© Reuters.
CHARLOTTE, N.C. – Sealed Air Company (NYSE: NYSE:) reported a stronger-than-expected efficiency for the fourth quarter, with earnings surpassing analyst estimates. The corporate posted adjusted EPS of $0.88, which was $0.24 larger than the consensus estimate of $0.64. Income additionally exceeded expectations, coming in at $1.38 billion towards the expected $1.36 billion.
The corporate’s inventory responded positively to the information, climbing 2.94% as buyers reacted to the earnings and income beat. This uptick suggests a positive market response to the corporate’s quarterly monetary outcomes.
Sealed Air’s fourth quarter noticed a slight dip in web gross sales, down 2% as reported, however remained flat on a continuing foreign money foundation. Regardless of the lower in reported web gross sales, the corporate’s web earnings for the quarter rose by 32% to $125 million. For the total 12 months 2023, nonetheless, web earnings fell by 31% to $339 million.
The corporate’s management offered insights into the quarter’s efficiency and future outlook. “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,” mentioned Emile Chammas, SEE’s Interim Co-CEO and COO. Dustin Semach, SEE’s Interim Co-CEO and CFO, added, “We delivered strong free cash flow in the fourth quarter and made significant progress in deleveraging our balance sheet.”
Looking forward to the total 12 months 2024, Sealed Air anticipates adjusted EPS to vary from $2.65 to $3.05, with the midpoint of this steering vary falling beneath the analyst consensus of $3.04. The corporate forecasts income to be between $5.2 billion and $5.6 billion, which on the midpoint, is barely beneath the consensus estimate of $5.502 billion.
Sealed Air’s efficiency within the fourth quarter and the cautious steering for 2024 replicate the corporate’s ongoing efforts to navigate a difficult market setting whereas persevering with its enterprise transformation and specializing in bettering fundamentals.
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