Sealed Air Corporation (SEE) is scheduled to report third-quarter 2024 results on Nov. 7, before the opening bell.The Zacks Consensus Estimate for SEE’s third-quarter revenues is pegged at $1.34 billion, indicating a 2.8% decline from the year-ago reported figure.The consensus estimate for earnings is pegged at 66 cents per share. The Zacks Consensus Estimate for SEE’s third-quarter earnings has been unchanged in the past 60 days. The estimate indicates a year-over-year decline of 14.3%. Image Source: Zacks ...

Analysts on Wall Street project that Sealed Air (SEE) will announce quarterly earnings of $0.66 per share in its forthcoming report, representing a decline of 14.3% year over year. Revenues are projected to reach $1.34 billion, declining 2.8% from the same quarter last year.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Before a company announces its ...

CHARLOTTE, N.C., Oct. 17, 2024 /PRNewswire/ -- Sealed Air (NYSE: SEE) announced today that its Board of Directors has declared a quarterly cash dividend of $0.20 per common share. The dividend is payable on December 20, 2024 to stockholders of record at the close of business on December 6, 2024. About Sealed Air Sealed Air Corporation (NYSE: SEE), is a leading global provider of packaging solutions that integrate sustainable, high-performance materials, automation, equipment and services. Sealed Air designs ...

CHARLOTTE, N.C., Oct. 8, 2024 /PRNewswire/ -- Sealed Air (NYSE: SEE) announced today that it will release its third quarter 2024 results at approximately 7:00 a.m. (ET) on Thursday, November 7, 2024 and will host a conference call and webcast at 10:00 a.m. (ET). The conference will be webcast live. Interested parties can view the events on Sealed Air's Investors homepage at www.sealedair.com/investors. About Sealed Air Sealed Air Corporation (NYSE: SEE), is a leading global provider of packaging solutions t ...

CHARLOTTE, N.C., Oct. 1, 2024 /PRNewswire/ -- Sealed Air Corporation (NYSE: SEE) today announced the appointment of Anthony (Tony) Allott to its Board of Directors. Tony is an experienced senior executive in the packaging sector. For 16 years, Tony was Chief Executive Officer and President of Silgan Holdings Inc., a publicly traded global manufacturer of sustainable rigid packaging for consumer goods products, where he continues to serve as Chairperson of the Silgan board in a non-executive capacity. Tony j ...

CHARLOTTE, N.C., Aug. 30, 2024 /PRNewswire/ -- Sealed Air Corporation (NYSE: SEE) will participate in the following event: 2024 Jefferies Industrials Conference – September 4, 2024, New York, NY 8:40 am ET – Fireside chat Patrick Kivits, CEO Dustin Semach, President and CFO Presentation will be webcast live. Interested parties can view the events on Sealed Air's Investors homepage at www.sealedair.com/investors. About Sealed Air Sealed Air Corporation (NYSE: SEE), is a leading global provider of packaging s ...

Detry26/iStock via Getty Images A year ago, I believed that shares of Sealed Air Corporation (NYSE:SEE) no longer offered a sealed deal. Following a dramatic cut in the full-year guidance, with leverage ratios shooting up as a result of lower profitability, I was cautious on the shares despite the sell-off seen at the time. Forwarding a year in time, shares have on a net basis lost even more value. 2023 turned out to be soft, with continued weakness seen in the 2024 results, with weakness likely continuing ...

Sealed Air Corporation (NYSE:SEE) Q2 2024 Earnings Call Transcript August 8, 2024 10:00 AM ET Company Participants Brian Sullivan - IR Henry Keizer - Chairman Patrick Kivits - CEO Dustin Semach - President and CFO Conference Call Participants Ghansham Panjabi - Baird Adam Samuelson - Goldman Sachs George Staphos - Bank of America Securities Josh Spector - UBS Arun Viswanathan - RBC Capital Markets Michael Roxland - Truist Securities Bryan Burgmeier - Citi Philip Ng - Jefferies Edlain Rodriguez - Mizuho Matt ...

Financial Performance - Net earnings from continuing operations for the three months ended June 30, 2024, were $97.8 million, compared to $93.9 million for the same period in 2023[160] - Net earnings from continuing operations for the six months ended June 30, 2024, were $181.2 million, compared to $156.8 million for the same period in 2023[160] - Adjusted EBITDA for the three months ended June 30, 2024, was $285.5 million, compared to $280.3 million for the same period in 2023[160] - Adjusted EBITDA for the six months ended June 30, 2024, was $563.8 million, compared to $547.6 million for the same period in 2023[160] - Adjusted Net Earnings for the three months ended June 30, 2024, were $120.7 million, compared to $115.5 million for the same period in 2023[164] - Adjusted Net Earnings for the six months ended June 30, 2024, were $233.5 million, compared to $222.4 million for the same period in 2023[164] - Adjusted EPS for the three months ended June 30, 2024, was $0.83, compared to $0.80 for the same period in 2023[164] - Adjusted EPS for the six months ended June 30, 2024, was $1.60, compared to $1.53 for the same period in 2023[164] - Net sales for the three months ended June 30, 2024 were $1,345.1 million, a decrease of 2.6% compared to $1,380.8 million in the same period in 2023[171] - Net earnings from continuing operations for the six months ended June 30, 2024 were $181.2 million, an increase of 15.6% compared to $156.8 million in the same period in 2023[171] - Non-GAAP Adjusted EBITDA from continuing operations for the six months ended June 30, 2024 was $563.8 million, an increase of 3.0% compared to $547.6 million in the same period in 2023[171] - Non-GAAP Adjusted EPS from continuing operations for the six months ended June 30, 2024 was $1.60, an increase of 4.6% compared to $1.53 in the same period in 2023[171] - GAAP Effective income tax rate for the three months ended June 30, 2024 was 27.8%, compared to 32.5% in the same period in 2023[166] - Non-GAAP Adjusted Earnings before income tax provision from continuing operations for the six months ended June 30, 2024 were $314.4 million, compared to $298.6 million in the same period in 2023[166] - Gross profit as a percentage of net sales for the six months ended June 30, 2024 was 30.5%, compared to 30.2% in the same period in 2023[171] - Operating profit for the six months ended June 30, 2024 was $390.6 million, an increase of 1.2% compared to $385.8 million in the same period in 2023[171] - Net earnings per common share - diluted for the six months ended June 30, 2024 was $1.24, an increase of 11.7% compared to $1.11 in the same period in 2023[171] - Net earnings from continuing operations increased by 4.2% to $97.8 million for the three months ended June 30, 2024, compared to $93.9 million in 2023[201] - Net earnings from continuing operations increased by 15.6% to $181.2 million for the six months ended June 30, 2024, compared to $156.8 million in 2023[201] - Food segment Adjusted EBITDA increased by 7.1% to $204.6 million for the three months ended June 30, 2024, compared to $191.0 million in 2023[207] - Protective segment Adjusted EBITDA decreased by 14.7% to $81.8 million for the three months ended June 30, 2024, compared to $95.9 million in 2023[207] - Non-GAAP Consolidated Adjusted EBITDA increased by 1.9% to $285.5 million for the three months ended June 30, 2024, compared to $280.3 million in 2023[207] Segment Performance - The Food segment is expected to deliver low-single-digit volume growth for the full year 2024, driven by competitive wins, momentum in fluids and liquids businesses, and new product launches, offset by pricing declines[155] - The Protective segment continues to experience softness in end markets through the first half of 2024, with challenges expected to persist throughout 2024 and into 2025[155] - Food segment net sales increased by $13.2 million (1.5%) in 2024 compared to 2023, driven by higher volumes of $46.6 million (5.3%), partially offset by unfavorable price impacts of $26.0 million (3.0%)[176] - Protective segment net sales decreased by $48.9 million (9.8%) in 2024 compared to 2023, primarily due to lower volumes of $29.1 million (5.8%) and unfavorable price impacts of $15.4 million (3.1%)[176] - Food segment net sales for the six months ended June 30, 2024, increased by $28.5 million (2%) compared to 2023, driven by higher volumes of $71.7 million and the Liquibox acquisition contributing $23.5 million, partially offset by unfavorable price impacts of $58.9 million[177] - Protective segment net sales for the six months ended June 30, 2024, decreased by $83.4 million (8.4%) compared to 2023, primarily due to lower volumes of $47.9 million (4.8%) and unfavorable price impacts of $30.0 million (3.0%)[177] Cost and Expense Management - Cost of sales for the three months ended June 30, 2024, decreased by $34 million (3.5%) compared to 2023, with cost of sales as a percentage of net sales decreasing from 69.7% to 69.1%[182] - Cost of sales for the six months ended June 30, 2024, decreased by $48.6 million (2.5%) compared to 2023, with cost of sales as a percentage of net sales decreasing from 69.8% to 69.5%[182] - Cost of sales decreased by $49 million (3%) in 2024 compared to 2023, primarily due to raw material cost deflation, with a favorable foreign currency translation impact of $11 million[183] - SG&A expenses increased by $6 million (3%) in Q2 2024 compared to Q2 2023, driven by higher incentive compensation expenses, partially offset by productivity benefits from the CTO2Grow Program[184] - SG&A expenses decreased by $30 million (7%) in H1 2024 compared to H1 2023, primarily due to productivity benefits from the CTO2Grow Program and lower expenses related to the Liquibox acquisition[185] - Amortization expense of intangible assets increased by $1 million (5.8%) in Q2 2024 compared to Q2 2023, primarily due to higher amortization of capitalized software[186] - The CTO2Grow Program aims to drive annualized savings of $140 to $160 million by the end of 2025, with total cash costs estimated in the same range, primarily incurred in 2024 and 2025[188] - The CTO2Grow Program generated incremental cost benefits of $48 million in H1 2024, with full-year 2024 benefits expected to be approximately $90 million[190] Cash Flow and Liquidity - The company had cash and cash equivalents of $389 million as of June 30, 2024, with $325 million (84%) located outside the U.S.[215] - Total availability under accounts receivable securitization programs was $130 million, with $129 million outstanding as of June 30, 2024[218] - The company had a $1.0 billion revolving credit facility with no outstanding borrowings as of June 30, 2024[222] - The leverage ratio was 3.46 to 1.00 as of June 30, 2024, well below the maximum covenant limit of 4.50 to 1.00[223] - Accounts payable balances included $176 million related to invoices from suppliers participating in the supply chain financing program as of June 30, 2024[225] - Corporate credit rating by Moody's is Ba1 and by Standard & Poor's is BB+, with a negative outlook from Moody's and stable from S&P[226] - Total debt as of June 30, 2024, is $4,614.9 million, with a net debt of $4,226.3 million after subtracting cash and cash equivalents[227] - Net cash provided by operating activities for the six months ended June 30, 2024, was $313.3 million, a significant increase from $(6.6) million in 2023[230] - Non-GAAP free cash flow for the six months ended June 30, 2024, was $207.5 million, compared to $(130.3) million in 2023[231] - Working capital increased by $22.5 million, or 5%, to $476.8 million as of June 30, 2024, compared to December 31, 2023[239] - Stockholders' equity increased by $101 million, or 18%, primarily due to net earnings of $180 million[238] - Net cash used in investing activities decreased to $98 million in 2024 from $1,272 million in 2023, primarily due to acquisition activities in 2023[235] - Capital expenditures in 2024 were $106 million, down from $124 million in 2023[236] - Net cash flows from financing activities were a use of $156 million in 2024, compared to a source of $1,105 million in 2023, primarily due to debt-related activities[236] - Accounts payable was favorable by $173 million in 2024 compared to 2023, due to increased raw material purchases and improved payment terms[233] Foreign Currency Impact - Foreign currency translation had an unfavorable impact of $11.8 million on net sales for the three months ended June 30, 2024[173] - Net sales for the three months ended June 30, 2024, decreased by $35.7 million (2.6%) compared to 2023, primarily due to unfavorable price impacts of $41.4 million (3.0%) and foreign currency translation of $11.8 million (0.9%)[174] - For the six months ended June 30, 2024, net sales decreased by $54.9 million (2.0%) compared to 2023, with unfavorable price impacts of $88.9 million (3.3%) and foreign currency translation of $13.3 million (0.5%)[177] Debt and Financing - Interest expense, net decreased by $5.4 million in Q2 2024 compared to Q2 2023, primarily due to lower interest expense on the revolving credit facility and higher interest income[192] - The company issued $400 million of 6.500% senior notes due July 2032 in June 2024, using the proceeds to repurchase 5.500% senior notes due September 2025[193] - The effective income tax rate for Q2 2024 was 28%, compared to 33% in Q2 2023, with both periods impacted by accruals for uncertain tax positions[197] - The company recognized a pre-tax gain of $3 million in H1 2024 from the final purchase price settlement of the Liquibox acquisition[195]

Sealed Air Corporation (SEE) reported second-quarter 2024 adjusted earnings per share (EPS) of 83 cents, which surpassed the Zacks Consensus Estimate of 64 cents by a margin of 29.7%. The bottom line increased 4% year over year. Results benefited from the company's cost take-out to grow program (CTO2Grow Program) and cost-control initiatives. Improvements in the Food segment's results helped offset the continued weakness in the Protective segment. This was partially offset by unfavorable price realization. ...