Sealed Air reports Q4 adjusted EPS 88c, consensus 64c

Reports Q4 revenue $1.4B, consensus $1.37B. “Our fourth quarter results were in line with our expectations. We ramped our CTO2Grow initiatives to improve the competitiveness of our businesses and help offset continued weakness in our end-markets,” said Emile Chammas, SEE‘s Interim Co-CEO and COO. “Our transformation will continue in 2024 with an enhanced focus on restoring underlying fundamentals in our core businesses so we are well positioned to capitalize on growth when our end-markets fully recover.” “We delivered strong free cash flow in the fourth quarter and made significant progress in deleveraging our balance sheet,” said Dustin Semach, SEE’s Interim Co-CEO and CFO. “Our 2024 outlook reflects end-markets that are showing signs of stabilization with limited visibility to any near-term catalysts but we expect our end-markets to recover in the second half. We continue to be focused on transforming the business, improving fundamentals, and strengthening our balance sheet.” “The CEO search process is well underway and we are targeting to complete over the coming months,” said Henry Keizer, SEE’s Board Chairman. “The Board has tremendous confidence in Emile and Dustin and fully supports the transformation they are driving at SEE.”