Sealed Air Reports Q4 and Full Year 2020 Results

*Net sales increased 3% to $1.3 billion in Q4 and 2% to $4.9 billion in 2020
*Q4 Net earnings of $138 million, $0.88 per share increased 10%
*2020 Net earnings of $484 million, $3.10 per share increased 64%
*Net cash provided by operating activities of $737 million increased 44% in 2020

Sealed Air Corporation (NYSE: SEE) today reported financial results for the fourth quarter and full year 2020 and announced its 2021 outlook.

“Throughout 2020, we focused on business continuity and delivering on our purpose: ‘to protect, to solve critical packaging challenges, and to leave our world better than we found it’. The resiliency and commitment of our people coupled with our broad portfolio and global scale enabled us to overcome many challenges and deliver strong results.

We delivered Adjusted EBITDA growth of 9% and Adjusted EBITDA to free cash flow conversion greater than 50%. These results demonstrate execution of our automation and sustainability strategy, fueled by our Reinvent SEE business transformation,” said Ted Doheny, Sealed Air’s President and CEO.

“Market uncertainties persist in 2021, yet we expect to deliver continued sales and Adjusted EBITDA growth and another year of robust cash generation. We are leading the packaging industry by maximizing food safety and protecting goods, eliminating waste and investing in a circular economy, and accelerating a ‘touchless’ and digital world,” continued Doheny.

Fourth quarter net sales of $1.3 billion increased 3% as reported.

Fourth quarter 2020 net earnings were $138 million, or $0.88 per diluted share, which were unfavorably impacted by Special Items of $2 million, after tax. Special Items in the fourth quarter 2020 were primarily attributable to Tax Special Items and restructuring associated costs related to the Company’s Reinvent SEE initiatives, partially offset by $15 million ($11 million, after tax) of non-cash income resulting from the increase in fair value of an equity investment. Net earnings in the fourth quarter 2019 were $124 million, or $0.80 per diluted share. Special Items in the fourth quarter 2019 contributed $3 million to net earnings, which were largely driven by a one-time tax benefit resulting from tax optimization initiatives associated with Reinvent SEE and restructuring activities.

Full year 2020 net sales of $4.9 billion increased 2% as reported. Currency had a negative impact on total net sales of $82 million or 2%.

Full year 2020 net earnings were $484 million, or $3.10 per diluted share, which were unfavorably impacted by Special Items of $14 million, after tax. Special Items were primarily attributable to restructuring and restructuring associated costs of $23 million, after tax, as well as $5 million, after tax, related to acquisition integration. These items were partially offset by the $11 million, after tax, gain on equity investment. Net earnings for the full year 2019 of $294 million, or $1.89 per diluted share, were unfavorably impacted by $145 million of Special Items, after tax, including $76 million, after tax, of restructuring and restructuring associated costs and a one-time charge of $44 million, after tax, recorded in connection with a legal settlement.
details at: https://ir.sealedair.com/news-releases/news-release-details/see-reports-q4-and-full-year-2020-results

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