Bemis Makes Steady Progress on Restructuring in 2Q; Maintaining $49 FVE
Bemis' second-quarter results gave us slightly more confidence that the company will be able to turn its declining margins around over the coming six to 12 months. Each segment mustered positive organic sales growth and operating margins finally have begun to firm up. Management trimmed the high end of its guidance range by 5 cents because of currency headwinds in Brazil, but that hasn't changed either our short- or long-term outlook for the business. We maintain our $49 per share fair value est...Bemis is a manufacturer of packaging products. The majority of the company's products are sold to customers in the food industry. The U.S. Packaging segment represents various food, consumer, and industrial products packaging-related manufacturing operations. The Latin America Packaging segment includes various food and non-food packaging-related manufacturing operations located in Latin America. The Rest of World Packaging segment includes various food and non-food packaging-related manufacturing operations located in Europe and Asia-Pacific as well as medical device and pharmaceutical packaging-related manufacturing operations in the U.S., Europe, and Asia.
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