Sealed Air Full-Year Report 2022
Highlights
Fourth quarter net sales in Food were $874 million, essentially flat as reported. Currency had an unfavorable impact of $41 million, or 5%. On a constant dollar basis, net sales increased $38 million, or approximately 4%. Price realization had a favorable impact of $65 million, or 7%, with increases implemented across all regions in response to the continued inflationary environment. Volumes decreased by $28 million, or 3%, driven primarily by food retail market declines across the Americas and EMEA regions and the adverse impact from prior supply disruptions. Adjusted EBITDA of $202 million, or 23.1% of net sales, decreased 1% from $204 million, or 23.3% of net sales, in the prior year.
Fourth quarter net sales in Protective were $532 million, a decrease of 19% as reported. Net sales were unfavorably impacted by currency fluctuation of $26 million, or 4%, and the divestiture of Reflectix, Inc.
U.S. GAAP Summary Full Year
- Full-year 2022 net sales of $5.6 billion increased 2% as reported, with Americas increasing 6%, APAC
decreasing 6%, and EMEA decreasing 3%. - Full-year 2022 net earnings were $491 million, or $3.33 per diluted share, as compared to net earnings of $491 million, or $3.22 per diluted share, in full year 2021.
- The effective tax rate for full year 2022 was 32.6%, compared to 31.4% for full year 2021. The 2022 effective tax rate included incremental tax expense items associated with the tentative agreement to settle the dispute with the IRS described above.
Non-U.S. GAAP Summary Full Year
- Full-year 2022 net sales increased 6% on a constant dollar basis, with EMEA increasing 7%, Americas increasing 6%, and APAC increasing 2%. Price realization had a favorable impact of 13%, while volumes
decreased by 6%. - Adjusted EBITDA was $1,210 million, or 21.5% of net sales in 2022, compared to $1,132 million, or 20.4% of net sales for the full year 2021. The improvement in Adjusted EBITDA was largely due to favorable net price realization, partially offset by lower volumes.
- The Adjusted Tax Rate was 25.4% in 2022, compared to 26.1% in 2021.
