Bemis increases its full-year profit outlook

Bemis increases full-year profit outlook above Wall Street on better sales volumes

• On 10:05 am EDT, Tuesday October 27, 2009

NEENAH, Wis. (AP) -- Bemis Co., which makes flexible packaging and labels, on Tuesday increased its 2009 outlook well above Wall Street expectations on signs that sales volumes are growing and operations overseas are strengthening.

The company also projected fourth-quarter profit above analyst estimates, and shares rose to a new 52-week high.

Bemis CEO Henry Theisen cited a better product sales mix and improving operating profit in European and Latin American segments.

The company now expects 2009 earnings per share between $1.81 and $1.88 for the year, up from a prior forecast of $1.68 to $1.75.

Analysts expect earnings per share of $1.65, according to a Thomson Reuters poll.

"We are increasing our 2009 total year guidance to reflect the results of the first nine months and our confidence that profit levels will continue to be strong for the remainder of the year," Theisen said.

The company projected fourth-quarter earnings between 40 cents and 45 cents per share. Wall Street expects income of 39 cents per share.

Bemis also reported third-quarter income well above analyst forecasts due in part to resilience in its flexible packaging segment and better margins in Europe.

Its shares climbed $1.57, or 6.1 percent, to $27.32 in morning trading. The stock earlier set a new 52-week high of $27.68, eclipsing a prior peak of $27.65 set in July.

Buzz up!