Sealed Air Reports Q2 2024 Results

“Our second quarter results were ahead of our expectations, reflecting strong sequential demand within our Food business, accelerated benefits from our CTO2Grow program that more than offset the continued pressure within our Protective business,” said Patrick Kivits, Sealed Air’s CEO. “I have joined Sealed Air at a pivotal time in its journey. I plan on accelerating the transformation that began eight months ago to restore business fundamentals and drive long-term sustainable growth. Our people are at the center of this transformation and I want to express my appreciation for their commitment to Sealed Air and our customers. I am excited about the opportunities ahead of us.”

“For the remainder of the year, our Food businesses’ performance is being offset by weaker than expected volumes within Protective. At this time, we do not see a catalyst for the volumes to inflect in Protective and expect this trend to continue into 2025,” said Dustin Semach, Sealed Air’s President and CFO. “We delivered strong free cash flow in the first half and continued to strengthen the balance sheet, putting us ahead of pace for free cash flow generation for the full year.”

Second Quarter 2024 Financial Highlights
Net sales of $1.35 billion decreased 3% as reported, with EMEA decreasing 5%, APAC decreasing 3% and the Americas decreasing 2%. Net sales decreased $24 million, or 2%, on a constant dollar basis. Price had an unfavorable impact of $41 million, or 3%. Volumes increased by $18 million, or 1%.

Net earnings were $98 million, or $0.67 per diluted share, as compared to net earnings of $94 million, or $0.65 per diluted share in the prior year.
details at: https://ir.sealedair.com/news-releases/news-release-details/sealed-air-reports-q2-2024-results