Sealed Air, a packaging company based in Charlotte, N.C., experienced a boost in fourth-quarter profit, primarily attributed to reduced tax expenses. However, the company’s top line saw a decline due to ongoing weaknesses in its end markets.
Financial Statistics
- Net Income: $124 million (86 cents per share) compared to $94.3 million (65 cents per share) in the previous year.
- Sales: $1.41 billion, down 2% from the same quarter last year, with analysts initially expecting $1.36 billion.
- Adjusted Earnings: Reported at 88 cents per share, exceeding analyst expectations of 64 cents per share.
Outlook for 2024
Sealed Air anticipates sales ranging from $5.2 billion to $5.6 billion for fiscal 2024, with adjusted earnings per share projected to fall between $2.65 and $3.05. Despite the current market conditions, the company remains optimistic about recovery in the second half of the year.
Leadership Transition
Interim CEO and CFO Dustin Semach highlighted that the company’s search for a new chief executive officer is underway, aiming for completion within the next few months. Board Chairman Henry Keizer expressed confidence in the ongoing transition process.
