Bemis Company, Inc. (NYSE:BMS) Q3 2018 Earnings Conference Call Transcript
Oct 25, 2018 • 10:00 am ET
Good day, and welcome to the Bemis Third Quarter 2018 Earnings Conference Call. Today's conference is being recorded.
At this time, I would now like to turn the conference over to Erin winters, Director of IR. Please go ahead.
Erin M. Winters
Thank you. Good morning, everyone. Welcome to our third quarter 2018 conference call. Today is October 25, 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 CEO, Bill Austen; our SVP and CFO, Mike Clauer; and our VP 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 the Investor Relations tab where you'll find our press release and supplemental schedules.
On today's call, we'll 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.
(Forward-Looking Cautionary Statements)
Now, I'll turn the call over to Bill.
William F. Austen
Thank you, Erin, and good morning, everyone. We delivered another strong earnings quarter in line with our expectations. Our teams did an excellent job of delivering our plan despite headwinds from currency and freight. Year-to-date adjusted earnings per share have increased 18% compared to last year and adjusted operating profit is up $20 million. I continue to be encouraged by our actions to improve operationally, to lay the foundation for long-term growth, and to deliver our earnings commitments. The Agility mindset to fix, strengthen and grow Bemis continues to permeate our thinking and actions. Our progress goes beyond creating an effective cost structure through the strengthen and grow aspects of Agility. We are building a strong foundation to position our business strategically to penetrate short-run opportunities and drive value for the long term.
During 2018, we have hired new sales reps who are incentivized to pursue and win our new business targets, established our core spec offering to ensure we quickly and appropriately leverage our existing innovative product portfolio, completed robust customer account reviews to focus our sales efforts that uncover growth opportunities, and developed and implemented a broad range of operational and sales process improvements, such as a simplified application process for new customers, a quick quoting procedure, a faster sample role delivery process, and a shorter lead time offering. Simply put, our approach aligns our people, assets, processes and products to serve the pockets of growth available in North America.
Early customer feedback has been positive, and we continue on pace to reach our target of $25 million of incremental short-run business during 2018. Over