Amcor plc

Good day and welcome to the Bemis Fourth Quarter 2018 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Erin Winters, Director of Investor Relations. Please go ahead, ma'am.

Thank you. Good morning, everyone. Welcome to our Fourth Quarter 2018 Conference Call. Today is January 31, 2019. 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 Austin, our Senior Vice President and Chief Financial Officer, Mike Fowler, and our Vice President and Chief Accounting Officer, Jerry Krempa. Following Bill and Mike's prepared comments, we'll answer your questions related to our core business. We ask that you refrain from questions related to the pending merger with AMCOR or specific 2019 financial guidance. During Q&A, in order to allow everyone the opportunity to participate, we 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. Our conciliations 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 are subject to certain risks and uncertainties. Excel 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 risk factors. Now, I'll turn the call over to Bill.

Thank you, Erin, and good morning, everyone. 2018 was a year of great progress for Bemis. Our financial performance improved, and we continued to enact change to position our business for long-term success. As compared to last year, many financial metrics moved in the right direction. Adjusted earnings per share increased 17%, driven by solid year-on-year improvement across all business units and U.S. tax reform. Adjusted operating profit increased more than $25 million, driven by our agility plan and improvements across all operating segments. Cash from operations increased more than $80 million, reflecting the discipline and accountability that continues to permeate throughout our organization. Adjusted return on invested capital increased over 100 basis points to 11.7%. Our teams across the globe have done a great job of executing agility. Fix through near-term profitability improvements and strengthen and grow through laying the foundation for long-term growth. I am proud of our teams and the focus, determination, and drive they have demonstrated, particularly during the fourth quarter. Thank you to our leaders and colleagues across the globe who did not let our pending merger with Amcorp be a distraction in 2018. You've worked safely, served our customers well, and delivered our financial commitments, and you should feel proud of the improvements you continue to deliver. I'll turn the call over to Mike now to discuss the financials, and then I'll come back to wrap up with a summary of our progress on the pending merger with Amcorp, as well as my view on how our core business is positioned for the future. We will then take your questions. As I'm sure you'll understand, we will only take questions related to 2018 performance and will not provide further comment related to the pending merger. Mike?