Sealed Air Corp SEE
Q4 2011 Earnings Call Transcript

Transcript Call Date 02/09/2012

Operator: Good morning, everyone, and welcome to the Sealed Air Conference Call discussing the Company's Fourth Quarter and Full Year 2011 Results. This call is being recorded. Leading the call today, we have William V. Hickey, President and Chief Executive Officer; and Tod S Christie, Treasurer and Interim Chief Financial Officer. After management's prepared comments, they will be taking questions. We ask you that you limit yourself to one question and a brief related follow-up question per caller, so that others will have a chance to participate. Additionally, they will be accepting text questions, which can be submitted to this webcast page.

Now, at this time, I'd like to turn the call over to Amanda Butler, Director of Investor Relations. Please go ahead, Ms. Butler.

Amanda Butler - Director, IR: Thank you, and good morning, everyone. Before we begin our call today, I'd like to remind you that statements made during this call stating management's outlook or predictions for the future are forward-looking statements. These statements are made solely on information that is now available to us and we encourage you to review the information in the section entitled forward-looking statements in our earnings release, which applies to this call as well.

Additionally, our future performance may be different due to a number of factors, and many of these factors are listed in our most recent Annual Report on Form 10-K, which you can find on our website at We also discuss financial measures that do not conform to U.S. GAAP. You may find important information on our use of these measures and their reconciliation to U.S. GAAP in the financial tables that we have included in our earnings release.

Now, I'll turn the call over to Bill Hickey, our CEO. Bill?

William V. Hickey - President and CEO: Thank you, Amanda, and good morning, everyone. During today's call, I will discuss our 2011 earnings and our sales performance results.

I will then provide more detail on our financial results, liquidity measures, key balance sheet items and then we will highlight our 2011-2014 Integration and Optimization program, which we noted in our earnings release earlier today.

I will then discuss our outlook for 2012 and we will follow with questions from both the phone lines and from our webcast participants who are invited to text in their questions. As our release included a fair amount of data and color, including the use of a standard or conventional adjusted EPS metric along with a cash EPS metric, we will try to keep our prepared remarks brief and move to our Q&A session promptly.

This morning we recorded our legacy Sealed Air full year 2011 adjusted earnings per share of $1.70 per share, which represents a 6% increase over the $1.60 of adjusted EPS we achieved in 2010 and within our guidance range of $1.70 to $1.75 earnings per share.

For the purposes of looking at the legacy Sealed Air results, we have excluded all of the impacts of the Diversey acquisition, which closed on October 3rd of last year. Our legacy Sealed Air earnings per share results reflect solid performance in a challenging economic environment, while we completed our Diversey acquisition and began the integration process in the fourth quarter.

Read our Earnings Call Transcript disclaimer.
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