SEE Reports Q4 and Full Year 2021 Results

Net sales in Q4 of $1.5 billion, up 14% and in 2021 of $5.5 billion, up 13%
Net earnings in Q4 of $169 million, up 23% and in 2021 of $491 million, up 1%
Adjusted EBITDA in Q4 of $330 million, up 18% and in 2021 of $1,132 million, up 8%
EPS in Q4 of $1.12, up 27% and in 2021 of $3.22, up 4%
Adjusted EPS in Q4 of $1.12, up 26% and in 2021 of $3.55, up 11%
Cash flow from operations of $710 million, down 4% in 2021
Accelerating growth investments, CapEx of $213 million, up 18%, in 2021

SEE (NYSE: SEE) today reported financial results for the fourth quarter and full year 2021 and provided its 2022 outlook.

“We delivered strong sales and earnings, overcoming dramatic inflationary, supply, and COVID challenges. Our results are a testament to our culture, people, and powerful SEE Operating Engine.

We are building a world-class, digitally empowered company, acting like a startup to disrupt the markets we serve, our industry, and ourselves.

These are exciting times for us. We are making bold moves – investing in our people, operations, and customers to create significant value for our stakeholders,” said Ted Doheny, SEE’s President and CEO.

Fourth Quarter 2021
Net sales of $1.5 billion increased 14% as reported in fourth quarter 2021. Currency had an unfavorable impact of $16 million, or 1%.

Net earnings were $169 million, or $1.12 per diluted share, in fourth quarter 2021 as compared to net earnings of $138 million, or $0.88 per diluted share, in fourth quarter 2020. Fourth quarter 2021 was favorably impacted by Special Items of $1 million. The after tax gain on the sale of Reflectix was predominantly offset by restructuring costs and Tax Special Items.

The effective tax rate in fourth quarter 2021 was 31.6%, compared to 25.6% in fourth quarter 2020, due to the unfavorable impact from the sale of Reflectix. The prior year effective tax rate was favorably impacted by the benefit of a valuation allowance release.

Full Year 2021
Full year 2021 net sales of $5.5 billion increased 13% as reported. Currency had a favorable impact of $68 million, or approximately 1%.

Full year 2021 net earnings were $491 million, or $3.22 per diluted share, as compared to net earnings of $484 million, or $3.10 per share, in full year 2020. Special Items had an unfavorable impact of $50 million in 2021, primarily attributable to Tax Special Items, restructuring related costs, and a loss on debt redemption, partially offset by the gain on the sale of Reflectix. Tax Special Items were primarily expense items attributable to increases in uncertain tax positions and revaluation of deferred tax assets. Comparatively, Special Items had an unfavorable impact of $14 million in 2020.
details at: https://ir.sealedair.com/news-releases/news-release-details/see-reports-q4-and-full-year-2021-results

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