- Sealed Air Corp (NYSE:SEE) reported second-quarter FY22 sales growth of 6.7% year-on-year to $1.42 billion, missing the consensus of $1.43 billion.
- Sales in the Americas rose 13% Y/Y, EMEA decreased 4%, and APAC lost 3%.
- Net sales in the Food segment increased by 9%, and Protective improved by 3%.
- Adjusted EPS of $1.01 beat the analyst consensus of $0.97.
- Gross profit rose 9.4% Y/Y to $438.3 million with a gross profit margin of 30.9%.
- The operating margin was 16%, and operating income for the quarter rose 15.1% to $226.7 million.
- Selling, general and administrative expenses rose 3.8% Y/Y to $199.2 million.
- The company held $281.2 million in cash and equivalents as of June 30, 2022. The cash flow from operations for the six-months totaled $213 million.
- Adjusted EBITDA was $293.4 million, with the margin expanding 90 basis points to 20.7%.
- Sealed Air’s net debt as of June 30, 2022, totaled $3.4 billion.
- Outlook: Sealed Air continues to expect FY22 sales of $5.85 billion - $6.05 billion, versus the consensus of $5.92 billion.
- The company forecasts FY22 Adjusted EPS of $4.05 - $4.20, against the consensus of $4.12.
- Price Action: SEE shares traded lower by 8.44% at $56.33 on the last check Tuesday.
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