Bemis Company, Inc. (NYSE:BMS) Q4 2017 Earnings Conference Call Transcript

Good day, ladies and gentlemen, and welcome to the Bemis Fourth Quarter 2017 Earnings Call. As a reminder, today's call is being recorded. And at this time, I'd like to turn the conference over to Erin Winters, Director of Investor Relations. Please go ahead, ma'am.

Thank you. Good morning, everyone, and welcome to our fourth quarter 2017 conference call. Today is February 1, 2018. After today's call, a replay will be available on our website, bemis.com, under the Investor Relations section. Joining me for this call today are Bemis Company's President and Chief Executive Officer, Bill Austen; our Senior Vice President and Chief Financial Officer, Mike Clauer; and our Vice President and Chief Accounting Officer, Jerry Krempa. Following Bill and Mike's comments on our business and outlook, we will answer any questions you have.

However in order to allow everyone the opportunity to participate we ask that you limit yourself to one question at a time with the related follow-up and then fall back into the queue for any additional questions. At this time, I'll direct you to our website bemis.com, under the Investor Relations tab, where you will find our press release and supplemental schedules.

On today's call, we will also discuss non-GAAP financial measures as we talk about our performance. Reconciliations of these non-GAAP measures to GAAP measures that we consider most comparable can be found in the press release and supplemental schedules on our website. And finally, a reminder that statements regarding future performance of the company made during this call are forward-looking and therefore subject to certain risks and uncertainties. Actual results may differ materially from historical, expected or projected results due to a variety of factors. Please refer to Bemis Company's regular SEC filings, including the most recently filed Form 10-K, to review these factors.

Now I'll turn the call over to Bill.

Thank you, Erin, and good morning, everyone. 2017 was a pivot year for us as we implemented Agility. We are enacting change that positions Bemis Company for enduring success. We are making progress as reflected in adjusted operating profit that was up nearly $35 million in the second half of 2017 as compared to the first half of the year. Our fourth quarter results were at the high end of our most recent guidance, and we are confident that we will continue to deliver our planned improvements in 2018.

During 2017, we launched Agility to fix, strengthen and grow our business. Our approach was comprehensive as we engaged respected partners, we considered a wide variety of alternatives, we set a high bar of expectations, we implemented our project management office to ensure the highest level of discipline and accountability for long-term success, and our team is engaged and committed to delivering improvement.

Before discussing that further, I'll turn the call over to Mike to discuss details of our 2017 financial performance and 2018 guidance. Mike?

Thanks, Bill, and good morning. Today, I will start by discussing the financial details of 2017, and then