Silgan Holdings Inc.

Thank you for joining the Silgun Holdings Second Quarter 2022 Earnings Results Conference Call. Today's call is being recorded. At this time, I'd like to turn the call over to Kim Ulmer, Senior Vice President, Finance, and Treasurer, Silgun Holdings. Please go ahead. Thank you.

Joining me from the company today, I have Adam Greenlee, President and CEO, and Bob Lewis, EVP and CFO. Hello. Before we begin the call today, we would like to make it clear that certain statements made today on this conference call may be forward-looking statements. These forward-looking statements are made based upon management's expectations and beliefs concerning future events impacting the company, and therefore involve a number of uncertainties and risks, including but not limited to those described in the company's annual report on Form 10-K for 2021 and other filings with the SEC. Therefore, the actual results of operations and financial conditions of the company could differ materially from those expressed or implied in the forward-looking statements. With that, I'll turn it over to Adam.

Thank you, Kim, and welcome, everyone, to our second quarter 2022 earnings call. I'll make a few comments about the second quarter and share our thoughts regarding the remainder of the year. Bob will then review our financial performance and provide more detail about our 2022 outlook, and then we'll be happy to answer any questions at that point. We delivered yet another quarter of record earnings driven by the strength of our operational performance and the power of our diverse portfolio. Sylvan's ability to perform in the face of ongoing and evolving economic uncertainties gives us great confidence in delivering another year of significant earnings growth in 2022. We look forward to discussing our strong quarterly results and, more importantly, our favorable operational outlook for the remainder of the year and beyond. As you've seen in this morning's press release, we delivered an all-time record adjusted earnings of $1.08 per diluted share, which exceeded the high end of our earnings estimate and represents a 27% increase versus the $0.85 per diluted share reported in the second quarter of 2021. Each of our business segments proactively and successfully managed to mitigate the ongoing impact of inflation and supply chain disruptions while leveraging outstanding operational performance. As expected, certain areas of our business face challenging year-over-year volume comparisons, and we executed our plan to more efficiently manage inventory and to further drive down operating costs. In addition, our exceptional service levels allowed us to continue to meet our customers' needs, and our strong commercial relationships ensured our ability to successfully pass through the significant inflation we are experiencing. Together, these combined actions drove outstanding financial results as we managed through the expected but complex volume backdrops. Given our record first half performance and our outlook for the remainder of the year, which now includes a sizable FX and interest headwind, we are confirming our full year earnings estimate in the range of $3.90 to $4.05 per diluted share, representing a 17% increase at the midpoint over our record 2021 levels. With that, I'll turn it over to Bob.