted
earnings per share, as reported $ 0.66 $ 0.52 Non-GAAP
adjustments per share, net of taxes: Restructuring and related
costs (1) 0.03 0.11 Other costs (2) 0.02 — Brazil tax credits (3)
(0.04 ) — Diluted earnings per share, as adjusted $ 0.67
$ 0.63 (1) Restructuring and related
costs include 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.
Restructuring related costs primarily include professional fees for
consultants. (2) Other costs include costs related to the
pending transaction with Amcor. (3) In the first quarter of
2019, the Company recognized a non-cash benefit for Brazil tax
credits as a result of a final Brazilian court decision related to
indirect taxes previously paid. The benefit was $5.8 million
pre-tax and $3.8 million net of taxes. As reported in its Annual
Report on Form 10-K, in the fourth quarter of 2018, the Company
recognized a non-cash benefit of $15.3 million pre-tax and $10.1
million net of taxes related to the same topic. The additional
amount was recorded in the first quarter of 2019 after the Company
completed its analysis of the benefit to which it is entitled under
the Brazilian court decision in 2018.
March 31, 2019 December 31, 2018
Net Debt Current portion of long-term debt $ 1.7 $ 1.8
Short-term borrowings 12.7 10.2 Long-term debt, less current
portion 1,395.0 1,348.6 Total debt 1,409.4 1,360.6
Less cash and cash equivalents (57.7 ) (76.1 ) Net debt $ 1,351.7
$ 1,284.5
BEMIS COMPANY,
INC. AND SUBSIDIARIES
RECONCILIATION OF
NON-GAAP RETURN ON INVESTED CAPITAL AND EBITDA
(in millions) (unaudited)
Three Months Ended
March 31, 2019 December 31,
2018 September 30, 2018
June 30,2018
12 months endedMarch 31,
2019
Net income (loss) $ 60.4 $ 73.9 $ 57.5 $ 46.7 $ 238.5 Income
taxes 20.0 13.9 17.2 14.0 65.1 Interest expense 18.5 19.6 18.9 18.7
75.7 Other non-operating (income) expense (1.8 ) (0.7 ) (0.5 ) (0.7
) (3.7 )
Earnings before interest and taxes (EBIT) 97.1
106.7 93.1 78.7 375.6 Restructuring and other costs 6.9 11.4 16.1
21.0 55.4 Brazil tax credits (5.8 ) (15.3 ) — —
(21.1
)
Adjusted EBIT (a) 98.2 102.8 109.2 99.7 409.9 Depreciation
and amortization 41.2 41.1 40.8 42.5
165.6
Adjusted EBITDA $ 139.4 $ 143.9 $
150.0 $ 142.2 $ 575.5
Average
Invested Capital(1) (b) $ 2,610.8
Assumed tax
rate(2) (c) 24.0 %
Adjusted ROIC (a * (1 - c)
/ b) 11.9 %
Three Months Ended
March 31, 2018 December 31, 2017
September 30, 2017
June 30,2017
12 months endedMarch 31,
2018
Net income $ 47.6 $ (40.7 ) $ 55.6 $ 28.0 $ 90.5 Income
taxes 14.9 (104.0 ) 26.4 13.1 (49.6 ) Interest expense 18.9 17.1
16.7 16.0 68.7 Other non-operating (income) expense(3) (0.9 ) 8.5
(1.7 ) (1.4 ) 4.5
Earnings before interest and
taxes (EBIT)(3) 80.5 (119.1 ) 97.0 55.7 $ 114.1
Restructuring and other costs(3) 13.4 19.3 12.9 23.8 69.4 Goodwill
impairment charge — 196.6 — — 196.6
Adjusted EBIT(3) (a) 93.9 96.8 109.9
79.5 380.1 Depreciation and amortization 43.2 42.3
42.5 43.2 171.2
Adjusted
EBITDA(3) $ 137.1 $ 139.1 $ 152.4 $
122.7 $ 551.3
Average Invested
Capital(1) (b) $ 2,746.9
Assumed tax
rate(2) (c) 24.0 %
Adjusted ROIC (a * (1 - c)
/ b) 10.5 % (1) Average invested capital
includes all equity and debt amounts, less cash, calculated on a
five-quarter average. (2) The tax rate used approximates the
U.S. federal and state statutory rates. For comparative purposes, a
consistent tax rate has been used for all periods presented.
(3) 2017 information has been recast to reflect the adoption of
pension accounting changes and conform to current year
presentation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190422005168/en/
For additional information please contact:
Erin M. WintersDirector of Investor
Relations(920) 527-5288
Bemis (NYSE:BMS)
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