Despite the bottom-line hit, the company managed to outperform analyst expectations on an adjusted basis, posting earnings of 37 cents per share against a projected 29 cents. Net sales slid to $6.2 billion, missing the $6.28 billion consensus forecast held by Wall Street analysts.

Chairman and Chief Executive Andy Silvernail framed the results within the context of a broader corporate restructuring. The company is actively working to separate its EMEA packaging business, a move Silvernail claims will clear a path toward a more focused, value-driven organization. He maintained that management holds conviction in the current strategy despite the ongoing pressure on European operations.