SEE (NYSE: SEE) today announced financial results for the third quarter 2021.
“We delivered strong sales and earnings despite significant inflationary pressures and widespread supply challenges.
Our SEE Operating Engine is performing – SEE Touchless Automation and sustainable solutions are generating customer demand, growth, and productivity.
We continue to make significant progress on our journey to world-class by investing in SEE Touchless Automation, Digital, and Sustainability,” said Ted Doheny, SEE’s President and CEO.
Business Segment Highlights
Third quarter net sales in Food were $797 million, an increase of 13% as reported. Currency had a favorable impact of $6 million, or 1%. On a constant dollar basis, net sales increased $87 million, or 12%, with favorable price of nearly 7% and volume growth of 6%. Volume performance reflects improvement in food service and continued demand for automation. Adjusted EBITDA of $169 million, or 21.2% of net sales, increased 11% from $152 million, or 21.6% of net sales, in the prior year. The increase in Adjusted EBITDA was primarily attributable to higher volumes and productivity, offset by negative price/cost spread and other inflationary pressures.
Third quarter net sales in Protective were $609 million, an increase of 14% as reported. Currency had a favorable impact of $6 million, or 1%. On a constant dollar basis, net sales increased $71 million, or 13%, with favorable price of nearly 10% and volume growth of 4%. Continued demand in automation and industrial markets contributed to Protective’s volume growth. Adjusted EBITDA decreased 5.5% to $103 million, or 16.9% of sales, as compared to $109 million, or 20.4% of net sales, in the prior year. Adjusted EBITDA margin performance was negatively impacted by inflationary pressures and global supply disruptions.
Third Quarter 2021 U.S. GAAP Summary
Net sales of $1.4 billion increased 14% as reported. Favorable currency impact contributed $12 million, or approximately 1%, to net sales growth, as compared to the prior year.
Net earnings in third quarter 2021 were $108 million, or $0.71 per diluted share, as compared to net earnings of $132 million, or $0.85 per diluted share, in the prior year. The decline is due to higher income tax expense and a $15 million pre-tax loss on the debt redemption of 4.875% senior notes due 2022.
further detail at: https://ir.sealedair.com/news-releases/news-release-details/see-reports-q3-2021-results