The following is a summary of the Sealed Air Corporation (SEE) Q1 2024 Earnings Call Transcript:
Financial Performance:
Sealed Air Corporation reported Q1 sales of $1.33 billion and adjusted EBITDA of $278 million.
Positive free cash flow of $78 million was delivered in the first quarter, a substantial improvement from the previous year.
They experienced an adjusted tax rate of 25.9%.
They achieved an annual run rate savings of $78 million through transformational actions yet anticipate a net price realization of negative $80 million for the year.
Business Progress:
The Food segment experienced year-over-year volume growth across all regions, driven mainly by the shrink bag business and new customer acquisitions.
Sealed Air Corporation introduced new sustainable packaging solutions and is expanding offerings in rollstock and fiber-based packaging.
The company is making progress in commercial reorganization and portfolio enhancements, particularly in food packaging, based on superior materials and automation strategies.
Digital commerce is developing with 22% of sales occurring through this platform.
Future initiatives include operational adjustments to meet the demand for a broader fiber footprint in the EMEA region and collaborations with other companies to enhance its automation offerings.
More details: Sealed Air IR
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