Bemis ups profit estimates, stock jumps

NEW YORK (Reuters) - Packaging and label maker Bemis Inc (BMS.N) on Wednesday raised its second-quarter and full-year earnings estimates, citing strong results for the first half of the year.

Management now anticipates earnings for the second quarter to be approximately 47 cents per share, up from its previous estimate of 35 cents to 43 cents, the Neenah, Wisconsin-based company said.

The new estimate includes a 3-cents per-share charge related to the impact of expensing costs from Bemis' proposed acquisition of Rio Tinto's (RIO.L) Alcan Packaging business for $1.2 billion.

Bemis also increased its full-year 2009 earnings estimate to a range of $1.68 to $1.75 per share, up from a previous estimate of $1.50 to $1.70 per share.

Analysts currently expect second-quarter earnings of 41 cents and full-year earnings of $1.59, according to Reuters Estimates.

Bemis, which will release second-quarter results on Friday, said the new estimates were based on strong results for the first half of 2009 "and management's consistent expectations for the remainder of the year."

The company said second-quarter results benefited from lower raw material costs, as well as the positive impact of cost management initiatives implemented during the first quarter and the fourth quarter of 2008.

Bemis stock rose 7.8 percent to $27.10 per share in early trade on the New York Stock Exchange.

(Reporting by Steve James, editing by Matt Daily)