SEE Reports Q2 2021 Results
Investing in Automation, Digital and Sustainability
Net sales of
Increasing full year sales outlook to
Net earnings of
Adjusted EBITDA of
Increasing full year EPS outlook to
Cash flow from Operations year to date of
Authorized new
“Demand for our automated and sustainable packaging solutions drove a net sales increase of 15%, supported by a 9% volume growth. Adjusted EBITDA increased 1% as higher sales and productivity improvements were offset by widespread supply challenges and dramatic inflationary pressure. Despite this adverse environment, our SEE Operating Engine is delivering,” said
“We are raising our 2021 sales and EPS outlook and reaffirming Adjusted EBITDA and Free Cash Flow guidance.
“We are accelerating our journey to world-class by increasing our investment in 'touchless' automation, digital and sustainability, while returning capital to shareholders, as demonstrated by our announced 25% dividend increase and share repurchases,” continued Doheny.
Unless otherwise stated, all results compare second quarter 2021 to second quarter 2020 results from continuing operations. Year-over-year financial discussions present operating results from continuing operations as reported. Year-over-year comparisons are also made on a constant dollar basis, which is a non-
Business Highlights
Second quarter net sales in Food were
Second quarter net sales in Protective were
Second Quarter 2021 U.S. GAAP Summary
Net sales of
Net earnings in second quarter 2021 were
The effective tax rate in second quarter 2021 was 29.7%, as compared to 30.8% in second quarter 2020.
Second Quarter 2021 Non-
Net sales increased
Adjusted EBITDA was
The Adjusted Tax Rate was 25.6% in second quarter 2021, as compared to 27.5% in second quarter 2020.
Adjusted earnings per diluted share were
Cash Flow and Net Debt
Cash flow provided by operating activities in the first six months of 2021 was a source of
Capital expenditures in the first six months of 2021 were
Total debt was
Share Repurchases and Dividends
During the first six months of 2021, the Company repurchased
During the second quarter, SEE increased its quarterly cash dividend by 25% to
Updated 2021 Full Year Outlook
For the full year 2021, SEE now expects net sales in the range of
The Company continues to expect full year Adjusted EBITDA to be in the range of
SEE now forecasts full year Adjusted EPS to be in the range of
The Company continues to expect Free Cash Flow in 2021 to be in the range of
Conference Call Information
About
SEE (NYSE: SEE) is in business to protect, to solve critical packaging challenges, and to make our world better than we found it. Our packaging technology, solutions and systems create a safer, more resilient and less wasteful global food supply chain, enable eCommerce, and protect goods transported worldwide.
Our globally recognized brands include CRYOVAC® brand food packaging,
SEE's Operating Model, along with industry-leading experts in materials, engineering, technology, and science, are driving our innovative solution systems to be more sustainable, automated, and digitally connected.
SEE is leading the packaging industry to create a more environmentally, socially, and economically sustainable future and has pledged to design or advance 100% of its packaging materials to be recyclable or reusable by 2025, and a bolder goal to reach net-zero carbon emissions in its global operations by 2040. The Company is also committed to a diverse workforce and inclusive culture through its 2025 Diversity, Equity and Inclusion pledge.
SEE generated
Website Information
We routinely post important information for investors on our website, www.sealedair.com, in the Investors section. We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases,
Non-
In this press release and supplement, we have included several non-
We have not provided guidance for the most directly comparable
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 concerning our business, consolidated financial condition, results of operations or cash flows. Forward-looking statements are subject to risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially from these statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by such words as “anticipate,” “believe,” “plan,” “assume,” “could,” “should,” “estimate,” “expect,” “intend,” “potential,” “seek,” “predict,” “may,” “will” and similar references to future periods. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results, expectations regarding the results of restructuring and other programs, anticipated levels of capital expenditures and expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings.
The following are important factors that we believe could cause actual results to differ materially from those in our forward-looking statements: global economic and political conditions, currency translation and devaluation effects, changes in raw material pricing and availability, competitive conditions, the success of new product offerings, consumer preferences, the effects of animal and food-related health issues, the effects of epidemics or pandemics, including the Coronavirus Disease 2019 (COVID-19), changes in energy costs, environmental matters, the success of our restructuring activities, the success of our merger, acquisition and equity investment strategies, the success of our financial growth, profitability, cash generation and manufacturing strategies and our cost reduction and productivity efforts, changes in our credit ratings, the tax benefit associated with the Settlement agreement (as defined in our 2020 Annual Report on Form 10-K), regulatory actions and legal matters and the other information referenced in the “Risk Factors” section appearing in our most recent Annual Report on Form 10-K, as filed with the
The supplementary information included for 2021 in this press release on the current and subsequent pages is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the
Condensed Consolidated Statements of Operations (Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
(In USD millions, except per share data) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Net sales |
|
$ |
1,328.5 |
|
|
$ |
1,151.2 |
|
|
$ |
2,595.6 |
|
|
$ |
2,325.1 |
|
Cost of sales |
|
927.8 |
|
|
761.3 |
|
|
1,793.8 |
|
|
1,544.7 |
|
||||
Gross profit |
|
400.7 |
|
|
389.9 |
|
|
801.8 |
|
|
780.4 |
|
||||
Selling, general and administrative expenses |
|
192.0 |
|
|
184.5 |
|
|
380.9 |
|
|
378.6 |
|
||||
Amortization expense of intangible assets |
|
9.7 |
|
|
9.3 |
|
|
19.4 |
|
|
18.3 |
|
||||
Restructuring charges |
|
2.1 |
|
|
10.1 |
|
|
2.1 |
|
|
10.7 |
|
||||
Operating profit |
|
196.9 |
|
|
186.0 |
|
|
399.4 |
|
|
372.8 |
|
||||
Interest expense, net |
|
(42.1 |
) |
|
(43.3 |
) |
|
(85.2 |
) |
|
(87.7 |
) |
||||
Other (expense) income, net |
|
(0.4 |
) |
|
2.2 |
|
|
0.6 |
|
|
7.0 |
|
||||
Earnings before income tax provision |
|
154.4 |
|
|
144.9 |
|
|
314.8 |
|
|
292.1 |
|
||||
Income tax provision |
|
45.8 |
|
|
44.6 |
|
|
100.4 |
|
|
77.3 |
|
||||
Net earnings from continuing operations |
|
108.6 |
|
|
100.3 |
|
|
214.4 |
|
|
214.8 |
|
||||
(Loss) Gain on sale of discontinued operations, net of tax |
|
(0.5 |
) |
|
(0.2 |
) |
|
3.8 |
|
|
11.9 |
|
||||
Net earnings |
|
$ |
108.1 |
|
|
$ |
100.1 |
|
|
$ |
218.2 |
|
|
$ |
226.7 |
|
Basic: |
|
|
|
|
|
|
|
|
||||||||
Continuing operations |
|
$ |
0.71 |
|
|
$ |
0.64 |
|
|
$ |
1.40 |
|
|
$ |
1.38 |
|
Discontinued operations |
|
— |
|
|
— |
|
|
0.03 |
|
|
0.08 |
|
||||
Net earnings per common share - basic |
|
$ |
0.71 |
|
|
$ |
0.64 |
|
|
$ |
1.43 |
|
|
$ |
1.46 |
|
Weighted average common shares outstanding - basic |
|
151.4 |
|
|
155.6 |
|
|
152.8 |
|
|
155.1 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Diluted: |
|
|
|
|
|
|
|
|
||||||||
Continuing operations |
|
$ |
0.71 |
|
|
$ |
0.64 |
|
|
$ |
1.39 |
|
|
$ |
1.38 |
|
Discontinued operations |
|
— |
|
|
— |
|
|
0.03 |
|
|
0.08 |
|
||||
Net earnings per common share - diluted |
|
$ |
0.71 |
|
|
$ |
0.64 |
|
|
$ |
1.42 |
|
|
$ |
1.46 |
|
Weighted average common shares outstanding - diluted |
|
152.7 |
|
|
155.9 |
|
|
154.0 |
|
|
155.4 |
|
Condensed Consolidated Balance Sheets (Unaudited) |
||||||||
(In USD millions) |
|
|
|
|
||||
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
273.1 |
|
|
$ |
548.7 |
|
Trade receivables, net |
|
627.6 |
|
|
541.0 |
|
||
Income tax receivables |
|
30.6 |
|
|
71.2 |
|
||
Other receivables |
|
86.3 |
|
|
69.5 |
|
||
Inventories, net |
|
730.7 |
|
|
596.7 |
|
||
Current assets held for sale |
|
— |
|
|
0.3 |
|
||
Prepaid expenses and other current assets |
|
58.4 |
|
|
54.1 |
|
||
Total current assets |
|
1,806.7 |
|
|
1,881.5 |
|
||
Property and equipment, net |
|
1,202.8 |
|
|
1,189.7 |
|
||
|
|
2,220.9 |
|
|
2,222.6 |
|
||
Identifiable intangible assets, net |
|
162.1 |
|
|
171.0 |
|
||
Deferred taxes |
|
179.3 |
|
|
187.1 |
|
||
Operating lease right-of-use-assets |
|
70.7 |
|
|
76.1 |
|
||
Other non-current assets |
|
364.1 |
|
|
355.8 |
|
||
Total assets |
|
$ |
6,006.6 |
|
|
$ |
6,083.8 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Short-term borrowings |
|
$ |
0.4 |
|
|
$ |
7.2 |
|
Current portion of long-term debt |
|
22.9 |
|
|
22.3 |
|
||
Current portion of operating lease liabilities |
|
23.7 |
|
|
24.3 |
|
||
Accounts payable |
|
880.7 |
|
|
754.2 |
|
||
Accrued restructuring costs |
|
7.8 |
|
|
12.2 |
|
||
Income tax payable |
|
23.1 |
|
|
19.9 |
|
||
Other current liabilities |
|
447.3 |
|
|
527.3 |
|
||
Total current liabilities |
|
1,405.9 |
|
|
1,367.4 |
|
||
Long-term debt, less current portion |
|
3,711.8 |
|
|
3,731.4 |
|
||
Long-term operating lease liabilities, less current portion |
|
48.8 |
|
|
53.2 |
|
||
Deferred taxes |
|
38.6 |
|
|
31.0 |
|
||
Other non-current liabilities |
|
707.7 |
|
|
728.3 |
|
||
Total liabilities |
|
5,912.8 |
|
|
5,911.3 |
|
||
|
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
|
||||
Preferred stock |
|
— |
|
|
— |
|
||
Common stock |
|
23.2 |
|
|
23.2 |
|
||
Additional paid-in capital |
|
2,103.7 |
|
|
2,093.0 |
|
||
Retained earnings |
|
2,562.8 |
|
|
2,400.7 |
|
||
Common stock in treasury |
|
(3,651.1 |
) |
|
(3,380.9 |
) |
||
Accumulated other comprehensive loss, net of taxes |
|
(944.8 |
) |
|
(963.5 |
) |
||
Total stockholders’ equity |
|
93.8 |
|
|
172.5 |
|
||
Total liabilities and stockholders’ equity |
|
$ |
6,006.6 |
|
|
$ |
6,083.8 |
|
Calculation of Net Debt (Unaudited) |
||||||||
(In USD millions) |
|
|
|
|
||||
Short-term borrowings |
|
$ |
0.4 |
|
|
$ |
7.2 |
|
Current portion of long-term debt |
|
22.9 |
|
|
22.3 |
|
||
Long-term debt, less current portion |
|
3,711.8 |
|
|
3,731.4 |
|
||
Total debt |
|
3,735.1 |
|
|
3,760.9 |
|
||
Less: cash and cash equivalents |
|
(273.1 |
) |
|
(548.7 |
) |
||
Non- |
|
$ |
3,462.0 |
|
|
$ |
3,212.2 |
|
Condensed Consolidated Statements of Cash Flows (Unaudited) |
||||||||
|
|
Six Months Ended |
||||||
(In USD millions) |
|
2021 |
|
2020 |
||||
Net earnings |
|
$ |
218.2 |
|
|
$ |
226.7 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities(1) |
|
139.5 |
|
|
122.5 |
|
||
Changes in operating assets and liabilities: |
|
|
|
|
||||
Trade receivables, net |
|
(92.9 |
) |
|
(26.0 |
) |
||
Inventories, net |
|
(144.8 |
) |
|
(88.1 |
) |
||
Accounts payable |
|
130.5 |
|
|
2.1 |
|
||
Customer advance payments |
|
4.9 |
|
|
12.0 |
|
||
Income tax receivable/payable |
|
44.3 |
|
|
48.7 |
|
||
Other assets and liabilities |
|
(100.2 |
) |
|
(84.9 |
) |
||
Net cash provided by operating activities |
|
$ |
199.5 |
|
|
$ |
213.0 |
|
Cash flows from investing activities: |
|
|
|
|
||||
Capital expenditures |
|
(97.1 |
) |
|
(83.6 |
) |
||
Receipts associated with sale of business and property and equipment |
|
1.1 |
|
|
5.2 |
|
||
Business acquired, net of cash acquired |
|
(0.1 |
) |
|
4.2 |
|
||
Payments associated with debt and equity investments |
|
(15.0 |
) |
|
— |
|
||
Investment in marketable securities |
|
— |
|
|
12.9 |
|
||
Settlement of foreign currency forward contracts |
|
8.0 |
|
|
(5.9 |
) |
||
Proceeds of |
|
7.7 |
|
|
— |
|
||
Net cash used in investing activities |
|
$ |
(95.4 |
) |
|
$ |
(67.2 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Net payments of short-term borrowings |
|
(6.8 |
) |
|
(20.4 |
) |
||
Proceeds from long-term debt |
|
1.3 |
|
|
— |
|
||
Payments of long-term debt |
|
(5.7 |
) |
|
— |
|
||
Dividends paid on common stock |
|
(56.1 |
) |
|
(50.7 |
) |
||
Impact of tax withholding on share-based compensation |
|
(14.0 |
) |
|
(11.2 |
) |
||
Repurchases of common stock |
|
(299.5 |
) |
|
— |
|
||
Principal payments related to financing leases |
|
(5.1 |
) |
|
(5.9 |
) |
||
Net cash used in financing activities |
|
$ |
(385.9 |
) |
|
$ |
(88.2 |
) |
Effect of foreign currency exchange rate changes on cash and cash equivalents |
|
$ |
6.2 |
|
|
$ |
(30.3 |
) |
Cash and cash equivalents |
|
548.7 |
|
|
262.4 |
|
||
Restricted cash and cash equivalents |
|
— |
|
|
— |
|
||
Balance, beginning of period |
|
$ |
548.7 |
|
|
$ |
262.4 |
|
Net change during the period |
|
$ |
(275.6 |
) |
|
$ |
27.3 |
|
Cash and cash equivalents |
|
273.1 |
|
|
289.7 |
|
||
Restricted cash and cash equivalents |
|
— |
|
|
— |
|
||
Balance, end of period |
|
$ |
273.1 |
|
|
$ |
289.7 |
|
|
|
|
|
|
||||
Non- |
|
|
|
|
||||
Cash flow from operating activities |
|
$ |
199.5 |
|
|
$ |
213.0 |
|
Capital expenditures for property and equipment |
|
(97.1 |
) |
|
(83.6 |
) |
||
Non- |
|
$ |
102.4 |
|
|
$ |
129.4 |
|
|
|
|
|
|
||||
|
|
Six Months Ended |
||||||
(In USD millions) |
|
2021 |
|
2020 |
||||
Supplemental Cash Flow Information: |
|
|
|
|
||||
Interest payments, net of amounts capitalized |
|
$ |
89.4 |
|
|
$ |
97.5 |
|
Income tax payments, net of cash refunds |
|
$ |
35.3 |
|
|
$ |
31.4 |
|
Restructuring payments including associated costs |
|
$ |
10.6 |
|
|
$ |
43.9 |
|
Non-cash items: |
|
|
|
|
||||
Transfers of shares of common stock from treasury for profit-sharing contributions |
|
$ |
28.0 |
|
|
$ |
24.4 |
|
______________________
(1) |
2021 adjustments primarily consist of depreciation and amortization of |
Reconciliation of Net Earnings and Net Earnings Per Common Share to Non- Net Earnings and Non- (Unaudited) |
||||||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||||||
(In USD millions, except per share data) |
|
Net |
|
Diluted |
|
Net |
|
Diluted |
|
Net |
|
Diluted |
|
Net |
|
Diluted |
||||||||
|
|
$ |
108.6 |
|
$ |
0.71 |
|
$ |
100.3 |
|
$ |
0.64 |
|
$ |
214.4 |
|
$ |
1.39 |
|
$ |
214.8 |
|
$ |
1.38 |
Special Items(1) |
|
12.6 |
|
0.08 |
|
18.0 |
|
0.12 |
|
28.6 |
|
0.19 |
|
16.9 |
|
0.11 |
||||||||
Non- |
|
$ |
121.2 |
|
$ |
0.79 |
|
$ |
118.3 |
|
$ |
0.76 |
|
$ |
243.0 |
|
$ |
1.58 |
|
$ |
231.7 |
|
$ |
1.49 |
Weighted average number of common shares outstanding - Diluted |
|
|
|
152.7 |
|
|
|
155.9 |
|
|
|
154.0 |
|
|
|
155.4 |
______________________
(1) |
Special Items include the following: |
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
(In USD millions, except per share data) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Special Items: |
|
|
|
|
|
|
|
|
||||||||
Restructuring charges |
|
$ |
2.1 |
|
|
$ |
10.1 |
|
|
$ |
2.1 |
|
|
$ |
10.7 |
|
Other restructuring associated costs(i) |
|
4.8 |
|
|
3.8 |
|
|
10.1 |
|
|
7.8 |
|
||||
Foreign currency exchange loss due to highly inflationary economies |
|
0.6 |
|
|
1.2 |
|
|
2.0 |
|
|
2.1 |
|
||||
Charges related to acquisition and divestiture activity |
|
0.8 |
|
|
1.2 |
|
|
1.1 |
|
|
4.1 |
|
||||
Other Special Items |
|
0.1 |
|
|
2.0 |
|
|
0.9 |
|
|
3.7 |
|
||||
Pre-tax impact of Special Items |
|
8.4 |
|
|
18.3 |
|
|
16.2 |
|
|
28.4 |
|
||||
Tax impact of Special Items and Tax Special Items |
|
4.2 |
|
|
(0.3 |
) |
|
12.4 |
|
|
(11.5 |
) |
||||
Net impact of Special Items |
|
$ |
12.6 |
|
|
$ |
18.0 |
|
|
$ |
28.6 |
|
|
$ |
16.9 |
|
Weighted average number of common shares outstanding - Diluted |
|
152.7 |
|
|
155.9 |
|
|
154.0 |
|
|
155.4 |
|
||||
Loss per share impact from Special Items |
|
$ |
(0.08 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.11 |
) |
______________________
(i) | Restructuring associated costs for the three months ended |
The calculation of the non-
|
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||||
(In USD millions) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||||
|
|
$ |
154.4 |
|
|
|
$ |
144.9 |
|
|
|
$ |
314.8 |
|
|
|
$ |
292.1 |
|
Pre-tax impact of special items |
|
8.4 |
|
|
|
18.3 |
|
|
|
16.2 |
|
|
|
28.4 |
|
||||
Non- |
|
$ |
162.8 |
|
|
|
$ |
163.2 |
|
|
|
$ |
331.0 |
|
|
|
$ |
320.5 |
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
$ |
45.8 |
|
|
|
$ |
44.6 |
|
|
|
$ |
100.4 |
|
|
|
$ |
77.3 |
|
Tax Special Items(1) |
|
(6.4 |
) |
|
|
(3.2 |
) |
|
|
(15.5 |
) |
|
|
5.4 |
|
||||
Tax impact of Special Items |
|
2.2 |
|
|
|
3.5 |
|
|
|
3.1 |
|
|
|
6.1 |
|
||||
Non- |
|
$ |
41.6 |
|
|
|
$ |
44.9 |
|
|
|
$ |
88.0 |
|
|
|
$ |
88.8 |
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
29.7 |
|
% |
|
30.8 |
|
% |
|
31.9 |
|
% |
|
26.5 |
% |
||||
Non- |
|
25.6 |
|
% |
|
27.5 |
|
% |
|
26.6 |
|
% |
|
27.7 |
% |
______________________
(1) |
For the three and six months ended |
Components of Change in (Unaudited) |
||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||
(In USD millions) |
|
Food |
|
Protective |
|
|
||||||||||||
2020 |
|
$ |
673.2 |
|
58.5 |
% |
|
$ |
478.0 |
|
41.5 |
% |
|
$ |
1,151.2 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Price |
|
8.8 |
|
1.3 |
% |
|
21.6 |
|
4.5 |
% |
|
30.4 |
|
2.6 |
% |
|||
Volume(1) |
|
28.4 |
|
4.2 |
% |
|
72.6 |
|
15.2 |
% |
|
101.0 |
|
8.8 |
% |
|||
Total constant dollar change (non- |
|
37.2 |
|
5.5 |
% |
|
94.2 |
|
19.7 |
% |
|
131.4 |
|
11.4 |
% |
|||
Foreign currency translation |
|
26.3 |
|
3.9 |
% |
|
19.6 |
|
4.1 |
% |
|
45.9 |
|
4.0 |
% |
|||
Total change ( |
|
63.5 |
|
9.4 |
% |
|
113.8 |
|
23.8 |
% |
|
177.3 |
|
15.4 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
2021 |
|
$ |
736.7 |
|
55.5 |
% |
|
$ |
591.8 |
|
44.5 |
% |
|
$ |
1,328.5 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Six Months Ended |
||||||||||||||||
(In USD millions) |
|
Food |
|
Protective |
|
|
||||||||||||
2020 |
|
$ |
1,363.5 |
|
58.6 |
% |
|
$ |
961.6 |
|
41.4 |
% |
|
$ |
2,325.1 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Price |
|
12.8 |
|
0.9 |
% |
|
25.2 |
|
2.6 |
% |
|
38.0 |
|
1.6 |
% |
|||
Volume(1) |
|
25.7 |
|
1.9 |
% |
|
135.5 |
|
14.1 |
% |
|
161.2 |
|
7.0 |
% |
|||
Total constant dollar change (non- |
|
38.5 |
|
2.8 |
% |
|
160.7 |
|
16.7 |
% |
|
199.2 |
|
8.6 |
% |
|||
Foreign currency translation |
|
36.9 |
|
2.7 |
% |
|
34.4 |
|
3.6 |
% |
|
71.3 |
|
3.0 |
% |
|||
Total change ( |
|
75.4 |
|
5.5 |
% |
|
195.1 |
|
20.3 |
% |
|
270.5 |
|
11.6 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
2021 |
|
$ |
1,438.9 |
|
55.4 |
% |
|
$ |
1,156.7 |
|
44.6 |
% |
|
$ |
2,595.6 |
|
100.0 |
% |
Components of Change in (Unaudited) |
||||||||||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||||||||||
(In USD millions) |
|
|
|
EMEA |
|
APAC |
|
Total |
||||||||||||||||||||
2020 |
|
$ |
741.2 |
|
|
64.4 |
|
% |
|
$ |
239.3 |
|
20.8 |
% |
|
$ |
170.7 |
|
|
14.8 |
|
% |
|
$ |
1,151.2 |
|
100.0 |
% |
Price |
|
24.7 |
|
|
3.3 |
|
% |
|
3.4 |
|
1.4 |
% |
|
2.3 |
|
|
1.3 |
|
% |
|
30.4 |
|
2.6 |
% |
||||
Volume(1) |
|
68.9 |
|
|
9.3 |
|
% |
|
34.7 |
|
14.5 |
% |
|
(2.6 |
) |
|
(1.5 |
) |
% |
|
101.0 |
|
8.8 |
% |
||||
Total constant dollar change (non- |
|
93.6 |
|
|
12.6 |
|
% |
|
38.1 |
|
15.9 |
% |
|
(0.3 |
) |
|
(0.2 |
) |
% |
|
131.4 |
|
11.4 |
% |
||||
Foreign currency translation |
|
5.2 |
|
|
0.7 |
|
% |
|
25.0 |
|
10.5 |
% |
|
15.7 |
|
|
9.2 |
|
% |
|
45.9 |
|
4.0 |
% |
||||
Total change ( |
|
98.8 |
|
|
13.3 |
|
% |
|
63.1 |
|
26.4 |
% |
|
15.4 |
|
|
9.0 |
|
% |
|
177.3 |
|
15.4 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2021 |
|
$ |
840.0 |
|
|
63.2 |
|
% |
|
$ |
302.4 |
|
22.8 |
% |
|
$ |
186.1 |
|
|
14.0 |
|
% |
|
$ |
1,328.5 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Six Months Ended |
||||||||||||||||||||||||||
(In USD millions) |
|
|
|
EMEA |
|
APAC |
|
Total |
||||||||||||||||||||
2020 |
|
$ |
1,507.5 |
|
|
64.8 |
|
% |
|
$ |
485.4 |
|
20.9 |
% |
|
$ |
332.2 |
|
|
14.3 |
|
% |
|
$ |
2,325.1 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Price |
|
33.8 |
|
|
2.2 |
|
% |
|
3.7 |
|
0.8 |
% |
|
0.5 |
|
|
0.2 |
|
% |
|
38.0 |
|
1.6 |
% |
||||
Volume(1) |
|
91.4 |
|
|
6.1 |
|
% |
|
50.7 |
|
10.4 |
% |
|
19.1 |
|
|
5.7 |
|
% |
|
161.2 |
|
7.0 |
% |
||||
Total constant dollar change (non- |
|
125.2 |
|
|
8.3 |
|
% |
|
54.4 |
|
11.2 |
% |
|
19.6 |
|
|
5.9 |
|
% |
|
199.2 |
|
8.6 |
% |
||||
Foreign currency translation |
|
(4.8 |
) |
|
(0.3 |
) |
% |
|
43.9 |
|
9.1 |
% |
|
32.2 |
|
|
9.7 |
|
% |
|
71.3 |
|
3.0 |
% |
||||
Total change ( |
|
120.4 |
|
|
8.0 |
|
% |
|
98.3 |
|
20.3 |
% |
|
51.8 |
|
|
15.6 |
|
% |
|
270.5 |
|
11.6 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2021 |
|
$ |
1,627.9 |
|
|
62.7 |
|
% |
|
$ |
583.7 |
|
22.5 |
% |
|
$ |
384.0 |
|
|
14.8 |
|
% |
|
$ |
2,595.6 |
|
100.0 |
% |
______________________
(1) |
Our volume reported above includes the net impact of changes in unit volume as well as the period-to-period change in the mix of products sold. |
|
(2) |
Total constant dollar change is a non- |
|
(3) |
As of |
Segment Information Reconciliation of Net Earnings to Non- (Unaudited) |
|||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||||
(In USD millions) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||||
Adjusted EBITDA from continuing operations: |
|
|
|
|
|
|
|
|
|||||||||||
Food |
|
$ |
158.1 |
|
|
|
$ |
169.1 |
|
|
|
$ |
315.0 |
|
|
|
$ |
325.4 |
|
Adjusted EBITDA Margin |
|
21.5 |
|
% |
|
25.1 |
|
% |
|
21.9 |
|
% |
|
23.9 |
% |
||||
Protective |
|
107.3 |
|
|
|
91.5 |
|
|
|
217.2 |
|
|
|
184.3 |
|
||||
Adjusted EBITDA Margin |
|
18.1 |
|
% |
|
19.1 |
|
% |
|
18.8 |
|
% |
|
19.2 |
% |
||||
Corporate |
|
(2.3 |
) |
|
|
(0.7 |
) |
|
|
(0.9 |
) |
|
|
3.4 |
|
||||
Non- |
|
$ |
263.1 |
|
|
|
$ |
259.9 |
|
|
|
$ |
531.3 |
|
|
|
$ |
513.1 |
|
Adjusted EBITDA Margin |
|
19.8 |
|
% |
|
22.6 |
|
% |
|
20.5 |
|
% |
|
22.1 |
% |
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
(In USD millions) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
|
|
$ |
108.6 |
|
$ |
100.3 |
|
$ |
214.4 |
|
$ |
214.8 |
Interest expense, net |
|
42.1 |
|
43.3 |
|
85.2 |
|
87.7 |
||||
Income tax provision |
|
45.8 |
|
44.6 |
|
100.4 |
|
77.3 |
||||
Depreciation and amortization(1) |
|
58.2 |
|
53.4 |
|
115.1 |
|
104.9 |
||||
Special Items: |
|
|
|
|
|
|
|
|
||||
Restructuring charges |
|
2.1 |
|
10.1 |
|
2.1 |
|
10.7 |
||||
Other restructuring associated costs |
|
4.8 |
|
3.8 |
|
10.1 |
|
7.8 |
||||
Foreign currency exchange loss due to highly inflationary economies |
|
0.6 |
|
1.2 |
|
2.0 |
|
2.1 |
||||
Charges related to acquisition and divestiture activity |
|
0.8 |
|
1.2 |
|
1.1 |
|
4.1 |
||||
Other Special Items |
|
0.1 |
|
2.0 |
|
0.9 |
|
3.7 |
||||
Pre-tax impact of Special items |
|
8.4 |
|
18.3 |
|
16.2 |
|
28.4 |
||||
Non- |
|
$ |
263.1 |
|
$ |
259.9 |
|
$ |
531.3 |
|
$ |
513.1 |
______________________
(1) |
Depreciation and amortization by segment are as follows: |
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
(In USD millions) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
Food |
|
$ |
32.7 |
|
$ |
30.2 |
|
$ |
64.4 |
|
$ |
59.2 |
Protective |
|
25.5 |
|
23.2 |
|
50.7 |
|
45.7 |
||||
|
|
$ |
58.2 |
|
$ |
53.4 |
|
$ |
115.1 |
|
$ |
104.9 |
(i) |
Includes share-based incentive compensation of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210803005354/en/
Investor Relations
lori.chaitman@sealedair.com
516.458.4455
Media
christina.griffin@sealedair.com
704.430.5742
Source: