SEE Reports Q1 2024 Results

“Our first quarter results were ahead of our expectations, reflecting stronger than expected demand within Food, continued volume stabilization within Protective and accelerated savings from our CTO2Grow program. Our recent commercial reorganization is beginning to take hold with improved execution in the marketplace,” said Emile Chammas, SEE’s Interim Co-CEO and COO.

“We delivered another quarter of strong free cash flow generation, reflecting the strength of our underlying operating model and continued working capital improvements.

We are excited about our future and remain committed to transforming SEE, restoring underlying fundamentals and driving long-term value creation for our shareholders,” said Dustin Semach, SEE’s Interim Co-CEO and CFO.

First Quarter 2024 U.S. GAAP Summary
Net sales of $1.33 billion decreased 1% as reported, with EMEA decreasing 6%, APAC decreasing 3% and the Americas up less than 1%.

Net earnings were $83 million, or $0.57 per diluted share, as compared to net earnings of $63 million, or $0.44 per diluted share. The current year results were impacted by $29 million of Special Items expense, including $22 million of restructuring and other associated costs related to the cost take-out to grow program (“CTO2Grow Program”). The prior year results were impacted by $44 million of Special Items expense, $30 million of which related to the Liquibox acquisition.

Income tax expense was $36 million, resulting in an effective tax rate of 30.0% in the quarter. This compares to an income tax expense of $34 million in the prior year period, or an effective tax rate of 35.0%. The lower effective tax rate is primarily driven by lower accruals for uncertain tax positions in the current year.
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