Novolex® announced that it has launched a new Chattanooga, Tenn. production line to manufacture compostable cold beverage cups made from a plant-based plastic. The clear cups are made using polylactic acid (PLA), a plastics polymer created from starch-based plants such as corn, sugarcane and wheat straw. The cups will be available from Novolex brand Eco-Products®, a leading provider of foodservice packaging made from renewable and recycled resources. “PLA looks, acts and performs like a traditional clear plastic, yet it is 100% compostable in commercial compost facilities,” said Adrianne Tipton, Chief Technology Officer of Novolex. “It is one more sustainable choice that we are proud to offer our customers.
*Net sales of $1.4 billion, up 7% as reported; up 11% constant currency
*Net earnings of $114 million, up 5%
*Adjusted EBITDA of $293 million, up 12%
*EPS of $0.77, up 8%
*Adjusted EPS of $1.01, up 28%
*Cash flow from operations (year to date) of $213 million, up 7%
*Accelerating growth investments – CapEx of $119 million, up 22%, in 2022
“We delivered strong second quarter earnings, overcoming sustained inflationary pressures, widespread supply chain challenges and unfavorable foreign currency impacts.
Our results are a testament to the resiliency of our people and the strength of our business as we continue our journey towards a world-class, digitally driven company automating sustainable packaging solutions.
Our SEE Operating Engine is performing. We have made significant progress on our strategy leading with Automation, Digital, and Sustainable Packaging Solutions,” said Ted Doheny, SEE’s President and CEO.
Second Quarter 2022 U.S. GAAP Summary
Net sales of $1.4 billion increased 7% as reported, with the Americas increasing 13%, EMEA decreasing 4%, and APAC decreasing 3%.
Net earnings were $114 million, or $0.77 per diluted share, as compared to net earnings of $109 million, or $0.71 per diluted share. The current period results were impacted by pre-tax losses including a $16 million impairment of an equity investment and an $11 million loss on debt redemption.
Income tax expense was $43 million, resulting in an effective tax rate of 27.2% in second quarter 2022. This compares to an income tax expense of $46 million in the prior year, or an effective tax rate of 29.7%, which was unfavorably impacted by legislative changes to foreign statutes.
details at: https://ir.sealedair.com/news-releases/news-release-details/see-reports-q2-2022-results