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  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2020-03-10 00:00:00",
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  "notes": "Uses a chronological sequence of quotes to highlight management's shifting explanations for poor performance in Latin America.",
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      "text": "One area that has certainly struggled is Latin America, falling below expectations dating back to pre-acquisition Bemis.",
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      "text": "One area that has certainly struggled is Latin America, falling below expectations dating back to pre-acquisition Bemis. CEO Delia touted Bemis' “leading position” in Brazil, and costs have been continually removed, yet he is now saying the portfolio is “complicated” as legal costs escalate.",
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      "text": "Latin America operating profit trended down during the fourth quarter and full-year as compared to last year... We have reduced both variable and fixed costs in our Latin America business, which has driven profit improvement since the low point during the second quarter of 2017. Conditions are stabilizing in Brazil, and we expect improving profitability in '18 and beyond from the actions we have taken. — Bemis Q4 2017 Ended Dec",
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      "text": "Latin America Disaster",
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