With that, let me turn it over to Tony.
Anthony J. Allott
Thank you, Kim. Welcome everyone to our second quarter 2012 earnings conference call. Our agenda for this morning is review the financial performance for the second quarter and to make a few comments about our outlook for 2012. After our prepared remarks, Bob, Adam and I will be pleased to answer any questions.
As you saw in the press release, our businesses performed well in the quarter, but were challenged with the timing of volume and pack concerns in the metal food can business and weakening demand and softer pricing in Europe as a result of ongoing economic instability.
Nevertheless, we did deliver record adjusted earnings per diluted share of $0.55, posting a nearly 4% gain over the previous record second quarter of 2011 of $0.53 per diluted share. We're not expecting any quick recovery in European fundamentals, nor has the visibility improved to the midwest vegetable pack given the dry hot weather. However, at this time we are confirming our full-year estimates of adjusted earnings per diluted share to be in the range of $2.80 to $2.90.On a longer-term basis, we are confident each of our business franchises are continuing to be enhanced. This confidence is based on the operational improvement under way in our plastics business, the new plant is being ramped up in important Eastern European and Middle East markets, and the recently announced acquisitions of the Rexam thermoformed food business and the on-task can and closure business in Turkey.We believe each of these enhances our competitive advantage allowing us to better to meet the needs of our global customers and to continue to drive long-term shareholder value.With that I’ll now turn over to Bob to review the financial results in more detail and provide additional explanation around our earnings estimates for 2012.
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV