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Mar 31, 2024
Sealed Air Q1 2024 Earnings Report
Sealed Air's Q1 2024 financial results were announced, showing mixed performance with revenue slightly down but earnings up.
Key Takeaways
Sealed Air reported Q1 2024 results with net sales of $1.33 billion, a 1% decrease year-over-year. However, net earnings increased by 33% to $83 million, and adjusted EBITDA rose by 4% to $278 million. The company reaffirmed its full-year 2024 outlook.
Net sales decreased by 1% to $1.33 billion, both as reported and on a constant currency basis.
Net earnings increased by 33% to $83 million.
Adjusted EBITDA increased by 4% to $278 million.
Cash flow from operations increased by 141% to $125 million.
Sealed Air
Sealed Air
Sealed Air Revenue by Segment
Revenue by Segment
Food Revenue
CapyFin.comProtective Revenue
CapyFin.com Forward Guidance
For the full year 2024, SEE continues to expect net sales in the range of $5.2 to $5.6 billion and Adjusted EBITDA to be in the range of $1.05 to $1.15 billion. For the second quarter 2024, SEE expects net sales and Adjusted EBITDA to be approximately $1.3 billion and $260 million, respectively, and Adjusted EPS to be in the range of $0.60 to $0.70.
Positive Outlook
- Net sales are expected to be in the range of $5.2 to $5.6 billion for the full year 2024.
- Adjusted EBITDA is projected to be between $1.05 and $1.15 billion for the full year 2024.
- Adjusted EPS is forecasted to be in the range of $2.65 to $3.05 for the full year 2024.
- Free Cash Flow is expected to be in the range of $325 to $425 million for 2024.
- For the second quarter 2024, SEE expects net sales to be approximately $1.3 billion.
Challenges Ahead
- The company has not provided guidance for the most directly comparable U.S. GAAP financial measures.
- Second quarter 2024 Adjusted EBITDA to be approximately $260 million.
- Second quarter 2024 Adjusted EPS to be in the range of $0.60 to $0.70.
- Cash tax payments are expected to be in the range of $155 to $165 million.
- Capital expenditures expected to be approximately $230 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income