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August 3, 2022

Sealed Air registers 7% increase in net sales for Q2 2022

The company expects its full-year net sales to be between $5.85 and $6.05bn.

US-based packaging company Sealed Air (SEE) has reported $1.4bn in net sales for the second quarter (Q2) of the fiscal year 2022 (FY22).

The figure represents an increase of 7% and 11% on a reported and constant currency basis respectively from the same period of FY21.

The company’s reported net sales increased by 13% in the Americas during the quarter, but dropped by 4% and 3% in Europe, Middle East and Africa (EMEA) and Asia-Pacific (APAC) respectively.

Net sales in its Food business were $806m, up by 9% on a reported basis from Q2 2021, while net sales for its Protective segment increased by 3% to $612m.

SEE’s net earnings for the quarter increased to $114m during the quarter, up by 5% from $109m in Q2 2021.

The company’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) also grew by 12% to $293m.

Its Q2 earnings per share (EPS) were $0.77, up by 8% from the corresponding period of the prior year, while its adjusted EPS also grew by 28% to $1.01.

SEE president and CEO Ted Doheny said: “We delivered strong second-quarter earnings, overcoming sustained inflationary pressures, widespread supply chain challenges and unfavourable foreign currency impacts.

“Our results are a testament to the resiliency of our people and the strength of our business as we continue our journey towards a world-class, digitally driven company automating sustainable packaging solutions.

“Our SEE Operating Engine is performing. We have made significant progress on our strategy leading with Automation, Digital and Sustainable Packaging Solutions.”

For the full year, SEE anticipates its net sales to be between $5.85bn and $6.05bn and expects adjusted EBITDA of $1.22bn to $1.25bn.

The company also expects its full-year adjusted EPS to be between $4.05 and $4.20.

Earlier this year, SEE acquired Irish packaging company Foxpak Flexibles in an effort to expand its presence in Europe.

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