http://www.morningstar.com/earnings/41737451-sealed-air-corporation-see-q2-2012.aspx

Sealed Air Corporation SEE
Q2 2012 Earnings Call Transcript

Transcript Call Date 08/02/2012

Operator: Good morning, everyone, and welcome to the Sealed Air Conference Call discussing the Company's Second Quarter 2012 Results. This call is being recorded.

Leading the call today, we have William V. Hickey, President and Chief Executive Officer and Carol P. Lowe, Senior Vice President and Chief Financial Officer. Also participating on the call today is Tod S. Christie, Treasurer. 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, we will be accepting text questions, which can be submitted on the webcast page.

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

Amanda Butler - Executive Director of IR: Thank you, and good morning, everyone. Before we begin our call today, I'd like to note that we have provided a slide presentation to help guide our discussion today. This presentation can be found on today's webcast as well it can also be downloaded from our IR website at sealedair.com. 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.

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 sealedair.com. We also discuss financial measures that do not conform to U.S. GAAP and you may find important information on our use of these measures and their reconciliation to U.S. GAAP in the financial tables that we've included in our earnings release. Lastly, we've also used pro forma results for certain metrics in the quarter to aid in the comparison of our performance to historical combined metrics of Sealed Air and Diversey.

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

William V. Hickey - President and CEO: Good morning. Thank you, Amanda, and good morning, to everyone. Before we begin our discussions on the quarter, I'd like to welcome Carol Lowe as our new Chief Financial Officer and I'm also pleased that Todd Christie, our Treasurer is able to join us today as well as to complete the transition.

During today's call, I will lead the discussion on top-line performance, our expanded integration and optimization program and our outlook for the balance of the year, Carol will focus on our financial results, our liquidity measures and key balance sheet items. We will then open up the call to questions-and-answers and texted-in questions.

Getting started to Page 2 of our slide presentation, as we noted in our press release earlier today, our second quarter results fell far short of our expectations. Like many, we experienced increasing challenges in the quarter from macroeconomic conditions which noticeably weakened in the latter part of the quarter in Europe and in export out of China.

Read our Earnings Call Transcript disclaimer.
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