Earnings Summary: Sealed Air (SEE) reports higher Q2 profit despite a decline in sales

Packaging solutions provider Sealed Air Corp. (NYSE: SEE) on Thursday announced results for the second quarter of 2024, reporting an increase in adjusted earnings despite lower net sales.

• Net sales decreased 2.6% annually to $1.35 billion in the second quarter and were down 1.7% in constant currency
• At $98 million, Sealed Air’s net income increased 4% year-over-year in Q2; Earnings per share rose 3% to $0.67
• On an adjusted basis, second-quarter earnings per share moved up 4% from last year to $0.83
• Second-quarter adjusted EBITDA came in at $285.5 million, which is up 2% year-over-year
• The company ended the quarter with cash flow from operations of $313.3 million
• Income tax expense was $38 million in the June quarter, resulting in an effective tax rate of 27.8%
• Capital expenditures in the first six months of the year were $106 million, compared to $124 million in the prior year period.