Bemis Company Inc. (NYSE:BMS) reported its results for the fourth quarter. Net income for the packaging and containers company fell to $20.1 million (19 cents per share) vs. $53.3 million (48 cents per share) a year earlier. This is a decline of 62.3% from the year earlier quarter. Revenue rose 1.7% to $1.27 billion from the year earlier quarter. BMS reported adjusted net income of 45 cents per share. By that measure, the company beat the mean estimate of 39 cents per share. Analysts were expecting revenue of $1.27 billion.
“We faced a challenging environment in 2011, as dramatic resin price increases and softening customer demand impacted our performance throughout the year,” said Henry Theisen, Bemis Company’s President and Chief Executive Officer. “As we enter 2012, we are making changes to our manufacturing footprint in order to meaningfully reduce expenses and create positive profit momentum going forward.”
Corning Inc. (NYSE:GLW) reported its results for the fourth quarter. Net income for the diversified electronics company fell to $491 million (31 cents per share) vs. $1.04 billion (66 cents per share) a year earlier. This is a decline of 53% from the year earlier quarter. Revenue rose 6.9% to $1.89 billion from the year earlier quarter. GLW reported adjusted net income of 33 cents per share. By that measure, the company beat the mean estimate of 32 cents per share. It beat the average revenue estimate of $1.84 billion.
“This past year was a very successful one for Corning,” Wendell P. Weeks, chairman, chief executive officer, and president, said. “We had the strongest annual sales performance in our 161-year history. We set new records for gross margin and operating income (before special items). The company generated positive free cash flow for the eighth consecutive year. We have a healthy balance sheet, and we raised our shareholder dividend and initiated a share repurchase program.”
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