Sonoco Products Company

Good day and thank you for standing by. Welcome to the third quarter 2022 Sunoco Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 1 1 on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Lisa Weeks, Vice President, Investor Relations. Please go ahead.

Thank you, Operator, and thanks to everyone for joining us today for Sunoco's third quarter 2022 earnings call. Joining me this morning are Howard Coker, President and CEO, Rob Dillard, Chief Financial Officer, and Roger Fuller, Chief Operating Officer. Last evening, we issued a news release highlighting our financial performance for the third quarter, and we prepared a presentation that we will reference during this call. The press release and presentation are available online under the Investor Relations section of our website at www.sinoco.com. As a reminder, during today's call, we will discuss a number of forward-looking statements based on current expectations, estimates, and projections. These statements are not guarantees of future performance and are subject to certain risks and uncertainties. Therefore, actual results may differ materially. Please take a moment to review the forward-looking statements on page 2 of the presentation. Additionally, today's presentation includes the use of non-GAAP financial measures, which management believes provides useful information to investors about the company's financial conditions and results of operations. Further information about the company's use of non-GAAP financial measures, including definitions as well as Reconciliations to Gap Measures is available under the Investor Relations section of our website. For today's call, Howard will begin by covering a brief summary of third quarter performance. Rob will then review our detailed financial results for the third quarter. And along with Roger Fuller, we'll discuss our guidance updates for the fourth quarter in full year 2022. Howard will then provide a progress report on our strategic priorities, followed by a Q&A session. If you will turn to slide four in our presentation, I will now turn the call over to our CEO, Howard Coker.

Thank you, Lisa, and good morning, and thanks to all of you for joining our third quarter call. As you read in our press release, we reported strong year-over-year performance where revenue grew 34% to $1.9 billion, and we expanded base EBITDA margins 200 basis points to 15%. Our base earnings per share of $1.60 was a 60% increase over the third quarter of last year. These results, which were above the high end of our guidance range, were enabled by stable consumer packaging demand, mainly from staple food items, strategic pricing and our commercial excellence initiatives, and overall improving supply chain conditions. As a result of our strong results year to date, we have increased our full year 2022 guidance. This performance is another positive proof point for our continued successful execution of our strategic priorities in what remains a dynamic environment. Our teams have remained diligent in support of our customers while we continue the journey to build a better Sunoco. I want to express a warm thanks to all of our team members for their incredible hard work during this period. With that, I'm going to turn it over to Rob, and I'm going to take you through our financials for the quarter.