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Owens-Illinois Management Discusses Q2 2012 Results - Earnings Call Transcript

Unless otherwise noted, the financial results we are presenting today relate to adjusted net earnings, which exclude certain items that management considers not representative of ongoing operation. A reconciliation of GAAP to non-GAAP earnings can be found in our earnings press release and in the appendix to this presentation.

I will now turn the call over to Al.

Albert P. L. Stroucken

Thank you, Jason, and good morning. O-I posted strong results for the second quarter with earnings of $0.81 per share compared to adjusted earnings of $0.59 in the second quarter last year. We have made good progress regaining manufacturing and supply-chain efficiencies. This has been most evident in our North American region, which have the largest year-over-year improvement in the second quarter of any of our segments. On the other hand, macroeconomic conditions in Europe continue to generate uncertainties, and our business in that region has been impacted by slower sales this quarter. As a result, we have implemented production curtailments in Europe to balance capacity with customer demands and to ensure that we meet our cash flow targets.

I am pleased to introduce our new Chief Financial Officer, Steve Bramlage. We welcome Steve back to Perrysburg after serving 2 years in leadership roles in our Asia-Pacific region. And for those who do not know Steve, he joined O-I in 2006 as our Corporate Treasurer and then became our Finance Lead in Europe, followed by a term as our Corporate Controller. He moved to New Zealand in 2010 to lead our operations there, and subsequently became President of our Asia-Pacific region. Steve will now review our financial results, after which I will provide an overview of our regions performance in the quarter. Steve?

Stephen P. Bramlage

Thanks, Al. It's nice to be on the call this morning and I look forward to working with all of O-I's stakeholders in my new role. I would also like to take this opportunity to thank Ed White for his first many years of dedicated service and leadership to O-I, as well as for assisting me in the CFO transition over the past month.

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