NEENAH, WI (WTAQ) - Despite a small drop in sales, the Bemis Corporation of Neenah reports a 24 percent increase in its quarterly profits over the last year.
The global maker of packaging materials had a net income of almost $66 million from April through June, up from $53 million in the same period a year ago.
Stockholders made 65 cents a share, up from 51 cents in the second quarter of 2013.
Bemis CEO Henry Thiesen credits the higher profits to a restructuring which included some plant closures and the dropping of businesses with lower-profit margins.
As a result, Bemis revenues fell from $1.3 billion in the second quarter of last year to $1.24 billion this year.
Without the divestitures and currency rate changes, Bemis said its net sales were consistent with last year.
Bemis remains a major employer in Wisconsin. It has 4,500 jobs in the state, among a total workforce of 19,000 throughout the world.
(Story courtesy of Wheeler News Service)