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Bemis Management Discusses Q2 2012 Results - Earnings Call Transcript

Today, Henry will begin with comments on the performance of the business, followed by Scott with comments on the detailed financial results. After our comments, we will answer any questions you have. [Operator Instructions]

Before we begin, I'd like to remind everyone that statements regarding future performance of the company made in this teleconference are forward-looking and are subject to certain risks and uncertainties. Actual results may differ materially from historical, expected or projected results due to a variety of factors, including currency fluctuations, changes in raw material costs and availability, industry competition, unexpected consumer buying trends, changes in customer order patterns, our ability to pass along increased costs in our selling prices, unexpected costs related to our facility consolidation program, the timing of plant closings, changes in government regulatory requirements, interest rate fluctuations and regional economic conditions. A more complete list of risk factors is included in our regular SEC filings, including the most recently filed Form 10-K for the year ended December 31, 2011. Now I'll turn the call over to Henry Theisen.

Henry J. Theisen

Good morning. This morning, we announced earnings of $0.54 per share in the middle of our guidance. We are pleased to have delivered performance improvements in the face of a difficult operating environment. At the same time, we are revising our outlook for volume for the total year. Based upon a commentary of our large customers, back in April we had expected our volume levels to increase during the second half of this year. We are now revising this expectation and believe volume for the second half of the year will be approximately the same as the first half. Overall volume in 2012 is expected to decline by about 2% to 3% compared to the total year 2011. As a result, we expect to report earnings for the total year around the low end of our original guidance. With volume levels expected to remain low for the remainder of 2012, our business teams are accelerating the commercialization and qualification of new business that is ramping up. Let me give you some examples.

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