on dec 4, 2014, we issued an updated research report on bemis company, inc. bms analyst report, a manufacturer and seller of packaging products.bemis reported record adjusted earnings of 67 cents per share in thirdquarter 2014, up 11.7 year over year and in line with the company&rsquos guidance range of 65 cents to 70 cents.in the third quarter, bemis divested its pressure sensitive materials mactac business in order to raise 170 million in cash. the funds will be deployed in the growth of its flexible packaging business where margins are higher and growth prospects are substantially greater.earlier, in apr 2014, bemis completed the divestment of its paper packaging division to hood packaging corporation. these divestments will allow the company to focus on strategic opportunities in highbarrier flexible packaging, medical and pharmaceutical packaging, and in emerging markets. in addition to the divestitures, bemis has closed nine plants as part of its facility consolidation program. these cost reduction efforts would also continue to benefit the company.bemis had 400 million in bonds, which matured on aug 1, 2014, with a fixed interest rate of 5.65. management refinanced these bonds into a combination of 200 million bank loan maturing in 2022 and commercial paper of 200 million. this has effectively reduced the interest rate from 5.65 to about 1 this in turn will reduce the company&rsquos interest costs and benefit earnings.bemis projects capital expenditure of approximately 175 million for 2014. this increased investment will fuel growth in 2015 by meeting packaging demands in its target end markets, including liquid, medical device, pharmaceutical and global highbarrier platforms.the fourth quarter tends to be a seasonally lighter quarter for bemis. management expects adjusted earnings per share eps in the range of 53 cents to 58 cents for the fourth quarter of 2014. for 2014, the company has trimmed its eps guidance to a new range of 2.26 to 2.31 per share from 2.45 to 2.55 per share.moreover, with respect to volume, the u.s. packaged food industry has been relatively flat, with a lagging overall gdp. weak nondurable consumer spending and inflation of food & beverage items could cause volumes in some of the company&rsquos key end markets to remain sluggish in the foreseeable future. this tough volume environment will continue to weigh on bemis&rsquo results. demand fundamentals in brazil remain challenging with the slowing economy.at present, bemis has a zacks rank 4 sell.key picks from the sectorsome betterranked stocks worth considering at the moment include meadwestvaco corporation mwv analyst report, sealed air corporation see analyst report and crown holdings inc.cck analyst report. all of these have a zacks rank 2 buy. 
