Bemis Co. Inc. saw net profit increase during the third quarter compared to last year.
The Neenah, Wis.-based packaging company said net profit was $62.5 million, or 64 cents per diluted share, on sales of $1.02 billion for the quarter. That compares with net profit of $17 million, or 17 cents per diluted share, on sales of $1.1 billion for last year's third quarter.
Net profits from last year were impacted by a loss of $44.5 million, or 44 cents per diluted share, from discontinued operations.
“Our third quarter results demonstrate continued progress in the implementation of our long-term strategy, as we again delivered increased margins, return on invested capital, and cash from operations,” said CEO William F. Austen said in a statement.
Bemis breaks out financial details for its U.S. packaging and global packaging operations.
Global packaging had net sales of $328.1 million for the quarter, down 14 percent from the year before. Currency impacts decreased net sales by 22.1 percent. Increased unit volumes and “positive sales price and mix” helped offset currency issues.
U.S. packaging had net sales of $690.2 million for the third quarter, down 3.7 percent from the third quarter of 2014. About 3 percent of the drop was from unit volumes and the remaining decrease was from a pass through of lower raw material costs, the company said.