Packaging solutions provider Sealed Air Corp. (NYSE: SEE) on Tuesday announced results for the second quarter, reporting lower sales and earnings, on an adjusted basis.
- Net sales decreased 3% annually to $1.38 billion in the second quarter; and down 1% in constant currency
- At $94 million, Sealed Air’s net income was down 18% year-over-year in Q2; Earnings per share dropped 16% to $0.65
- On an adjusted basis, EPS declined 21% from last year to $0.80; and dropped 22% in constant currency
- Second-quarter adjusted EBITDA came in at $280 million, which is down 4% year-over-year; and down 5% in constant currency
- The company ended the first half with cash flow from operations of $7 million
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