Sealed Air Reports Q2 2025 Results
Sealed Air (NYSE:SEE) reported Q2 2025 financial results with net sales of $1.34 billion, showing a slight decrease of 0.8% year-over-year. The company achieved Adjusted EBITDA of $293 million, up 2.5% from the previous year, and Adjusted EPS of $0.89, representing a 7.2% increase.
Key highlights include the stabilization of Protective segment volumes, with the industrial portfolio returning to growth. The Food segment remained flat, with favorable pricing offsetting softer volumes in North America. The company maintained its 2025 guidance despite market headwinds, projecting net sales of $5.1-5.5 billion and Adjusted EBITDA of $1.075-1.175 billion.
Notable developments include the appointment of Kristen Actis-Grande as CFO and continued debt reduction efforts, with Net Debt below $4 billion and a net leverage ratio of 3.6x.
Sealed Air (NYSE:SEE) ha comunicato i risultati finanziari del secondo trimestre 2025 con vendite nette pari a 1,34 miliardi di dollari, segnando un leggero calo dello 0,8% rispetto all'anno precedente. L'azienda ha registrato un EBITDA rettificato di 293 milioni di dollari, in crescita del 2,5% rispetto all'anno precedente, e un utile rettificato per azione (EPS) di 0,89 dollari, con un aumento del 7,2%.
I punti salienti includono la stabilizzazione dei volumi nel segmento Protective, con il portafoglio industriale che torna a crescere. Il segmento Food 猫 rimasto stabile, con prezzi favorevoli che hanno compensato la diminuzione dei volumi in Nord America. L'azienda ha confermato le previsioni per il 2025 nonostante le difficolt脿 di mercato, prevedendo vendite nette tra 5,1 e 5,5 miliardi di dollari e un EBITDA rettificato tra 1,075 e 1,175 miliardi di dollari.
Tra gli sviluppi rilevanti si segnala la nomina di Kristen Actis-Grande come CFO e il proseguimento degli sforzi per la riduzione del debito, con un debito netto inferiore a 4 miliardi di dollari e un rapporto di leva finanziaria netta di 3,6x.
Sealed Air (NYSE:SEE) inform贸 los resultados financieros del segundo trimestre de 2025 con ventas netas de
Los aspectos destacados incluyen la estabilizaci贸n de los vol煤menes en el segmento Protective, con el portafolio industrial volviendo a crecer. El segmento Food se mantuvo estable, con precios favorables que compensaron la disminuci贸n de vol煤menes en Norteam茅rica. La empresa mantuvo su gu铆a para 2025 a pesar de los desaf铆os del mercado, proyectando ventas netas de 5.1 a 5.5 mil millones de d贸lares y un EBITDA ajustado de 1.075 a 1.175 mil millones de d贸lares.
Entre los desarrollos notables se encuentra el nombramiento de Kristen Actis-Grande como CFO y los continuos esfuerzos para reducir la deuda, con una deuda neta por debajo de 4 mil millones de d贸lares y una ratio de apalancamiento neto de 3.6x.
Sealed Air (NYSE:SEE)電� 2025雲� 2攵勱赴 鞛 鞁れ爜鞚� 氚滍憸頃橂┌ 靾滊Г於滌暋鞚� 13鞏� 4觳滊 雼煬搿� 鞝勲厔 霃欔赴 雽�牍� 0.8% 靻岉彮 臧愳唽頄堨姷雼堧嫟. 須岇偓電� 臁办爼 EBITDA 2鞏� 9,300毵� 雼煬毳� 旮半頃� 鞝勲厔 雽�牍� 2.5% 歃濌皜頄堨溂氅�, 臁办爼 欤茧嫻靾滌澊鞚�(EPS) 0.89雼煬搿� 7.2% 靸侅姽頄堨姷雼堧嫟.
欤检殧 雮挫毄鞙茧電� Protective 攵�氍胳潣 氍茧焿鞚� 鞎堨爼頇旊悩瓿� 靷办梾 韽姼韽措Μ鞓り皜 靹膘灔靹鸽 霃岇晞靹� 鞝愳澊 韽暔霅╇媹雼�. Food 攵�氍胳潃 攵侂 歆�鞐棎靹� 氍茧焿 臧愳唽毳� 臧�瓴� 靸侅姽鞚� 靸侅噭頃橂┌ 鞝勲厔 靾橃鞚� 鞙犾頄堨姷雼堧嫟. 須岇偓電� 鞁滌灔 鞐拲鞐愲弰 攵堦惮頃橁碃 2025雲� 臧�鞚措崢鞀るゼ 鞙犾頃橂┌ 靾滊Г於滌暋鞚� 51鞏祣55鞏� 雼煬, 臁办爼 EBITDA毳� 10鞏� 7,500毵寏11鞏� 7,500毵� 雼煬搿� 鞝勲頄堨姷雼堧嫟.
欤茧頃� 毵岉暅 氚滌爠鞙茧電� Kristen Actis-Grande毳� CFO搿� 鞛勲獏頃橁碃, 靾滊秬毂勲ゼ 40鞏� 雼煬 鞚错晿搿� 欷勳澊氅� 靾滊爤氩勲Μ歆� 牍勳湪鞚� 3.6氚半 雮稊電� 攵�毂� 臧愳稌 雲鸽牓鞚� 瓿勳啀霅橁碃 鞛堧嫟電� 鞝愳瀰雼堧嫟.
Sealed Air (NYSE:SEE) a publi茅 ses r茅sultats financiers du deuxi猫me trimestre 2025 avec un chiffre d'affaires net de 1,34 milliard de dollars, enregistrant une l茅g猫re baisse de 0,8 % par rapport 脿 l'ann茅e pr茅c茅dente. La soci茅t茅 a r茅alis茅 un EBITDA ajust茅 de 293 millions de dollars, en hausse de 2,5 % par rapport 脿 l'ann茅e pr茅c茅dente, et un b茅n茅fice par action (BPA) ajust茅 de 0,89 dollar, soit une augmentation de 7,2 %.
Les points cl茅s incluent la stabilisation des volumes du segment Protective, avec un retour 脿 la croissance du portefeuille industriel. Le segment Food est rest茅 stable, les prix favorables compensant des volumes plus faibles en Am茅rique du Nord. L'entreprise a maintenu ses pr茅visions pour 2025 malgr茅 les vents contraires du march茅, projetant un chiffre d'affaires net compris entre 5,1 et 5,5 milliards de dollars et un EBITDA ajust茅 entre 1,075 et 1,175 milliard de dollars.
Parmi les d茅veloppements notables figurent la nomination de Kristen Actis-Grande au poste de CFO et la poursuite des efforts de r茅duction de la dette, avec une dette nette inf茅rieure 脿 4 milliards de dollars et un ratio d'endettement net de 3,6x.
Sealed Air (NYSE:SEE) meldete die Finanzergebnisse f眉r das zweite Quartal 2025 mit einem Nettoumsatz von 1,34 Milliarden US-Dollar, was einem leichten R眉ckgang von 0,8 % im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte ein bereinigtes EBITDA von 293 Millionen US-Dollar, ein Anstieg von 2,5 % gegen眉ber dem Vorjahr, sowie ein bereinigtes Ergebnis je Aktie (EPS) von 0,89 US-Dollar, was einer Steigerung von 7,2 % entspricht.
Zu den wichtigsten Highlights z盲hlt die Stabilisierung der Volumina im Protective-Segment, wobei das industrielle Portfolio wieder Wachstum verzeichnet. Das Food-Segment blieb stabil, wobei g眉nstige Preise die schw盲cheren Volumina in Nordamerika ausglichen. Das Unternehmen best盲tigte trotz Gegenwinden am Markt seine Prognose f眉r 2025 und erwartet einen Nettoumsatz von 5,1 bis 5,5 Milliarden US-Dollar sowie ein bereinigtes EBITDA von 1,075 bis 1,175 Milliarden US-Dollar.
Bemerkenswerte Entwicklungen umfassen die Ernennung von Kristen Actis-Grande als CFO sowie fortgesetzte Anstrengungen zur Schuldenreduzierung, mit einer Nettoverschuldung unter 4 Milliarden US-Dollar und einem Netto-Leverage-Verh盲ltnis von 3,6x.
- None.
- Overall net sales declined 0.8% to $1.34 billion
- Net earnings decreased 3.7% to $94 million
- Free Cash Flow declined 60.9% to $81 million year-to-date
- Volume decreased by 2% due to market pressures in North America
- Protective segment Adjusted EBITDA decreased 5% to $78 million
Insights
SEE delivered higher profitability despite flat sales, showing operational efficiency gains while facing North American market headwinds.
Sealed Air's Q2 results show a company managing to expand margins despite sales pressure - a 21.9% Adjusted EBITDA margin versus 21.2% last year on essentially flat revenue of
Looking at segment performance, Food (
The company's cost discipline is evident - Adjusted EPS increased
Their debt position has improved slightly with net debt now below
Second Quarter 2025 Highlights and Financial Results
- Kristen Actis-Grande joining Sealed Air as Chief Financial Officer
- Protective volumes further stabilized in the quarter with the industrial portfolio inflecting to volume growth driven by our continued transformation efforts
- Food sales flat with favorable price offset by softer volume driven by market pressure in our North American business
- Margin expansion and Adjusted EPS growth driven by improved operating leverage and continued business optimization
- Continued focus on debt paydown with Net Debt below
$4 billion - Maintaining our financial outlook for 2025 with improved FX outlook being offset by volume weakness in
North America
"While our Protective turnaround will be non-linear, this quarter is a mark of progress as we delivered our best volume performance since the fourth quarter of 2021 and our industrial portfolio inflected to volume growth," said Dustin Semach, Sealed Air's President and CEO. "Market pressures are accelerating, primarily in
"Our second quarter results exceeded our expectations across all metrics, despite the increasing market headwinds. We are accelerating our productivity initiatives to improve operating leverage in the business and offset any further volume weakness in the second half," said Roni Johnson, Interim CFO. "We are being prudent and maintaining our full year guidance range, as we will have more visibility throughout the third quarter on the impact of shifting global trade policies and consumer buying patterns."
($ millions, except per share data) | ||||
GAAP Results | Second Quarter | |||
2025 | 2024 | Reported 鈻�% | Constant currency 鈻�% | |
Net Sales | (0.8)听% | (1.3)听% | ||
Net Earnings | (3.7)听% | |||
Diluted EPS | (4.5)听% | |||
Cash Flow from Operations (YTD) | (46.2)听% | |||
Non-GAAP Results | Second Quarter | |||
2025 | 2024 | Reported 鈻�% | Constant currency 鈻�% | |
Adjusted EBITDA | 2.5听% | 3.4听% | ||
Adjusted Net Earnings听 听 听 听 听 听 听 听 听 听 | 9.3听% | 11.2听% | ||
Adjusted Diluted EPS | 7.2听% | 9.6听% | ||
Free Cash Flow (YTD) | (60.9)听% | |||
___________________ |
Unless otherwise stated, all results compare second quarter 2025 results to second quarter 2024 results from continuing operations. Year-over-year financial discussions present operating results from continuing operations as reported. |
Second听Quarter 2025 Financial Highlights
Net sales of
Income tax expense was
Net earnings were
Adjusted EBITDA was
Adjusted earnings per diluted share increased
Business Segment Highlights
Second听quarter net sales in Food were
Second quarter net sales in Protective were
Cash Flow and Net Debt
Cash flow from operating activities during the first six months of 2025 was a source of
Capital expenditures in the first six months of 2025 were
Dividend payments for the first six months of both 2025 and 2024 were
Total debt was
2025听Full Year Outlook
(in $ millions except EPS) | Range | Constant currency 鈻�% |
Net Sales | (6)% to | |
Adjusted EBITDA | (3)% to | |
Adjusted EPS | (7)% to | |
Free Cash Flow |
Adjusted EBITDA, Adjusted EPS and Free Cash Flow are non-GAAP financial measures. We have not provided guidance for the most directly comparable GAAP financial measures, as they are not available without unreasonable effort due to the high variability, complexity and low visibility of certain Special Items.
Conference Call Information
Sealed Air Corporation will host a conference call and webcast on Tuesday, August听5, 2025 at听10:00 a.m. (ET) to discuss our Second Quarter 2025 Results. The conference call will be webcast live on the Investors homepage at ir.sealedair.com. A replay of the webcast will also be available thereafter. A slide presentation, which includes supplemental information relating to the Company's second quarter earnings will be made available through the "Presentations & Events" section of the Company's Investor Relations website at 听prior to the call.
About Sealed Air
Sealed Air Corporation (NYSE: SEE), is a leading global provider of packaging solutions that integrate sustainable, high-performance materials, automation, equipment and services. Sealed Air designs, manufactures and delivers packaging solutions that preserve food, protect goods and automate packaging processes. We deliver our packaging solutions to an array of end markets including fresh proteins, foods, fluids and liquids, medical and life science, e-commerce retail, logistics and omnichannel fulfillment operations, and industrials. Our globally recognized solution brands include CRYOVAC庐 brand food packaging, LIQUIBOX庐 brand liquids systems, SEALED AIR庐 brand protective packaging, AUTOBAG庐 brand automated packaging systems, and BUBBLE WRAP庐 brand packaging. In 2024, Sealed Air generated
Website Information
We routinely post important information for investors on our website, , in the Investors section. We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
Non-GAAP Information
In this press release, we include certain non-GAAP financial measures, including Net Debt, Adjusted Net Earnings and Adjusted EPS, net sales on an "organic" and a "constant currency" basis, Free Cash Flow, Adjusted EBITDA, Adjusted EBITDA Margin, net leverage ratio and Adjusted Tax Rate. Management uses non-GAAP financial measures to assess operating and financial performance, set budgets, provide guidance and compare with peers' performance. We believe such non-GAAP financial measures are useful to investors. Non-GAAP financial measures should not be considered in isolation from or as a substitute for GAAP information. See the attached supplementary information for reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures. Information reconciling forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures is not presented because it is not available without unreasonable effort. The reconciling information that is not available includes forward-looking ranges of certain Special Items with high variability, complexity and low visibility. We are unable to address the probable significance of such unavailable information, which could have a potential significant impact on our future GAAP financial results.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by such words as "anticipate," "believe," "plan," "assume," "could," "should," "estimate," "expect," "intend," "potential," "seek," "predict," "may," "will" or the negative of these terms and similar expressions. All statements contained in this press release, other than statements of historical facts, such as those regarding our growth initiatives, business strategies, operating plans, business outlook, restructuring activities and market conditions, are forward-looking statements. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that may cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. These risks include important factors discussed in the "Risk Factors" section in Part I of our most recent Annual Report on Form 10-K, as updated by our other filings with the Securities and Exchange Commission.
Any forward-looking statements made by us in this press release are based solely on management's estimates as of the date of this press release. While we may elect to update such forward-looking statements, we disclaim any obligation to do so even if subsequent events cause our views to change, except as may be required by applicable law.
Company Contacts
Investors |
Mark Stone |
919.673.3218 |
Louise Lagache |
Media |
Andi Cole |
听
Sealed Air Corporation Condensed Consolidated Statements of Operations (Unaudited) 听 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
(In USD millions, except per share data) | 2025 | 2024 | 2025 | 2024 | ||||
Net sales | $听听听听听听听听听听 1,335.0 | $听听听听听听听听听听 1,345.1 | $听听听听听听听听听听听 2,607.5 | $听听听听听听听听听听听 2,674.7 | ||||
Cost of sales | 928.8 | 929.1 | 1,809.6 | 1,857.9 | ||||
Gross profit | 406.2 | 416.0 | 797.9 | 816.8 | ||||
Selling, general and administrative expenses | 184.2 | 190.3 | 370.8 | 376.7 | ||||
Loss on disposal of long-lived assets, net | (6.0) | (1.3) | (9.9) | (0.4) | ||||
Amortization expense of intangible assets | 14.9 | 16.3 | 30.1 | 31.1 | ||||
Restructuring charges | 2.8 | 2.5 | 5.4 | 18.0 | ||||
Operating profit | 198.3 | 205.6 | 381.7 | 390.6 | ||||
Interest expense, net | (55.7) | (63.3) | (112.5) | (128.4) | ||||
Other expense, net | (11.3) | (6.8) | (10.8) | (7.6) | ||||
Earnings before income tax provision | 131.3 | 135.5 | 258.4 | 254.6 | ||||
Income tax provision | 37.1 | 37.7 | 47.3 | 73.4 | ||||
Net earnings from continuing operations | 94.2 | 97.8 | 211.1 | 181.2 | ||||
(Loss) Gain on sale of discontinued operations, net of tax | (1.1) | 0.5 | (4.5) | (0.9) | ||||
Net earnings | $听听听听听听听听听听听听听听听 93.1 | $听听听听听听听听听听听听听听听 98.3 | $听听听听听听听听听听听听听听 206.6 | $听听听听听听听听听听听听听听 180.3 | ||||
Basic: | ||||||||
Continuing operations | $听听听听听听听听听听听听听听听 0.64 | $听听听听听听听听听听听听听听听 0.67 | $听听听听听听听听听听听听听听听听 1.44 | $听听听听听听听听听听听听听听听听 1.25 | ||||
Discontinued operations | (0.01) | 鈥� | (0.03) | (0.01) | ||||
Net earnings per common share - basic | $听听听听听听听听听听听听听听听 0.63 | $听听听听听听听听听听听听听听听 0.67 | $听听听听听听听听听听听听听听听听 1.41 | $听听听听听听听听听听听听听听听听 1.24 | ||||
Weighted average common shares outstanding - basic | 147.1 | 145.7 | 146.7 | 145.3 | ||||
Diluted: | ||||||||
Continuing operations | $听听听听听听听听听听听听听听听 0.64 | $听听听听听听听听听听听听听听听 0.67 | $听听听听听听听听听听听听听听听听 1.43 | $听听听听听听听听听听听听听听听听 1.24 | ||||
Discontinued operations | (0.01) | 鈥� | (0.03) | 鈥� | ||||
Net earnings per common share - diluted | $听听听听听听听听听听听听听听听 0.63 | $听听听听听听听听听听听听听听听 0.67 | $听听听听听听听听听听听听听听听听 1.40 | $听听听听听听听听听听听听听听听听 1.24 | ||||
Weighted average common shares outstanding - diluted | 147.4 | 146.0 | 147.1 | 145.7 | ||||
听
Sealed Air Corporation Condensed Consolidated Balance Sheets (Unaudited) 听 | ||||
(In USD millions) | June 30, 2025 | December 31, 2024 | ||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $听听听听听听听听听听听听听听听听听听听听听听听听 354.4 | $听听听听听听听听听听听听听听听听听听听听听听听听 371.8 | ||
Trade receivables, net | 488.2 | 443.1 | ||
Income tax receivables | 35.5 | 25.0 | ||
Other receivables | 109.9 | 135.9 | ||
Inventories, net | 824.5 | 722.2 | ||
Prepaid expenses and other current assets | 216.1 | 193.8 | ||
Total current assets | 2,028.6 | 1,891.8 | ||
Property and equipment, net | 1,446.6 | 1,397.9 | ||
Goodwill | 2,902.5 | 2,878.5 | ||
Identifiable intangible assets, net | 357.8 | 381.6 | ||
Deferred taxes | 140.6 | 112.0 | ||
Operating lease right-of-use-assets | 91.6 | 98.0 | ||
Other non-current assets | 279.7 | 262.3 | ||
Total assets | $听听听听听听听听听听听听听听听听听听听听听 7,247.4 | $听听听听听听听听听听听听听听听听听听听听听 7,022.1 | ||
Liabilities and Stockholders' Equity | ||||
Current liabilities: | ||||
Short-term borrowings | $听听听听听听听听听听听听听听听听听听听听听听听听 317.6 | $听听听听听听听听听听听听听听听听听听听听听听听听 140.5 | ||
Current portion of long-term debt | 42.1 | 64.6 | ||
Current portion of operating lease liabilities | 31.3 | 29.7 | ||
Accounts payable | 805.6 | 771.0 | ||
Accrued restructuring costs | 25.9 | 42.6 | ||
Income tax payable | 23.0 | 53.3 | ||
Other current liabilities | 453.9 | 533.8 | ||
Total current liabilities | 1,699.4 | 1,635.5 | ||
Long-term debt, less current portion | 3,982.4 | 4,198.8 | ||
Long-term operating lease liabilities, less current portion | 68.8 | 74.8 | ||
Deferred taxes | 27.2 | 26.1 | ||
Other non-current liabilities | 516.5 | 462.4 | ||
Total liabilities | 6,294.3 | 6,397.6 | ||
Stockholders' equity: | ||||
Preferred stock | 鈥� | 鈥� | ||
Common stock | 15.5 | 15.5 | ||
Additional paid-in capital | 1,447.2 | 1,445.7 | ||
Retained earnings | 790.4 | 643.4 | ||
Common stock in treasury | (366.6) | (404.2) | ||
Accumulated other comprehensive loss, net of taxes | (933.4) | (1,075.9) | ||
Total stockholders' equity | 953.1 | 624.5 | ||
Total liabilities and stockholders' equity | $听听听听听听听听听听听听听听听听听听听听听 7,247.4 | $听听听听听听听听听听听听听听听听听听听听听 7,022.1 | ||
听
Sealed Air Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) 听 | ||||
Six Months Ended June 30, | ||||
(In USD millions) | 2025 | 2024 | ||
Net earnings | $听听听听听听听听听听听听听听听听听听 206.6 | $听听听听听听听听听听听听听听听听听听 180.3 | ||
Adjustments to reconcile net earnings to net cash provided by operating activities(1) | 169.0 | 154.3 | ||
Changes in operating assets and liabilities: | ||||
Trade receivables, net | (19.3) | (43.2) | ||
Inventories, net | (71.3) | (60.2) | ||
Accounts payable | 9.1 | 77.0 | ||
Income tax receivable/payable | (40.4) | 26.6 | ||
Other assets and liabilities | (85.2) | (21.5) | ||
Net cash听provided by operating activities | $听听听听听听听听听听听听听听听听听听 168.5 | $听听听听听听听听听听听听听听听听听听 313.3 | ||
Cash flows from investing activities: | ||||
Capital expenditures | (87.3) | (105.8) | ||
Proceeds related to sale of business and property and equipment, net | 0.2 | 0.3 | ||
Business acquired in purchase transactions, net of cash acquired | 鈥� | 4.2 | ||
Payments associated with debt, equity and equity method investments | 鈥� | (1.1) | ||
Investment in marketable securities | 鈥� | (2.2) | ||
Settlement of foreign currency forward contracts | 5.4 | 5.1 | ||
Proceeds from cross-currency swaps | 1.6 | 1.6 | ||
Net cash used in investing activities | $听听听听听听听听听听听听听听听听听听 (80.1) | $听听听听听听听听听听听听听听听听听听 (97.9) | ||
Cash flows from financing activities: | ||||
Net proceeds (payments) of short-term borrowings | 166.5 | (2.8) | ||
Proceeds from long-term debt | 15.4 | 404.0 | ||
Payments of long-term debt | (266.5) | (478.6) | ||
Payments of debt modification/extinguishment costs and other | 鈥� | (6.8) | ||
Dividends paid on common stock | (59.7) | (59.6) | ||
Impact of tax withholding on share-based compensation | (9.3) | (8.0) | ||
Principal payments related to financing leases | (4.8) | (3.9) | ||
Net cash used in financing activities | $听听听听听听听听听听听听听听听听 (158.4) | $听听听听听听听听听听听听听听听听 (155.7) | ||
Effect of foreign currency exchange rate changes on cash and cash equivalents | $听听听听听听听听听听听听听听听听听听听听 52.6 | $听听听听听听听听听听听听听听听听听听 (17.2) | ||
Cash and cash equivalents | 371.8 | 346.1 | ||
Restricted cash and cash equivalents | 鈥� | 鈥� | ||
Balance, beginning of period | $听听听听听听听听听听听听听听听听听听 371.8 | $听听听听听听听听听听听听听听听听听听 346.1 | ||
Net change during the period | $听听听听听听听听听听听听听听听听听听 (17.4) | $听听听听听听听听听听听听听听听听听听听听 42.5 | ||
Cash and cash equivalents | 354.4 | 388.6 | ||
Restricted cash and cash equivalents | 鈥� | 鈥� | ||
Balance, end of period | $听听听听听听听听听听听听听听听听听听 354.4 | $听听听听听听听听听听听听听听听听听听 388.6 | ||
Non-GAAP Free Cash Flow: | ||||
Cash flow from operating activities | $听听听听听听听听听听听听听听听听听听 168.5 | $听听听听听听听听听听听听听听听听听听 313.3 | ||
Capital expenditures | (87.3) | (105.8) | ||
Non-GAAP Free Cash Flow | $听听听听听听听听听听听听听听听听听听听听 81.2 | $听听听听听听听听听听听听听听听听听听 207.5 | ||
Six Months Ended June 30, | ||||
(In USD millions) | 2025 | 2024 | ||
Supplemental Cash Flow Information: | ||||
Interest payments | $听听听听听听听听听听听听听听听听听听 136.8 | $听听听听听听听听听听听听听听听听听听 154.1 | ||
Income tax payments, net of cash refunds | $听听听听听听听听听听听听听听听听听听 116.0 | $听听听听听听听听听听听听听听听听听听听听 57.0 | ||
Restructuring payments including associated costs | $听听听听听听听听听听听听听听听听听听听听 35.3 | $听听听听听听听听听听听听听听听听听听听听 31.9 | ||
Non-cash items: | ||||
Transfers of shares of common stock from treasury for profit-sharing听contributions | $听听听听听听听听听听听听听听听听听听听听 26.3 | $听听听听听听听听听听听听听听听听听听听听 25.4 | ||
___________________ | |
(1)听 | 2025听adjustments primarily consist of depreciation and amortization of |
听
Sealed Air Corporation Components of Change in Net Sales by Segment (Unaudited) 听 | ||||||||||||
Three Months Ended June 30, | ||||||||||||
(In USD millions) | Food | Protective | Total Company | |||||||||
2024 Net Sales | $听听听听听听听听 893.8 | 66.4听% | $听听听听听听听听 451.3 | 33.6听% | $听听听听 1,345.1 | 100.0听% | ||||||
Price | 14.4 | 1.7听% | (8.0) | (1.8)听% | 6.4 | 0.5听% | ||||||
Volume(1) | (13.1) | (1.5)听% | (10.3) | (2.3)听% | (23.4) | (1.8)听% | ||||||
Total constant currency change (non-GAAP)(2) | 1.3 | 0.2听% | (18.3) | (4.1)听% | (17.0) | (1.3)听% | ||||||
Foreign currency translation | 1.0 | 0.1听% | 5.9 | 1.4听% | 6.9 | 0.5听% | ||||||
Total change (GAAP) | 2.3 | 0.3听% | (12.4) | (2.7)听% | (10.1) | (0.8)听% | ||||||
2025 Net Sales | $听听听听听听听听 896.1 | 67.1听% | $听听听听听听听听 438.9 | 32.9听% | $听听听听 1,335.0 | 100.0听% | ||||||
Six Months Ended June 30, | ||||||||||||
(In USD millions) | Food | Protective | Total Company | |||||||||
2024 Net Sales | $听听听听 1,762.2 | 65.9听% | $听听听听听听听听 912.5 | 34.1听% | $听听听听 2,674.7 | 100.0听% | ||||||
Price | 19.8 | 1.1听% | (14.5) | (1.6)听% | 5.3 | 0.2听% | ||||||
Volume(1) | (10.6) | (0.6)听% | (38.9) | (4.3)听% | (49.5) | (1.9)听% | ||||||
Total constant currency change (non-GAAP)(2) | 9.2 | 0.5听% | (53.4) | (5.9)听% | (44.2) | (1.7)听% | ||||||
Foreign currency translation | (23.2) | (1.3)听% | 0.2 | 0.1听% | (23.0) | (0.8)听% | ||||||
Total change (GAAP) | (14.0) | (0.8)听% | (53.2) | (5.8)听% | (67.2) | (2.5)听% | ||||||
2025 Net Sales | $听听听听 1,748.2 | 67.0听% | $听听听听听听听听 859.3 | 33.0听% | $听听听听 2,607.5 | 100.0听% | ||||||
___________________ | |
(1)听 听 听 | Our volume reported above includes the net impact of changes in unit volume as well as the period-to-period change in the mix of products sold. |
(2)听 听 听 | Total constant currency change is a non-GAAP financial measure which excludes the impact of foreign currency translation. |
听
Sealed Air Corporation Segment Information Reconciliation of Net Earnings to Non-GAAP Consolidated Adjusted EBITDA (Unaudited)听 听 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
(In USD millions) | 2025 | 2024 | 2025 | 2024 | ||||
Adjusted EBITDA from continuing operations: | ||||||||
Food | $听听听听听听 209.9 | $听听听听听听 204.6 | $听听听听听听 412.6 | $听听听听听听 394.2 | ||||
Adjusted EBITDA Margin(1) | 23.4听% | 22.9听% | 23.6听% | 22.4听% | ||||
Protective | 78.0 | 81.8 | 151.9 | 171.3 | ||||
Adjusted EBITDA Margin(1) | 17.8听% | 18.1听% | 17.7听% | 18.8听% | ||||
Corporate | 4.6 | (0.9) | 4.3 | (1.7) | ||||
Non-GAAP Consolidated Adjusted EBITDA | $听听听听听听 292.5 | $听听听听听听 285.5 | $听听听听听听 568.8 | $听听听听听听 563.8 | ||||
Adjusted EBITDA Margin(1) | 21.9听% | 21.2听% | 21.8听% | 21.1听% | ||||
___________________ | |
(1)听 听 听 | Adjusted EBITDA divided by net sales. |
听
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
(In USD millions) | 2025 | 2024 | 2025 | 2024 | ||||
GAAP Net earnings from continuing operations | $听听听听听听听听听 94.2 | $听听听听听听听听听听听听听 97.8 | $听听听听听听听听听听 211.1 | $听听听听听听听听听听听 181.2 | ||||
Interest expense, net | 55.7 | 63.3 | 112.5 | 128.4 | ||||
Income tax provision | 37.1 | 37.7 | 47.3 | 73.4 | ||||
Depreciation and amortization, net of adjustments(1) | 62.4 | 60.1 | 121.1 | 121.0 | ||||
Special Items: | ||||||||
Liquibox intangible amortization | 7.6 | 7.7 | 15.2 | 15.2 | ||||
Restructuring charges | 2.8 | 2.5 | 5.4 | 18.0 | ||||
Other restructuring associated costs | 6.4 | 6.4 | 12.3 | 13.2 | ||||
Foreign currency exchange loss due to highly inflationary economies | 4.3 | 0.6 | 6.0 | 5.5 | ||||
Loss on debt redemption and refinancing activities | 5.1 | 6.8 | 5.1 | 6.8 | ||||
Contract terminations | 3.0 | 鈥� | 3.0 | (0.1) | ||||
Charges related to acquisition and divestiture activity | 1.0 | 1.0 | 1.1 | (0.9) | ||||
CEO severance and separation costs | 鈥� | 鈥� | 7.4 | 鈥� | ||||
Accelerated share-based compensation expense | 鈥� | 鈥� | 5.0 | 鈥� | ||||
Other Special Items | 12.9 | 1.6 | 16.3 | 2.1 | ||||
Pre-tax impact of Special items | 43.1 | 26.6 | 76.8 | 59.8 | ||||
Non-GAAP Consolidated Adjusted EBITDA | $听听听听听听听 292.5 | $听听听听听听听听听听听 285.5 | $听听听听听听听听听听 568.8 | $听听听听听听听听听听听 563.8 | ||||
Reconciliation of Adjusted EBITDA to comparable constant currency | ||||||||
% increase - Adjusted EBITDA | 2.5听% | |||||||
% currency impact | 0.9听% | |||||||
% comparable constant currency | 3.4听% | |||||||
___________________ | |
(1) | Depreciation and amortization by segment are as follows: |
听
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
(In USD millions) | 2025 | 2024 | 2025 | 2024 | ||||
Food | $听听听听听听听听听听听听听 47.6 | $听听听听听听听听听听听听听 46.3 | $听听听听听听听听听听听听听 96.5 | $听听听听听听听听听听听听听 93.2 | ||||
Protective | 22.4 | 21.5 | 44.8 | 43.0 | ||||
Consolidated depreciation and amortization(i) | $听听听听听听听听听听听听听 70.0 | $听听听听听听听听听听听听听 67.8 | $听听听听听听听听听听听 141.3 | $听听听听听听听听听听听 136.2 | ||||
Liquibox intangible amortization and accelerated share-based compensation expense | (7.6) | (7.7) | (20.2) | (15.2) | ||||
Depreciation and amortization, net of adjustments | $听听听听听听听听听听听听听 62.4 | $听听听听听听听听听听听听听 60.1 | $听听听听听听听听听听听 121.1 | $听听听听听听听听听听听 121.0 | ||||
听
(i)听 | Includes share-based incentive compensation of |
听
The calculation of the non-GAAP Adjusted Tax Rate is as follows: | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
(In USD millions) | 2025 | 2024 | 2025 | 2024 | ||||
GAAP Earnings before income tax provision from continuing operations | $听听听听听听听 131.3 | $听听听听听听听 135.5 | $听听听听听听听 258.4 | $听听听听听听听 254.6 | ||||
Pre-tax impact of Special Items | 43.1 | 26.6 | 76.8 | 59.8 | ||||
Non-GAAP Adjusted Earnings before income tax provision | $听听听听听听听 174.4 | $听听听听听听听 162.1 | $听听听听听听听 335.2 | $听听听听听听听 314.4 | ||||
GAAP Income tax provision from continuing operations | $听听听听听听听听听 37.1 | $听听听听听听听听听 37.7 | $听听听听听听听听听 47.3 | $听听听听听听听听听 73.4 | ||||
Tax Special Items(1) | (2.8) | (2.7) | 20.8 | (6.8) | ||||
Tax impact of Special Items | 8.2 | 6.4 | 15.7 | 14.3 | ||||
Non-GAAP Adjusted Income tax provision | $听听听听听听听听听 42.5 | $听听听听听听听听听 41.4 | $听听听听听听听听听 83.8 | $听听听听听听听听听 80.9 | ||||
GAAP Effective income tax rate | 28.3听% | 27.8听% | 18.3听% | 28.8听% | ||||
Non-GAAP Adjusted Tax Rate | 24.4听% | 25.5听% | 25.0听% | 25.7听% | ||||
___________________ | |
(1)听 | For the three months ended June听30, 2025, Tax Special Items reflect interest accruals for uncertain tax positions. For the six听 months ended June听30, 2025, Tax Special Items reflect the resolution of certain previous years' international tax matters, partially offset by interest accruals for uncertain tax positions. For the three and six months ended June听30, 2024, Tax Special Items reflect accruals for uncertain tax positions. |
听
Sealed Air Corporation Reconciliation of Net Earnings and Net Earnings Per Common Share to Non-GAAP Adjusted Net Earnings and Non-GAAP Adjusted Net Earnings Per Common Share (Unaudited) 听 | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
(In USD millions, except per share data) | Net | Diluted | Net | Diluted | Net | Diluted | Net | Diluted | ||||||||
GAAP net earnings and diluted EPS from continuing operations | $听听听听 97.8 | $听听听听 0.67 | $听听 211.1 | $听听听听 1.43 | $听听 181.2 | $听听听听 1.24 | ||||||||||
Special Items(1) | 37.7 | 0.26 | 22.9 | 0.16 | 40.3 | 0.27 | 52.3 | 0.36 | ||||||||
Non-GAAP adjusted net earnings and adjusted diluted EPS(2) | $听 131.9 | $听听 120.7 | $听听听听 0.83 | $听听 251.4 | $听听听听 1.71 | $听听 233.5 | $听听听听 1.60 | |||||||||
Weighted average number of common shares outstanding - Diluted | 147.4 | 146.0 | 147.1 | 145.7 | ||||||||||||
Reconciliation of adjusted net earnings and adjusted diluted EPS | ||||||||||||||||
% increase - adjusted net earnings and adjusted diluted EPS | 9.3听% | 7.2听% | ||||||||||||||
% currency impact | 1.9听% | 2.4听% | ||||||||||||||
% comparable constant currency | 11.2听% | 9.6听% | ||||||||||||||
___________________ | |
(1) | Special Items include items in the table below. |
(2)听 | Adjusted diluted earnings per share for the three and six months ended June听30, 2025 does not sum due to rounding. |
听
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
(In USD millions, except per share data) | 2025 | 2024 | 2025 | 2024 | ||||
Special Items: | ||||||||
Liquibox intangible amortization | $听听听听听听听听听听听听听听听 7.6 | $听听听听听听听听听听听听听听听 7.7 | $听听听听听听听听听听听听听 15.2 | $听听听听听听听听听听听听听 15.2 | ||||
Restructuring charges | 2.8 | 2.5 | 5.4 | 18.0 | ||||
Other restructuring associated costs(i) | 6.4 | 6.4 | 12.3 | 13.2 | ||||
Foreign currency exchange loss due to highly inflationary economies | 4.3 | 0.6 | 6.0 | 5.5 | ||||
Loss on debt redemption and refinancing activities | 5.1 | 6.8 | 5.1 | 6.8 | ||||
Contract terminations | 3.0 | 鈥� | 3.0 | (0.1) | ||||
Charges related to acquisition and divestiture activity | 1.0 | 1.0 | 1.1 | (0.9) | ||||
CEO severance and separation costs | 鈥� | 鈥� | 7.4 | 鈥� | ||||
Accelerated share-based compensation expense(ii) | 鈥� | 鈥� | 5.0 | 鈥� | ||||
Other Special Items(iii) | 12.9 | 1.6 | 16.3 | 2.1 | ||||
Pre-tax impact of Special Items | 43.1 | 26.6 | 76.8 | 59.8 | ||||
Tax impact of Special Items and Tax Special Items | (5.4) | (3.7) | (36.5) | (7.5) | ||||
Net impact of Special Items | $听听听听听听听听听听听听听 37.7 | $听听听听听听听听听听听听听 22.9 | $听听听听听听听听听听听听听 40.3 | $听听听听听听听听听听听听听 52.3 | ||||
Weighted average number of common shares outstanding - Diluted | 147.4 | 146.0 | 147.1 | 145.7 | ||||
Loss per share impact from Special Items | $听听听听听听听听听听听 (0.26) | $听听听听听听听听听听听 (0.16) | $听听听听听听听听听听听 (0.27) | $听听听听听听听听听听听 (0.36) | ||||
___________________ | |
(i)听 | Other restructuring associated costs for the three and six months ended June听30, 2025 primarily relate to fees paid to third-party consultants in support of the CTO2Grow business transformation. |
(ii)听 | Accelerated share-based compensation expense for the six months ended June听30, 2025 primarily relates to the vesting of certain equity awards for our prior CEO upon his departure. |
(iii)听 | Other Special Items for the three and six months ended June听30, 2025 include fees related to professional services and other charges directly associated with Special Items or events that are considered one-time or infrequent. |
听
Calculation of Net Debt (Unaudited) 听 | ||||
(In USD millions) | June 30, 2025 | December 31, 2024 | ||
Short-term borrowings | $听听听听听听听听听听听听听听听听听听听听听听听听 317.6 | $听听听听听听听听听听听听听听听听听听听听听听听听 140.5 | ||
Current portion of long-term debt | 42.1 | 64.6 | ||
Long-term debt, less current portion | 3,982.4 | 4,198.8 | ||
Total debt | 4,342.1 | 4,403.9 | ||
Less: cash and cash equivalents | (354.4) | (371.8) | ||
Non-GAAP Net Debt | $听听听听听听听听听听听听听听听听听听听听 3,987.7 | $听听听听听听听听听听听听听听听听听听听听听 4,032.1 | ||
Net Leverage Ratio (Net Debt / Last Twelve Months Adjusted EBITDA) | 3.6x | 3.6x | ||
Last Twelve Months Ended | ||||
(In USD millions) | June 30, 2025 | December 31, 2024 | ||
GAAP Net earnings from continuing operations | $听听听听听听听听听听听听听听听听听听听听听听听听 299.4 | $听听听听听听听听听听听听听听听听听听听听听听听听 269.5 | ||
Interest expense, net | 231.7 | 247.6 | ||
Income tax provision | 162.8 | 188.9 | ||
Depreciation and amortization, net of adjustments | 243.8 | 243.7 | ||
Special Items: | ||||
Liquibox intangible amortization | 30.3 | 30.3 | ||
Restructuring charges | 45.2 | 57.8 | ||
Other restructuring associated costs | 29.4 | 30.3 | ||
Foreign currency exchange loss due to highly inflationary economies | 10.4 | 9.9 | ||
Loss on debt redemption and refinancing activities | 5.1 | 6.8 | ||
Impairment of debt investment | 8.5 | 8.5 | ||
Contract terminations | 3.0 | 鈥� | ||
Charges related to acquisition and divestiture activity | 6.2 | 4.2 | ||
CEO severance and separation costs | 7.4 | 鈥� | ||
Accelerated share-based compensation expense | 5.0 | 鈥� | ||
Other Special Items | 27.4 | 13.1 | ||
Pre-tax impact of Special items | 177.9 | 160.9 | ||
Non-GAAP Consolidated Adjusted EBITDA | $听听听听听听听听听听听听听听听听听听听听 1,115.6 | $听听听听听听听听听听听听听听听听听听听听听 1,110.6 | ||
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