Bemis Company, Inc. (NYSE:BMS) Q1 2018 Earnings Conference Call - Final Transcript
Apr 26, 2018 • 10:00 am ET
Good day and welcome to the Bemis First Quarter 2018 Earnings Conference Call. [Operator Instructions]
At this time, I'd like to turn the call over to Erin Winters, Director of Investor Relations. Please go ahead.
Erin M. Winters
Thank you. Good morning, everyone. Welcome to our first quarter 2018 conference call. Today is October 26, 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 do ask that you limit yourself to one question at a time with a 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 Investor Relations tab, where you'll 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. And finally, a reminder that statements regarding future performance of the company made during this call are forward-looking and are 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.
William F. Austen
Thank you, Erin, and good morning, everyone. We delivered a solid start to 2018. Our financial performance exceeded our internal plan for the quarter, driven by Agility savings and improving operations. Through Agility, changes taking place. We are driving new levels of discipline and rigor into our business and we are holding ourselves accountable through our project management office. The Agility mindset to fix, strengthen and grow Bemis is becoming part of our everyday actions.
We are meeting the milestones we set for all Agility work streams. Two of the four plant consolidations are now complete and the associated business has been absorbed at other facilities. We have implemented travel related cost reductions, including the elimination of our aviation cost center. We have reduced more than 300 administrative positions. We are exiting leased office spaces and utilizing existing facilities and we are implementing a variety of other cost reductions to align our business with the environment we are in and to position our business well for the long run.
Our teams are stepping up to the challenge to improve our business in accelerated ways. For example, we delivered ahead of our first quarter Agility savings plan by moving up the timeline for the elimination of certain administrative