Sealed Air Q3 Report 2023
SEE Reports Q3 2023 Results
- Net sales of $1.38 billion, down 1% as reported; flat at constant currency
- Net earnings of $58 million, down 57%
Adjusted EBITDA of $285 million, down 3% as reported; down 6% constant currency - Earnings per share (Diluted) of $0.40, down 56%
Adjusted EPS (Diluted) of $0.77, down 21% as reported; down 27% constant currency - Cash flow from operations (YTD) of $193 million
Free cash flow of $183 million (YTD, excluding the $175 million tax deposit) is up 33% in 2023
Business Segment Highlights
Third quarter net sales in Food were $893 million, an increase of 8% as reported. Currency fluctuations had an unfavorable impact of $19 million, or 2%. On a constant dollar basis, net sales increased $83 million, or 10%. The Liquibox acquisition had a favorable impact of $82 million, or 10%, and price had a favorable impact of $8 million, or 1%. Volumes decreased $7 million, or 1%, resulting from continued food retail market declines, partially offset by growth in our food automation solutions. Adjusted EBITDA of $194 million, or 21.7% of net sales, increased 5% from $185 million, or 22.3% of net sales.
The increase in Adjusted EBITDA was primarily attributable to the Liquibox acquisition.
Third quarter net sales in Protective were $488 million, a decrease of 14% as reported. Currency fluctuations had a favorable impact of $5 million, or 1%. On a constant dollar basis, net sales decreased $87 million, or 15%. Volumes decreased $75 million, or 13%, resulting from continued market pressures and destocking in the industrial and fulfillment sectors. Price had an unfavorable impact of $12 million, or 2%. Adjusted EBITDA decreased 13% to $95 million, or 19.5% of net sales, as compared to $109 million, or 19.2% of net sales. The decrease in Adjusted EBITDA was primarily attributable to lower volumes.
