Sealed Air Corporation (NYSE: SEE)’s stock prices increased by 9.51%(4.77) over the previous closing price(May 3) of 50.15, as of May 4, market close. The opening and closing prices of April 4 were 51.77 and 54.92 respectively. The volume was above average, being 2,522,247. The day’s range was between 51.45 – 54.9.
Sealed Air (NYSE: SEE) is in business to protect, to solve critical packaging challenges and to make our world a better place. Sealed Air Corporation (NYSE: SEE)’s stock price as of May 5, 7:11AM EDT is 56.26, pre-market. Thus, the pre-market price shows a growth of 1.34(2.44%) over the closing price of May 4.
More on SEE
Raising Full Year Outlook
Net sales of $1.3 billion, up 8% as reported; up 6% constant currency
Net earnings of $106 million, down 8%; EPS of $0.68, down 8%
Adjusted EBITDA of $268 million, up 6%; Adjusted EPS of $0.78, up 7%
Cash flow from operations of $80 million, up 95%
Sealed Air Corporation (NYSE: SEE) today announced financial results for the first quarter 2021.
“Our Q1 results reflect strong performance and our focus on automation, digital and sustainability. Net sales increased 8% with strength in eCommerce, food retail and equipment, combined with increasing momentum in industrials. Adjusted EBITDA increased 6% as higher volumes and productivity improvements more than offset global supply chain disruptions related to Winter Storm Uri,” said Ted Doheny, Sealed Air’s President and CEO.
“As market opportunities move to a ‘touchless environment,’ customers are looking to Sealed Air’s leadership in automation, service, and high-performance packaging materials. Strong operational execution as well as growth opportunities give us confidence to raise our full year outlook,” continued Doheny.
Unless otherwise stated, all results compare first quarter 2021 to first quarter 2020 results from continuing operations. Year-over-year financial discussions present operating results from continuing operations as reported. Year-over-year comparisons are also made on a constant dollar basis, which is a non-U.S. GAAP measure. Constant dollar refers to changes in net sales and earnings, including changes in unit volume and price performance, but excluding the impact of currency translation. Additionally, non-U.S. GAAP adjusted financial measures, such as Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Adjusted Net Earnings, Adjusted Diluted Earnings Per Share (“Adjusted EPS”) and Adjusted Tax Rate, exclude the impact of specified items (“Special Items”), such as restructuring charges, restructuring associated costs, gains and losses related to acquisition and divestiture of businesses, special tax items (“Tax Special Items”) and certain infrequent or one-time items. Please refer to the supplemental information included with this press release for a reconciliation of U.S. GAAP to Non-U.S. GAAP financial measures.
First quarter net sales in Food were $702 million, an increase of 2% as reported, primarily driven by a favorable currency impact of 1.5%. On a constant dollar basis, net sales were essentially flat with 5% growth in Asia Pacific (APAC) and 1% in EMEA, largely offset by a 1% decline in the Americas. The Americas include both North and South America. Retail and equipment demand remained strong, while food service trends continued to trail prior year levels. Adjusted EBITDA of $157 million, or 22.3% of net sales, compares to $156 million, or 22.6% of net sales, in the prior year. Reinvent SEE productivity improvements were offset by raw material inflation and higher costs related to the winter storm supply chain disruptions.
First quarter net sales in Protective were $565 million, an increase of 17% as reported. Currency had a favorable impact of $15 million, or 3%. On a constant dollar basis, net sales increased $67 million, or 14%, driven by a 13% increase in volume. Continued momentum in e-Commerce, fulfillment and automated equipment, along with a recovery in industrial segments, contributed to constant dollar growth of 23% in APAC, 14% in EMEA and 12% in Americas. Adjusted EBITDA increased 18% to $110 million, or 19.5% of sales. The increase in Adjusted EBITDA was primarily attributable to volume growth and Reinvent SEE productivity improvements, partially offset by raw material inflation and higher costs related to the winter storm supply chain disruptions.
First Quarter 2021 U.S. GAAP Summary
Net sales of $1.3 billion increased 8% as reported. Currency contributed $25 million, or approximately 2%, to net sales as compared to first quarter 2020.
Net earnings in first quarter 2021 were $106 million, or $0.68 per diluted share, as compared to net earnings of $115 million, or $0.74 per diluted share, in first quarter 2020.
The effective tax rate in first quarter 2021 was 34.0%, as compared to 22.2% in first quarter 2020. The current year effective tax rate was unfavorably impacted by legislative and administrative changes to enacted foreign statutes. The lower prior year tax rate was favorably impacted by the resolution of specific uncertain tax positions associated with a U.S. IRS audit.
First Quarter 2021 Non-U.S. GAAP Summary
Net sales increased $68 million, or 6%, on a constant dollar basis. Volumes increased $60 million, or 5%. Volumes were higher across all regions, with APAC up 13%, EMEA up 7% and Americas up 3%. Pricing increased 1%, primarily in Americas.
Adjusted EBITDA was $268 million, or 21.2% of net sales in first quarter 2021 as compared to $253 million, or 21.6% in first quarter 2020. Currency fluctuations had a favorable impact of $4 million, or 2% in first quarter 2021. The increase in Adjusted EBITDA was largely due to volume growth and benefits from our Reinvent SEE business transformation, partially offset by raw material inflation and higher costs related to the winter storm supply chain disruptions.
The Adjusted Tax Rate was 27.6% in first quarter 2021, as compared to 27.9% in first quarter 2020.
Adjusted earnings per diluted share were $0.78 in first quarter 2021, as compared to $0.73 in first quarter 2020. The increase in Adjusted EPS was attributable to higher Adjusted EBITDA.
Cash Flow and Net Debt
Cash flow provided by operating activities for first quarter 2021 was a source of $80 million, as compared to a source of $41 million for first quarter 2020. The increase in cash from operating activities was primarily due to a tax refund of $24 million received during the quarter and lower restructuring and associated payments of $5 million in first quarter 2021, as compared to $26 million in first quarter 2020. Capital expenditures were $44 million during first quarter 2021 as compared to $49 million in the same period last year. Free Cash Flow, defined as net cash provided by operating activities less capital expenditures, was a source of $36 million in first quarter 2021, as compared to a use of $8 million in first quarter 2020.
During first quarter 2021, the Company repurchased 4 million shares for an aggregate cost of $177 million and paid cash dividends of $26 million.
Net Debt, defined as total debt less cash and cash equivalents, was $3.4 billion as of March 31, 2021 as compared to $3.2 billion as of December 31, 2020. As of March 31, 2021, Sealed Air had approximately $1.5 billion of liquidity available, comprised of $370 million of cash and $1,133 million of undrawn, committed credit facilities.
Updated 2021 Full Year Outlook
For the full year 2021, Sealed Air now expects net sales in the range of $5.25 billion to $5.35 billion, which represents an increase of 7% to 9% as reported and 6% to 8% in constant dollars. This compares to the Company’s previous net sales outlook in the range of $5.10 billion to $5.20 billion. Adjusted EBITDA is now expected to be in the range of $1.12 billion to $1.15 billion, compared to the previous outlook of $1.10 billion to $1.13 billion. Sealed Air now forecasts Adjusted EPS to be in the range of $3.40 to $3.55, which is based on approximately 154 million weighted average shares outstanding. The Company continues to anticipate the Adjusted Tax Rate to be 26% to 27%. The previous EPS range was $3.25 to $3.40 based on 157 million shares.
Free Cash Flow in 2021 is now expected to be in the range of $520 million to $570 million, with capital expenditures of approximately $210 million and Reinvent SEE restructuring and associated payments of approximately $40 million. This compares to the previous Free Cash Flow range of $500 million to $550 million.
Meme Crypto Coin That’s Transforming Multiple Indians into Crorepatis Overnight
Meme crypto assets are clouding the crypto space for quite a while. However, as more and more Indians are getting fascinated with memes, it seems that the market is fortunate for them. Mumbai: Vinod Kumar, 36, a Bengaluru-based venture broker at a private value firm, has seen his “risk portfolio” interest in Shiba Inu coin bounce multiple times in the past two days. Kumar had put twice in the meme crypto coin – when it was valued at ₹0.001215 and afterward when it was at ₹0.002039 half a month prior. After the spray over the most recent two days, Shiba Inu exchanged at around ₹0.005848 Saturday on some crypto trades.
Numerous financial backers worldwide and in India have seen their risk portfolios rise, riding on the meme coin – a sort of digital money – that bounced 70% on Wednesday and 40% on Thursday, said trades.
“We have seen around 35,000 clients purchasing Shiba Inu as of late, which represents a 385% increment in Shiba Inu financial backers. Additionally, the Shiba Inu INR markets saw 5x expansion in return volume,” said Shivam Thakral, CEO at digital currency exchange BuyUcoin. BuyUcoin clients have put $58 million in Shiba Inu since the start of the current convention.
On the whole, trading volumes were fixed at about $600 million across stages in India, said industry trackers. Top reporters let us know that, not at all like prior, when Indians would possibly begin purchasing when worldwide assemblies were concluding, many kept buying the digital currency all through September and October. Jokes ordinarily rouse image coins via web-based media, similar to the case with Dogecoin. Presently Shiba Inu has become one of the most famous crypto resources globally.” Meme coins and altcoins could acquire financial backers’ advantage on the off chance that they keep on conveying attractive returns,” said Jay Hao, CEO, OKEx.com, a cryptographic money trade.
“Simultaneously, clients ought to be exceptionally cautious while putting resources into such cryptos and not set up their resources in one place and consistently enhance their portfolio across different crypto resources,” he said. “Shiba Inu, inferable from the new meeting, has turned into the eighth-biggest crypto on the planet by market cap. At OKEx, we have seen a 5x expansion in Shiba Inu exchanging since the start of the value flood.”
The top trading platform said that Indians kept on purchasing Shiba Inu on Friday. Information from the trades demonstrates that most of the financial backers who brought in cash, as Kumar, haven’t sold their ventures yet, are placing in more money and expecting other highs.
“I will stand firm on the footholds long haul,” said Kumar, who didn’t tell ET the absolute worth of his “hazard portfolio” after the leap in the image coin.
With Bitcoin, Etherum, Solana, and Cardano displaying instability and interest for Shiba Inu expanding on Wednesday, WazirX’s administrations were disturbed for some time on Thursday amid a surge of requests. The exchange said trading volume reached a record of $566 million. Moreover, there are near 15 million crypto-financial supporters in India, holding digital assets worth ₹15,000 crores, as indicated by figures ordered by Indian digital currency trading platforms. All the enormous cryptographic money trades have seen somewhere at the lowest a multiplied worth in trading and speculation beyond a couple of months.
Apart From Bitcoin: AMC Theatres to Announces Allow ETH, LTC, and BCH as Payments, CEO Speaks
America’s largest cinema chain, AMC theatres, says that it will accept payments in more crypto assets except for just BTC. The entertainment giant originally announced that it would accept Bitcoin payments on August 9. In a statement on September 15, Adam Aron, the AMC Chief Executive, said the corporation would be extending the number of cryptocurrencies it would allow as payment methods. Aron affirmed that by the time BTC payments are billowed out ere the point of the year, AMC would also expect to accept Litecoin, Ethereum, and Bitcoin Cash. Adam tweeted that –
“Cryptocurrency enthusiasts: you likely know @AMCTheatres has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin, and Bitcoin Cash.“
While the company’s August wages call, Aron also asserted that clients would also pay through Apple Pay and Google Pay by year’s end. However, neither of the tech oligopolies promotes crypto. At the time, he noted that many of the firm’s new retail investors were highly passionate about cryptocurrency. AMC shares mounted when they became a meme stock supported by retail traders on Reddit’s disgraceful WallStreetBets forum fresh this year. Share values were up a mountainous 2,242% since the year’s inception when they swapped at just 2 dollars. Over the former month, AMC stock has grown 37% to touch 46.86 dollars milestone as of the market close past, according to Yahoo! Finance. AMC stock mounted to an all-time high of 62.55 dollars before departing 25% to current levels in preceding June.
Furthermore, crypto-asset businesses have climbed higher throughout the morning’s Asian trading gathering. CoinGecko is inscribing a 3% increase in cumulative market capitalization, which has developed by 50 dollars billion to touch 2.26 trillion dollars at writing. Ethereum is presently influencing the high cap pack with a profit of 8% on the heyday, forging prices to record a weekly high of 3,675 dollars. ETH requires apparent permanence at the 3,900 dollar level to secure further meaningful gains, while on the downside, they must look for assistance at 3,200 dollars. Bitcoin has calculated 3% on the day to relinquish 48,260 dollars at the time of writing, following a precious cross and negotiating at its most precious level since the September 7 business depreciation.
Bitcoin and the entire crypto market seem unstoppable. As needless to say, Bitcoin was later adopted as legal tender shortly this month by the nation El Salvador. In any case, the world-first move was assailed by early-stage troubles, similar to a furious dissent by suspicious residents, innovative errors, and a dunk in the digital money obfuscated the rollout. The striking examination got off to a rough beginning when soon after midnight, Salvadoran President Nayib Bukele whined the public authority upheld Bitcoin application was not accessible on different Internet stages, including Apple and Huawei.
Top 5 Stock Price Gainers of May 17: US Stock Market
Consumer Automotive Finance, Inc. (OTCMKTS: NWAU)
Consumer Automotive Finance, Inc. (OTCMKTS: NWAU)’s stock price increased by 22.50%. The closing price as of May 16 was $0.0400, over which, the price increased by $0.0090 on May 17. The closing price as of May 17 stands at $0.0490. The opening price was $0.0625, the range was 0.0400 – 0.0625 and the volume was 199,804.
Apellis Pharmaceuticals, Inc. (NASDAQ: APLS)
The stock price of Apellis Pharmaceuticals, Inc. (NASDAQ: APLS) stands at $53.60 as of May 17. The price shows a growth of $8.80(19.88%) over the previous ( May 16) closing price of $44.26. The opening price as of May 17 was $49.01; the day’s range was 48.96 – 54.25. The volume was above average, being 6,234,624.
Globalstar, Inc. (NYSE: GSAT)
Globalstar, Inc. (NYSE: GSAT)’s closing stock as of May 17 stands at $1.3600. The price shows a growth of $0.2200 (19.30%) over the previous ( May 16) closing price of $1.1400. May 17’s opening price was $1.1000 and the day’s range was 1.1000 – 1.3800. The volume was 24,374,234, slightly above average.
Hecla Mining Company (NYSE: HL)
Hecla Mining Company (NYSE: HL)’s stock price increased by a huge amount of 16.53%. The previous price, i.e, May 16’s price was $7.56. The current price as of May 17, is $8.81 which is $1.25 more than the previous closing price. The opening price of May 17 was $7.73. The price range for the day was 7.65 – 8.88; the volume was 23,888,169.
Discovery, Inc. (NASDAQ: DISCB)
$80.18 is the current( as of May 17) stock price of Discovery, Inc. (NASDAQ: DISCB). The price shows a growth of $9.67 (13.71%) over the previous (May 16) closing price of $70.51. The pre-market price as of 4:04AM EDT, May 18 remains the same as the closing price of May 17, $80.18 .
General News2 years ago
New WhatsApp Feature Enables same Account on Multiple Devices
General News1 year ago
VYGVF’s Stock Price Decreased by 16.08%: Here’s How it Happened
Market News1 year ago
IMAB Stock Price News: 11.00% Increase
Market News1 year ago
Li Auto Inc. (LI) Stocks News: LI Stock Price Is Trading Over $22.68
General News1 year ago
AMC stock price bounced back( 13.35% growth): Here’s Why it happened
Market News1 year ago
FUTU Holdings Stock Price Increased : Gain Of 10.43%
Market News1 year ago
Ultra Clean Holdings, Inc. (NASDAQ: UCTT) Stock Prices Decreased by 10.47%: Here’s How It Happened
Market News1 year ago
Top 5 Stock Market Gainers: WW, BCRX, HOME, GOLF, SBH