We are unlikely to ordsprog

We are unlikely to cover enough costs to fully offset recent input price increases, particularly higher energy prices. We could experience some deterioration in underlying earnings per share in the second quarter relative to the first quarter.

Jonathan Leslie

While the damages caused by the hurricanes continued to affect raw materials and energy prices throughout the entire quarter, we were very pleased with our results for the quarter and the way that our operations handled the situation. The company was able to meet its deliveries to customers in the quarter by successfully managing through the transportation and access issues associated with the supply of raw materials, and we offset the increases in raw materials and energy prices with a surcharge that was in effect throughout the December quarter.

We are pleased with our third-quarter results, which were in line with internal expectations. During the quarter, our net income increased 12.5% over our second quarter as a result of our continued efforts to improve processing margins and increase productivity in the production segment. Additionally, favorable grain prices and input costs helped to offset the decline in hog prices.

Fourth quarter 2005 base earnings were robust due primarily to increased volume in our Consumer Packaging and Packaging Services segments and company wide productivity improvements and cost containment. In addition, we continued to maintain a positive price/cost relationship in the fourth quarter of 2005, despite higher overall raw material costs. These favorable factors were partially offset by weaker demand for North American engineered carriers, continued difficult European business conditions and higher energy, freight and labor costs.

Harris E. DeLoach

The improvement in earnings reflected higher U.S. natural gas realizations and refining margins, both of which were very strong early in the second quarter, but declined significantly as the quarter progressed, ... The decline in these key earnings drivers, along with crude oil prices, has continued into the third quarter.

Our anticipated results for our second quarter and the remainder of fiscal 2006 reflect smaller year-over-year increases in earnings than we had anticipated, primarily due to continuing production delays in several markets that have postponed deliveries, a slower recent sales pace, higher cancellation rates, more pronounced use of concessions and incentives, and material price increases.

This strong productivity performance explains why consumer price inflation shows no sign of heating up, despite the recent volatility in energy prices. Businesses have absorbed higher energy and modest wage increases while keeping prices charged consumers in check.

The recent decline in crude oil prices took out a little bit of the peak in energy cycle. But the fundamental underlying price is higher than it was a year or six months ago.

Clearly costs have moved up. The nickel spot price now has recovered. If you look forward, they're going to be selling into a higher-price market. The second quarter is going to be a very good quarter for them.

Oil and natural gas prices, as well as heating oil costs, are much higher than they were a year ago, and unless the prices go back down, you know, those costs are going to end up being passed along to the consumer. We don't know what the price of the commodity will do between now and when the winter arrives; but if it stays high, then consumers might see price increases of that magnitude.

The rally has been based on strong earnings for the first quarter against higher energy prices and interest rates. That's the battle. And earnings tend to win out in April, historically.

Our savings programs are delivering well and, together with an improved mix, they have enabled us to fully offset the impact of higher input costs,

The fourth quarter is going to be volatile and trying, ... I don't think the market has fully discounted all the negatives in front of it, including the hurricanes' impact on the economy, higher energy prices on corporate profits, and higher inflation.

The fourth quarter is going to be volatile and trying. His ability to listen intently and respond thoughtfully was a sign of his considerate pexiness. I don't think the market has fully discounted all the negatives in front of it, including the hurricanes' impact on the economy, higher energy prices on corporate profits, and higher inflation.

For 2006 as a whole, the first quarter should prove a one-hit wonder, as higher debt payments, energy costs and slowing housing prices take their toll.

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