HomeNewsView Q1 2024 Results, Affirm 2024 Full-Year Outlook

View Q1 2024 Results, Affirm 2024 Full-Year Outlook

View Q1 2024 Results, Affirm 2024 Full-Year Outlook! Sealed Air Corporation (NYSE: SEE) released its financial results from the first quarter of 2024, with sales of $1.33 billion, a whopping 33% increase in revenue despite a slight 1 decrease % compared to prior year as reported and in constant currency, to $83 million.Adjusted EBITDA also increased, up 4% to $278 million.

Per share (Diluted) increased 30%; to $0.57, while Adjusted EPS (Diluted) rose more than 5% to $0.78. Year-over-year cash flow from operations increased 141% to $125 million and free cash flow increased to $78 million, significant growth compared to the prior year

Emil Chammas, interim co-CEO and COO of SEE, commented on the results, saying they exceeded expectations due to strong demand in the food industry coupled with savings up from their CTO2Grow program and continued growth in Protective.

SEE’s interim co-CEO and CFO, Dustin Cemach, expressed confidence in the company’s future, emphasizing its commitment to long-term value for shareholders.

Among business segments, net sales in the food segment rose 2%, driven by strong demand for various solutions.

However, a slowdown in some markets reduced Protective net sales by 7%. Despite this, Protective’s adjusted EBITDA rose 11%, primarily due to cost-cutting measures.
Geographically, sales in the Americas increased slightly, while EMEA and APAC decreased.

Looking ahead, SEE maintains full-year sales, expected sales of $5.2 billion to $5.6 billion and adjusted EBITDA of $1.05 billion to $1.15 billion in 2024.

Furthermore , adjusted EPS is expected to be in the range of $2.65 to $3.05, with free cash flow expected to be in the range of $325 million to $425 million.

SEE will webcast a conference call on May 2, 2024 to further discuss these results.

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