SEE is forecasting adjusted EPS to range between $2.65 and $3.05 for full-year 2024. Credit: T. Schneider via Shutterstock.

Global packaging solutions provider Sealed Air (SEE) has reported generally accepted accounting principles (GAAP) net sales of $1.34bn in the second quarter (Q2) of financial year 2024 (FY24), marking a 2.6% decline from $1.38bn in Q2 FY23.  

The company’s net earnings were $97.8m in Q2 FY24, up by 4.2% from $93.9m in Q2 FY23. 

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Its earnings per diluted share (EPS) also rose to $0.67, a 3.1% increase from the prior year’s quarter of $0.65.  

SEE’s non-GAAP adjusted earnings before interest, taxes, depreciation, and amortisation improved to $285m in Q2 FY24, or 21.2% of net sales, compared to $280m, or 20.3%, in Q2 FY23.  

This rise was primarily due to lower operating costs from the CTO2Grow programme and higher volumes, despite challenges in net price realisation. 

The company’s income tax expense decreased to $38m, with an effective tax rate of 27.8%, down from a 32.5% rate in the prior year.  

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

SEE total debt stood at $4.6bn as of 30 June 2024, a slight decrease from $4.7bn at the end of 2023.  

SEE CEO Patrick Kivits said: “Our second-quarter results were ahead of our expectations, reflecting strong sequential demand within our Food business and accelerated benefits from our CTO2Grow programme. 

“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 centre 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.” 

Looking ahead, Sealed Air anticipates full-year net sales to be between $5.2bn and $5.6bn, with adjusted EPS ranging from $2.65 to $3.05. 

In June this year, SEE announced the appointment of Kivits as its new chief executive officer, effective 1 July.