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(Updates with closing share price in second paragraph.)
Oct. 26 (Bloomberg) -- Bemis Co. Inc., a U.S. producer of flexible packaging for food and pharmaceuticals, fell the most in almost 11 years after saying it will fire workers and close plants because of lower sales volumes.
The shares fell 11 percent to $28.02 in New York, the biggest decline since Oct. 23, 2000.
Bemis, which is based in Neenah, Wisconsin, will close “several small plants” around the world, Chief Executive Officer Henry Theisen said in the company’s third-quarter earnings statement today. Volumes won’t improve before 2012, he said.
The company forecast fourth-quarter earnings of 36 to 42 cents a share, excluding a 4-cent charge related to severance costs. The average of seven analysts’ estimates compiled by Bloomberg is for 54 cents.
Third-quarter net income fell 9.1 percent to $55.9 million, or 53 cents a share, from $61.4 million, or 55 cents, a year earlier. Earnings excluding acquisition costs were 56 cents, trailing the 57-cent average of seven analysts’ estimates. Sales climbed 4.9 percent to $1.36 billion.
--Editors: Simon Casey, Jasmina Kelemen
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