SEE Reports Q2 2023 Results

Net sales of $1.38 billion, down 3% as reported; down 1% constant currency
Net earnings of $94 million, down 18%
Adjusted EBITDA of $280 million, down 4% as reported; down 5% constant currency
Earnings per share (Diluted) of $0.65, down 16%
Adjusted EPS (Diluted) of $0.80, down 21% as reported; down 22% constant currency
Cash flow from operations (year to date) use of $7 million
Cash flow from operations includes the impact of the $175 million tax deposit

“Our second quarter earnings results were in line with our expectations driven by continued weakness in our end-markets. We expect demand weakness to continue with second half volumes similar to first half of 2023. We are revising our full year 2023 guidance accordingly.

In the current post-COVID lower-growth environment, we are launching Cost take-out to Grow as part of Reinvent SEE 2.0 to restore volume and earnings growth in 2024 and reduce our cost structure by $140 to $160 million annually by the end of 2025.

Reinvent SEE 2.0 will accelerate our strategy, driven by Automation, Digital and Sustainable packaging solutions to create value for our customers and shareholders.

I’d like to recognize our people, their hard work and dedication to relentlessly drive our company toward world-class results,” said Ted Doheny, SEE’s President and CEO.
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