Currency hits Bemis earnings

NEENAH, Wis. ― Bemis reported earnings of $0.59 per share for the first quarter. The net impact of currency translation decreased earnings per share in the first quarter of 2016 by approximately $0.03, as compared to the prior first quarter. U.S. Packaging net sales of $660.5 million for the first quarter of 2016 represented a decrease of 6.6% compared to the same period of 2015. Compared to prior year, unit volumes were flat during the first quarter. The decrease in net sales was driven by the contractual pass through of lower raw material costs as well as the mix of products sold. Global Packaging net sales for the first quarter of 2016 of $307.4 million represent a decrease of 7.7% compared to the same period of 2015.