Q3 2024 Sealed Air Corporation Earnings Call Transcript
Key Points
- Sealed Air Corp (SEE) has reorganized into two verticals, Food and Protective, to enhance customer experience and maximize shareholder value.
- The Food segment is delivering above-market growth driven by commercial excellence, new product launches, and competitive wins.
- Sealed Air Corp (SEE) has strengthened its management team with experienced leaders to drive growth in both verticals.
- The company has announced a partnership with Best Buy to provide sustainable packaging solutions, showcasing its commitment to sustainability.
- Sealed Air Corp (SEE) has achieved strong free cash flow of $323 million year-to-date, reflecting improvements in working capital management.
- Sales and adjusted EBITDA for the third quarter were down 3% compared to last year, indicating challenges in overall performance.
- The Protective segment continues to face volume declines and unfavorable net price realization, impacting profitability.
- Organic sales were down 2% due to lower pricing across both Food and Protective segments.
- The company is experiencing ongoing weakness in the industrial sector and lower automation sales, affecting the Protective segment.
- Sealed Air Corp (SEE) is accelerating cost takeout initiatives due to challenges in volume and price performance, indicating pressure on profitability.
Good day, and thank you for standing by. Welcome to the Q3 2024 Sealed Air earnings conference call. (Operator Instructions) Please also 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. Brian, please go ahead.
Thank you, and good morning, everyone. With me today are Patrick Kivits, CEO; and Dustin Semach, President and CFO. Before we begin 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 the information that is now available to us. We encourage you to review the information in the section entitled forward-looking
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
