- Sealed Air Corp SEE reported a third-quarter FY22 sales decrease of 0.4% year-on-year to $1.40 billion, missing the consensus of $1.45 billion.
- Sales in the Americas rose 3% Y/Y, EMEA decreased 6%, and APAC lost 5%.
- Net sales in the Food segment increased by 4%, and Protective decreased by 6%.
- Adjusted EPS of $0.98 beat the analyst consensus of $0.91.
- Gross profit rose 7.4% Y/Y to $433.6 million with a gross profit margin of 31%.
- The operating margin was 16.3%, and operating income for the quarter rose 13.2% to $228 million.
- Selling, general and administrative expenses rose 3.2% Y/Y to $196.3 million.
- The company held $248.8 million in cash and equivalents as of September 30, 2022. Cash flow from operations for the nine months totaled $321 million.
- Adjusted EBITDA was $292.6 million, with the margin expanding 170 basis points to 20.9%.
- Sealed Air’s net debt as of September 30, 2022, totaled $3.4 billion.
- Acquisition: SEE has agreed to acquire Liquibox for $1.15 billion. SEE Adjusted EPS, exclusive of purchase accounting, will be accretive immediately after close.
- Richmond-based Liquibox is a manufacturer of Bag-in-Box sustainable Fluids & Liquids packaging and dispensing solutions for fresh food, beverage, consumer goods, and industrial end-markets. It employs more than 1,300 people and operates across 18 locations globally.
- Outlook: Sealed Air lowered its FY22 sales outlook to $5.65 billion - $5.75 billion from the previous $5.85 billion - $6.05 billion, versus the consensus of $5.84 billion.
- The company tightened the FY22 Adjusted EPS outlook to $4.05 - $4.15 from $4.05 - $4.20, against the consensus of $4.08.
- Price Action: SEE shares traded lower by 7.16% at $44.21 on the last check Tuesday.
- Photo Via Company
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in