Ball Corporation (NYSE:BLL) Q1 2015 Earnings Conference Call - Preliminary Transcript

Apr 30, 2015 • 11:00 am ET

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Ball Corporation (NYSE:BLL) Q1 2015 Earnings Conference Call - Preliminary Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Ball Corporation First Quarter Earnings Conference Call. In the presentation, all participants will be in listen-only mode. Afterwards, we'll conduct question-and-answer session. [Operator Instructions] As a reminder today's call is being recorded Thursday, April 30th, 2015. I would now like to turn the conference over to Mr. John Hayes, CEO. Please go right ahead, sir.

Executive
John A. Hayes

Thank you, Tommy and good morning, everyone. This is Ball Corporation's conference call regarding the company's first quarter 2015 results. The information provided during this call will contain forward-looking statements. Actual results or outcomes may differ materially from those that may be expressed or implied. Some factors that could cause the results or outcomes to differ are in the company's latest 10-K and in other company SEC filings as well as the company news releases. If you do not already have our earnings release, it's available on our website at Ball.com.

Information regarding the use of non-GAAP financial measures may also be found on our website. With regard to Ball's proposed offer for Rexam and consistent with the requirements of the UK Takeover Code, we will limit our comments regarding the transaction to three areas. Number one, what has already been made public via the 2.7 release. Number two, where we're in the regulatory process. And number three, an update of ongoing economic hedging and debt activities related to the proposed transaction. Also note that there may be certain limitations regarding the depth of our business commentary and certain other items we would normally discuss on a quarterly earnings conference call due to the nature of the proposed transaction and UK takeover rules.

Given the nature of our proposed offer, today's issued press release, webcast and conference call are advertisements and should not be considered a prospectus. Investors should not make any investment decisions in relation to the new Ball shares issued in connection with the Rexam transaction except on the basis of information in the prospectus and the scheme documents which are proposed to be published in due course.

This presentation and transcription of comments are not for release in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdictions. For more information on Ball's proposed acquisition of Rexam, visit the quote offer for Rexam page on www.ball.com.

Now, joining me on the call today is Scott Morrison, Senior Vice President and Chief Financial Officer. I'll provide a brief overview of our company's performance, Scott will discuss financial and global packaging metrics and I will then finish up with comments on our aerospace business and the outlook for 2015. We've had a pretty challenging start to the year as the headwinds we acknowledged in early February around earnings translation, aluminum premiums, project startup costs and tough volume comps in North American food and Brazil all played out in our first quarter results. While not unexpected, they were a bit