Core Insights - Sealed Air Corporation reported second quarter 2025 financial results, showing a slight decline in net sales and earnings, but an increase in adjusted earnings and EBITDA, indicating resilience amid market pressures [2][3][5]. Financial Performance - Net sales for Q2 2025 were $1.335 billion, a decrease of 0.8% from Q2 2024, with the Food segment flat and the Protective segment down 3% [3][5]. - Net earnings were $94 million, or $0.64 per diluted share, down from $98 million, or $0.67 per diluted share in the prior year [5][34]. - Adjusted EBITDA increased to $293 million, representing 21.9% of net sales, compared to $285 million, or 21.2% in the prior year [6][30]. Segment Performance - The Food segment reported net sales of $896 million, flat year-over-year, with a slight volume decrease of 1% but a favorable price impact of 2% [8][27]. - The Protective segment saw net sales of $439 million, a decrease of 3%, with a 2% unfavorable price impact and a 2% volume decrease [9][27]. Cash Flow and Debt Management - Cash flow from operations for the first half of 2025 was $168 million, down 46.2% from $313 million in the prior year, primarily due to higher incentive compensation and tax payments [11][12]. - Free cash flow for the first half of 2025 was $81 million, a significant decrease from $207 million in the same period last year [12][25]. - Total debt as of June 30, 2025, was $4.3 billion, with net debt remaining stable at $4.0 billion [13][13]. Outlook - The company maintains its full-year guidance for 2025, projecting net sales between $5.1 billion and $5.5 billion, with adjusted EBITDA between $1.075 billion and $1.175 billion [14][14]. - The outlook reflects a cautious approach due to ongoing market pressures and shifts in consumer spending patterns [2][10].