UPDATE 1-Packager Bemis’ Q3 profit up, but misses estimate

* Q3 adj EPS 57 cents v Street view 60 cents

* Revenue $1.3 billion v $898.9 mln a year ago

* Stock drops 5 percent

NEW YORK, Oct 28 (BestGrowthStock) – Packaging maker Bemis Co
(BMS.N: ) said its third-quarter profit (Read more your timing to make a profit.) rose sharply, but missed
Wall Street expectations, sending its stock down more than 5
percent.

Net earnings were $61.4 million, or 55 cents per share,
compared with $35.8 million, or 33 cents per share in the same
quarter of 2009, the Neenah, Wisconsin-based company said.

Income from continuing operations was 56 cents per share,
and, excluding special charges, adjusted earnings were 57 cents
per share.

Analysts on average were expecting earnings of 60 cents per
share, according to Thomson Reuters I/B/E/S.

Revenue rose to $1.3 billion from $898.9 million — in line
with analyst estimates.

Bemis said although it expects raw material cost pressures
in the fourth quarter, its 2010 adjusted earnings outlook of
$2.10 to $2.15 per share “continues to reflect double-digit
growth.”

In morning trading on the New York Stock Exchange, the
company’s stock was down 5.5 percent at $31.35.
(Reporting by Ernest Scheyder and Steve James; Editing by
Maureen Bavdek)

UPDATE 1-Packager Bemis’ Q3 profit up, but misses estimate