US – US-based packaging company Sealed Air (SEE) has reported US$1.4bn in net sales for the second quarter (Q2) of the fiscal year 2022 (FY22).
The figure represents an increase of 7% and 11% on a reported and constant currency basis respectively from the same period of FY21.
The company’s reported net sales increased by 13% in the Americas during the quarter but dropped by 4% and 3% in Europe, Middle East and Africa (EMEA) and Asia-Pacific (APAC) respectively.
Net sales in its Food business were US$806 million, up by 9% on a reported basis from Q2 2021, while net sales for its Protective segment increased by 3% to US$612 million.
SEE’s net earnings for the quarter increased to US$114 million during the quarter, up by 5% from US$109 million in Q2 2021.
The company’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) also grew by 12% to US$293 million.
Its Q2 earnings per share (EPS) were US$0.77, up by 8% from the corresponding period of the prior year, while its adjusted EPS also grew by 28% to US$1.01.
Ted Doheny, President and CEO of Sealed Air said: “We delivered strong second-quarter earnings, overcoming sustained inflationary pressures, widespread supply chain challenges and unfavourable foreign currency impacts.
“Our results are a testament to the resiliency of our people and the strength of our business as we continue our journey towards a world-class, digitally driven company automating sustainable packaging solutions.
“Our SEE Operating Engine is performing. We have made significant progress on our strategy leading with Automation, Digital and Sustainable Packaging Solutions.”
For the full year, SEE anticipates its net sales to be between US$5.85 billion and US$6.05 billion and expects adjusted EBITDA of US$1.22 billion to US$1.25 billion.
The company also expects its full-year adjusted EPS to be between US$4.05 and US$4.20.
Earlier this year, SEE acquired Irish packaging company Foxpak Flexibles in an effort to expand its presence in Europe.
Foxpak will help SEE build on its digital packaging solutions where graphic design and digital printing are key areas of value creation, noted Doheny.
“Foxpak is recognized as a customer-centric, digital printing pioneer. Together we will accelerate our digital future with innovations in smart packaging for leading brands around the world,” added Doheny.
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