SEE Reports Q4, Full Year 2023 Results

*Net sales in Q4 of $1.4 billion, down 2% as reported; flat constant currency and in 2023 of $5.5 billion, down 3% as reported; down 1% constant currency
*Net earnings in Q4 of $125 million, up 32%, and in 2023 of $339 million, down 31%. Adjusted EBITDA in Q4 of $274 million, down 8% as reported and in 2023 of $1,107 million, down 9% as reported
*Earnings per share (Diluted) in Q4 of $0.86, up 32%, and in 2023 of $2.34, down 30%. Adjusted EPS (Diluted) in Q4 of $0.88, down 11% as reported and in 2023 of $3.18, down 22% as reported
*Cash flow from operations of $516 million in 2023. Free cash flow of $467 million in 2023, excluding $195 million of payments and deposits related to the resolution of certain prior year tax matters, up 24%

“Our fourth quarter results were in line with our expectations. We ramped our CTO2Grow initiatives to improve the competitiveness of our businesses and help offset continued weakness in our end-markets,” said Emile Chammas, SEE’s Interim Co-CEO and COO. “Our transformation will continue in 2024 with an enhanced focus on restoring underlying fundamentals in our core businesses so we are well positioned to capitalize on growth when our end-markets fully recover.”

“We delivered strong free cash flow in the fourth quarter and made significant progress in deleveraging our balance sheet,” said Dustin Semach, SEE’s Interim Co-CEO and CFO. “Our 2024 outlook reflects end-markets that are showing signs of stabilization with limited visibility to any near-term catalysts but we expect our end-markets to recover in the second half. We continue to be focused on transforming the business, improving fundamentals, and strengthening our balance sheet.”

“The CEO search process is well underway and we are targeting to complete over the coming months,” said Henry Keizer, SEE’s Board Chairman. “The Board has tremendous confidence in Emile and Dustin and fully supports the transformation they are driving at SEE.”
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