SEE, a packaging solutions provider, has reported a 31% decline in net earnings from continuing operations for full-year 2023, amounting to $339m, compared to $491m in financial year 2022 (FY22).
The company's diluted earnings per share (EPS) also fell 30% to $2.34 in FY23 from $3.33 in the prior year.
For the year ending 31 December 2023, SEE's net sales decreased 3% to $5.48bn compared with $5.64bn in FY22.
Regionally, sales remained flat in the Asia-Pacific (APAC) region, while the Europe, Middle East, and Africa (EMEA) and Americas regions experienced declines of 1% and 4%, respectively.
Gross profit for the financial year stood at $1.64bn, a decrease from $1.77bn in FY22.
In the fourth quarter (Q4) of FY23, net sales of SEE were down by 2% to $1.37bn, with a notable increase of 9% in APAC but decreases of 3% in the Americas and 6% in EMEA.
However, net earnings for the quarter improved to $125m from $95m in the same period of the previous year.
Its EPS increased by 32% in Q4 FY23 to $0.86 from $0.65 in Q4 FY22.
SEE interim co-CEO and COO Emile Chammas said: "Our fourth-quarter results were in line with our expectations. We ramped our CTO2Grow initiatives to improve the competitiveness of our businesses and help offset continued weakness in our end markets.
"Our transformation will continue in 2024 with an enhanced focus on restoring underlying fundamentals in our core businesses so we are well-positioned to capitalise on growth when our end markets fully recover."
Looking ahead to the full-year 2024, the company expects net sales to be between $5.2bn and $5.6bn.
The company forecasts full-year adjusted EPS to be between $2.65 and $3.05.
