The company has trimmed its net sales forecast for the rest of 2023 accordingly. Credit: Igor Ovsyannykov via Pixabay.

US-based packaging company Sealed Air (SEE) has reported net earnings of $99.1m for the second quarter (Q2) of 2023, a decrease of 13% from nearly $114m in the same period a year ago.

Diluted earnings per share (EPS) was 68 cents in Q2 2023, versus 77 cents last year.

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This was driven by weak performance in the Americas and the Europe, Middle East and Africa markets, which outweighed growth in the Asia-Pacific region.

The company’s net sales was $1.38bn for the quarter ending 30 June 2023, down 3% from $1.42bn in Q2 2022.

Price had a favourable impact of 2% on Q2 2023 performance, with currency having an unfavourable impact of 1.7%. This was offset by gains from the acquisition of Liquibox.

Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) dipped 4.4% to $280.3m from $293.4m in 2022.

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Net debt was $4.7bn as of 30 June 2023, an increase from $3.2bn at the end of 2022. 

SEE president and CEO Ted Doheny said: “Our second-quarter earnings results were in line with our expectations driven by continued weakness in our end-markets.

“We expect demand weakness to continue with second-half volumes similar to first half of 2023. We are revising our full-year 2023 guidance accordingly.”

Looking ahead to the rest of 2023, SEE has trimmed its net sales forecast, now anticipating between $5.40bn and $5.60bn, compared with its prior projection of $5.85-6.10bn.

The company’s updated full-year adjusted EBITDA outlook is between $1.07bn and $1.12bn, versus its earlier forecast of $1.25bn to $1.30bn.

SEE also predicts full-year adjusted EPS of $2.75-$2.95, as against the previous forecast of $3.50-$3.80.