WASHINGTON (dpa-AFX) - Goods packaging company Bemis Co., Inc. (BMS) reported second-quarter earnings that increased despite a decline in sales, as the company reduced its operating expenses. While earnings topped analysts' estimates by a penny, sales fell short.
For the three months to June, net earnings advanced to $65.8 million or $0.65 per share, from $53.1 million or $0.51 per share a year earlier.
On average, twelve analysts polled by Thomson-Reuters estimated the company's earnings to be $0.64 for the quarter. Analysts' estimates typically exclude one-time items.
Prior-year earnings, excluding certain items, stood at $0.61 per share. There are no adjustments to the latest second-quarter earnings.
Quarterly net sales declined to $1.24 billion, from $1.29 billion last year, below the $1.29 billion Wall Street expected.
Looking ahead, the company raised the lower end of its annual earnings outlook to $2.45 to $2.55 per share, from the previously-projected $2.40 to $2.55 per share.
For the third quarter, the company expects adjusted earnings of $0.65 to $0.70 per share.
Analysts are expecting annual earnings of $2.48 and third-quarter earnings of $0.66.
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