Sealed Air(US:SEE)2024-11-07 18:52Q3 2024 Performance - Sealed Air's Q3 sales decreased by 3% as reported, with an organic decline of 2% due to lower pricing in both segments[5,8] - Q3 Adjusted EBITDA was $276 million, a 3% decrease as reported[5,8] - The Adjusted EBITDA margin was 205%, down 10 bps, primarily due to lower volume and unfavorable net price realization in Protective, partially offset by lower operating costs[8] Segment Performance - Food segment organic sales increased by 1%, driven by volume growth in all regions, partially offset by unfavorable pricing[9] - Food segment Adjusted EBITDA was $206 million, up 6% as reported, with an Adjusted EBITDA margin of 229%, up 120 bps[9] - Protective segment organic sales decreased by 8%, driven by unfavorable pricing and continued weakness across the portfolio[9] - Protective segment Adjusted EBITDA was $75 million, down 21% as reported, with an Adjusted EBITDA margin of 169%, down 260 bps[9] YTD 2024 Performance - Sealed Air's YTD sales decreased by 2% as reported, with an organic decline of 2% due to lower pricing in both segments[23,26] - YTD Adjusted EBITDA was $840 million, up 1% as reported[25,26] - Food segment YTD organic sales increased by 1% and Protective segment YTD organic sales decreased by 8%[28] Financial Position and Outlook - YTD Free Cash Flow was $323 million[14] - The company targets net debt / Adjusted EBITDA to below 35x by the end of 2025, with Q3 2024 net debt / Adjusted EBITDA at approximately 37x[14,20] - The 2024 outlook includes net sales of $5375 - $5425 billion, Adjusted EBITDA of $109 - $111 billion, Adjusted EPS of $300 - $310, and Free Cash Flow of $350 - $450 million[15]