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Sealed Air
🇺🇸 NYSE:SEE
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•
Mar 31, 2022

Sealed Air Q1 2022 Earnings Report

SEE's Q1 2022 performance was driven by the SEE Operating Engine, with a focus on automation, digital solutions, and sustainability.

Key Takeaways

SEE reported strong Q1 2022 results, with net sales of $1.4 billion, up 12% as reported and 15% on a constant currency basis. Net earnings increased by 41% to $150 million, with EPS up 47% to $1.00. Adjusted EBITDA rose by 22% to $327 million, and Adjusted EPS increased by 43% to $1.12.

Net sales reached $1.4 billion, reflecting a 12% increase as reported and a 15% increase on a constant currency basis.

Net earnings grew by 41% to $150 million, with earnings per share (EPS) increasing by 47% to $1.00.

Adjusted EBITDA increased by 22% to $327 million, while Adjusted EPS rose by 43% to $1.12.

Cash flow from operations was $48 million, a 39% decrease compared to the previous year, with increased investments in growth, including a 53% rise in CapEx to $67 million.

Total Revenue
$1.42B
Previous year: $1.27B
+11.9%
EPS
$1.12
Previous year: $0.78
+43.6%
Adjusted EBITDA
$327M
Previous year: $268M
+22.0%
Gross Profit
$477M
Previous year: $401M
+18.9%
Cash and Equivalents
$278M
Previous year: $370M
-24.8%
Free Cash Flow
-$19M
Previous year: $36M
-152.8%
Total Assets
$6.12B
Previous year: $5.92B
+3.4%

Sealed Air

Sealed Air

Sealed Air Revenue by Segment

Sealed Air Revenue by Geographic Location

Forward Guidance

For the full year 2022, SEE now expects net sales in the range of $5.85 billion to $6.05 billion. Full year Adjusted EBITDA is now expected to be in the range of $1.22 billion to $1.25 billion. The Company forecasts full year Adjusted EPS to now be in the range of $4.05 to $4.20. The company continues to expect full year Free Cash Flow in 2022 to be in the range of $510 million to $550 million.

Positive Outlook

  • Net sales are expected to be in the range of $5.85 billion to $6.05 billion.
  • Adjusted EBITDA is projected to be between $1.22 billion and $1.25 billion.
  • Adjusted EPS is forecasted to be in the range of $4.05 to $4.20.
  • The Adjusted Tax Rate is anticipated to be approximately 26%.
  • Free Cash Flow is expected to be in the range of $510 million to $550 million.

Challenges Ahead

  • Net sales include an unfavorable currency impact of approximately 2%.
  • Net sales include an unfavorable divestiture impact of approximately 1%.
  • Currency fluctuations are expected to have an unfavorable impact of approximately 2% on Adjusted EBITDA.
  • Higher working capital requirements largely due to planned inventory prebuild
  • Extreme inflationary pressures and widespread supply challenges

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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