Q2 2024 Sealed Air Corp Earnings Call Transcript
Key Points
- Sealed Air Corp (SEE) reported strong sales of $1.35 billion and adjusted EBITDA of $285 million for Q2 2024, indicating robust performance despite challenging market conditions.
- The food segment showed mid-single-digit volume growth across all regions, driven by increased consumer demand and competitive wins.
- Sealed Air Corp (SEE) achieved positive free cash flow of $207 million year-to-date, significantly higher than the $45 million generated in the same period last year.
- The company won the GOLD Sustainability Award at the 2024 WorldStar Packaging Awards for sustainable innovations in its food business, highlighting its commitment to sustainability.
- Sealed Air Corp (SEE) is actively working on portfolio optimization initiatives and strategic efforts to enhance its protective business, focusing on market trends and pivot strategies.
- The protective segment continues to face challenges, with sales performance in line with expectations but showing weakness in industrial portfolios and volume declines.
- Sealed Air Corp (SEE) does not anticipate an inflection in protective volumes in 2024, with expectations of continued weakness into 2025.
- The company experienced a 3% lower year-over-year pricing across both food and protective segments, primarily in the Americas and EMEA regions.
- Protective adjusted EBITDA decreased by 15% in the second quarter, with margins down 110 basis points due to lower volume and unfavorable net price realization.
- Sealed Air Corp (SEE) faces ongoing challenges in the protective segment, including sustainability pressures and a slowdown in equipment automation sales.
Good day, and thank you for standing by. Welcome to the Q2 2024 Sealed Air earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Brian Sullivan, Investor Relations. Please go ahead.
Thank you, and good morning, everyone. With me today are Sealed Air's Chairman of the Board, Henry Keizer along with Patrick Kivits, CEO; and Dustin Semach, President and CFO. Before beginning our call, I would like to note that we have provided a slide presentation to supplement the call. Please visit sealedair.com where today's webcast and presentation can be downloaded from our Investor Relations page.
Statements made during this call, stating management's outlook or estimates for future periods are forward-looking statements. These statements are based solely on information that is now available to us. We encourage you to review the
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