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SEE Stock Price Increased by 9.51%: Here’s What Happened

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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.

Business Highlights

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.

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