Sealed Air Corporation (NYSE: SEE) has shared its financial Q1 2024 results, reporting sales of $1.33 billion. This represents a significant 33% increase in revenue. Despite a slight 1% decrease compared to the previous year (in constant currency), the company achieved $83 million in net income. Adjusted EBITDA also grew by 4%, reaching $278 million.
Earnings per share (Diluted) increased by 30% to $0.57. Adjusted EPS (Diluted) rose by over 5% to $0.78. Additionally, year-over-year cash flow from operations surged by 141% to $125 million. Free cash flow grew to $78 million, showing substantial improvement compared to the prior year.
Emil Chammas, interim co-CEO and COO of SEE, highlighted that the Q1 2024 results exceeded expectations. This success was driven by strong demand in the food industry, savings from the CTO2Grow program, and continued growth in the Protective segment.
Dustin Cemach, interim co-CEO and CFO, expressed confidence in the company’s future. He emphasized SEE’s commitment to delivering long-term value for shareholders.
Net sales in the food segment rose by 2%, fueled by strong demand for various solutions. However, a slowdown in some markets led to a 7% decline in Protective net sales. Despite this, Protective’s adjusted EBITDA increased by 11%, mainly due to cost-saving measures.
Geographically, sales in the Americas saw a slight increase, while sales in EMEA and APAC regions experienced declines.
Looking ahead, Sealed Air Corporation (SEE) has reaffirmed its full-year outlook for 2024. The company expects sales between $5.2 billion and $5.6 billion, with adjusted EBITDA ranging from $1.05 billion to $1.15 billion. Adjusted EPS is expected to be between $2.65 and $3.05. Free cash flow is projected to be between $325 million and $425 million.
To further discuss these Q1 2024 results, Sealed Air Corporation (SEE) will host a webcast on May 2, 2024.
