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Sep 30, 2023
Sealed Air Q3 2023 Earnings Report
Sealed Air's Q3 2023 results reflected continued weakness in end-markets, with net sales down 1% as reported, but flat at constant currency.
Key Takeaways
Sealed Air reported Q3 2023 financial results with net sales of $1.38 billion, a 1% decrease as reported, but flat at constant currency. Net earnings decreased by 57% to $58 million, and adjusted EBITDA was down 3% to $285 million. The company is focused on improving execution across innovation, supply chain, and commercial efforts while accelerating cost take-out and portfolio optimization.
Net sales were $1.38 billion, down 1% as reported but flat at constant currency.
Net earnings decreased 57% to $58 million.
Adjusted EBITDA was $285 million, a 3% decrease as reported.
Adjusted EPS (Diluted) was $0.77, down 21% as reported.
Revenue by Segment
Forward Guidance
For the full year 2023, SEE continues to expect net sales in the range of $5.40 to $5.60 billion and Adjusted EBITDA to be in the range of $1.075 to $1.125 billion. The Company continues to forecast full year Adjusted EPS to be in the range of $2.75 to $2.95, which is based on approximately 145 million shares outstanding and an anticipated Adjusted Tax Rate of approximately 27%. Excluding full year 2023 payments related to the IRS settlement, the Company continues to expect Free Cash Flow in 2023 in the range of $325 to $375 million.
Positive Outlook
- Net sales are expected to be in the range of $5.40 to $5.60 billion.
- Adjusted EBITDA is projected to be between $1.075 and $1.125 billion.
- Adjusted EPS is forecasted to be in the range of $2.75 to $2.95.
- Approximately 145 million shares outstanding are expected.
- Free Cash Flow is anticipated to be in the range of $325 to $375 million, excluding IRS settlement payments.
Challenges Ahead
- Guidance does not include the impact of Special Items due to high variability and complexity.
- Restructuring charges could impact U.S. GAAP financial measures.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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