Sealed Air Q1 Report 2024
“Our first quarter results were ahead of our expectations, reflecting stronger than expected demand within Food, continued volume stabilization within Protective and accelerated savings from our CTO2Grow program. Our recent commercial reorganization is beginning to take hold with improved execution in the marketplace,” said Emile Chammas, SEE’s Interim Co-CEO and COO.“
First quarter net sales in Food were $868 million, an increase of 2% as reported. Currency fluctuations had an unfavorable impact of less than $1 million. On a constant dollar basis, net sales increased $16 million, or 2%. Volumes increased $25 million, or 3%, driven by strong demand for bags, case ready and automated solutions. Liquibox also had a favorable impact of $23 million, or 3%, from the additional month of contributions in 2024. Price had an unfavorable impact of $33 million, or 4%. Adjusted EBITDA of $190 million, or 21.8% of net sales, decreased 3% from $195 million, or 22.8% of net sales. The decrease in Adjusted EBITDA was primarily attributable to unfavorable net price realization, partially offset by higher volumes.
Highlights
- Net sales of $1.33 billion, down 1% as reported and constant currency
- Volumes flat compared to the prior year
- Net earnings of $83 million, up 33%
- Adjusted EBITDA of $278 million, up 4%
- Earnings per share (Diluted) of $0.57, up 30%
- Adjusted EPS (Diluted) of $0.78, up 5%
- Cash flow from operations (YTD) of $125 million, up 141%
- Free cash flow (YTD) of $78 million versus ($13) million in the prior year
