Big double-digit sales growth at Bemis just short of expectations
Net sales for the full year rose 37.6 per cent to $4.84bn, with the $1.2bn Alcan acquisition, which was completed in March last year, contributing 31 per cent to the growth.
And in the fourth quarter, sales reached $1.25bn, boosted by 4 per cent organic growth and 34 per cent acquisition related growth. However, the figure was slightly below analyst expectations, according to Bloomberg.
Bemis CEO Henry Theisen said 2010 had been “a great year of accomplishments” for Bemis, citing in particular the successful integration of Alcan Food Americas – the biggest acquisition in the company history.
Looking ahead to the coming year, Theisen said Bemis is expecting another year of double-digit earnings growth. The company has already achieved double-digit increases in earnings two years in a row, with diluted earnings per share up 32.6 per cent in 2010 to $1.83.
In 2010 Bemis anticipates the growth to come despite an anticipated $10m increase in pension expenses and higher raw material costs.
Theisen said: “We are excited about the sales and margin growth opportunities that we anticipate in the coming year, and we will continue to focus our talent and capital resources in those important growth areas.”
He added that the company now has a larger technology platform with which to expand customer relationships and commercialise new product opportunities.
Bemis is a major supplier of flexible packaging to food companies as well as consumer products, medical and pharmaceutical companies. The US-based company also manufactures pressure sensitive adhesive coated materials.