SEE Reports Q4, Full Year 2022 Results

*Net sales in Q4 of $1.4 billion, down 8% as reported; down 4% constant currency and in 2022 of $5.6 billion, up 2% as reported; up 6% constant currency
*Net earnings in Q4 of $95 million, down 44% and in 2022 of $491 million, essentially flat

SEE (NYSE: SEE) today reported financial results for the fourth quarter and full year 2022 and provided its 2023 outlook.

“In 2022, we delivered Adjusted EPS growth of 15% as we are successfully executing on our strategy to become a world-class company partnering with our customers on automation, digital and sustainable packaging solutions.

I am extremely proud of how our team executed in securing and redesigning products, innovating new solutions with sustainable materials, and minimizing disruptions for our customers while maintaining performance and ensuring quality. Our automation solutions continued gaining momentum by creating significant savings for our customers and delivering the best products at the right price and make them sustainable.

We completed the Liquibox acquisition ahead of schedule. The combination of Liquibox and Cryovac is expected to make our fluids and liquids business greater than 10% of sales while expanding our leadership position in the fast-growing fluids and liquids flexible packaging market,” said Ted Doheny, SEE’s President and CEO.

Net sales of $1.4 billion decreased 8% as reported in fourth quarter 2022, with APAC decreasing 14%, Americas decreasing 8%, and EMEA decreasing 6%.

Net earnings were $95 million, or $0.65 per diluted share, in fourth quarter 2022 as compared to net earnings of $169 million, or $1.12 per diluted share, in fourth quarter 2021.

Full year 2022 net sales of $5.6 billion increased 2% as reported, with Americas increasing 6%, APAC decreasing 6%, and EMEA decreasing 3%.

Full year 2022 net earnings were $491 million, or $3.33 per diluted share, as compared to net earnings of $491 million, or $3.22 per diluted share, in full year 2021.
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