All the results we share this morning are presented on a continuing operations basis. For the first quarter, the company's income from continuing operations was $49 million or $0.28 per share. Excluding special items, adjusted net income from continuing operations was $60 million or $0.34 per share.
Now here to tell you more about our results in the first quarter are John Luke, Chairman and CEO; Jim Buzzard, our President; and Mark Rajkowski, our Chief Financial Officer.
I'll now turn the call over to John.
John A. LukeJason, thanks, and good morning. Moving on to the momentum of our strong performance last year, we have extended our performance with a solid start in 2012. Our profitable growth strategies generated increased top line sales and solid earnings during the first quarter. Performance that was gratifying given the continuing challenges in the global economy, especially the crisis in Europe and the related growth impacts in Brazil and China. We had year-over-year sales growth of 4% in the first quarter. This is a significant improvement compared to flat performance in the fourth quarter and this renewed growth included both volume increases in our Packaging and Specialty Chemicals markets, as well as higher pricing and product mix improvement. We also had a very good quarter of land sales and development activity in our CDLM business. We're generating above-market growth in several of our end markets by executing our strategy focused on commercial excellence, innovation, emerging markets and expanded participation with new technologies and capabilities. This morning, I'll use these 4 pillars of our growth strategy as the context to share some highlights for our performance.First, commercial excellence, where we're working to become the most commercially proficient company in our industry by continuously strengthening our ties to the world's largest consumer products companies in order to earn a larger share of their packaging spend. As an example of our success during the quarter, we outpaced underlying growth in the beverage market, in part, due to contributions from a new product launch for AB InBev's Michelob ULTRA. This is one of the first solutions to hit the marketplace from the pipeline of projects we developed through our brand engagement work that our beverage team detailed for you during our meeting here in Richmond last December.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV