- Q2 2015 Adjusted EBITDA of $308 Million
or 17.2% of Net Sales
- Q2 2015 Adjusted EPS of $0.60; Reported
EPS of $0.13
- Company Raises 2015 Outlook for
Adjusted EBITDA, Adjusted EPS and Free Cash Flow
Sealed Air Corporation (NYSE:SEE) today announced financial
results for second quarter 2015. Commenting on these results,
Jerome A. Peribere, President and Chief Executive Officer, said,
“Our second quarter 2015 performance demonstrates our continued
focus on profitable growth and ongoing commitment to delivering
innovative solutions to our customers. Net sales in the second
quarter increased 3.3% on an organic basis and Adjusted EBITDA of
$308 million was 17.2% of net sales. Adjusted EBITDA margins
expanded by 280 basis points with margin expansion across all
divisions. Given our performance in the first half of 2015 and our
forecast for the remainder of the year, we are raising our outlook
for Adjusted EBITDA, Adjusted EPS and Free Cash Flow.”
Unless otherwise stated, all results compare second quarter 2015
results to second quarter 2014 results. Year-over-year financial
discussions present operating results as reported, and on an
organic or constant dollar basis. Constant dollar performance
excludes the impact of currency translation from all periods
referenced. Organic performance excludes the impact of currency
translation and the results from the divestiture of the North
American foam trays and absorbent pads business (“divestiture”),
which was divested on April 1, 2015, from all periods referenced.
Additionally, non-U.S. GAAP adjusted financial measures, such as
Adjusted Earnings Before Interest Expense, Taxes, Depreciation and
Amortization (“Adjusted EBITDA”), Adjusted Net Earnings, Adjusted
Diluted Earnings Per Share (“Adjusted EPS”) and Core Tax Rate,
exclude the impact of special items, such as restructuring charges,
Venezuela remeasurement, cash-settled stock appreciation rights
(“SARs”) granted as part of the Diversey acquisition and certain
other infrequent or one-time items. Please refer to the financial
statements included with this press release for a reconciliation of
Non-U.S. GAAP to U.S. GAAP financial measures.
Business and Financial
Highlights
- Food Care net sales of $847 million in
the second quarter decreased 12.0% as reported. Currency had a
negative impact on Food Care net sales of 10.4%, or $101 million,
while the divestiture had a negative impact of 5.8%, or $55.9
million. Net sales increased 4.2% on an organic basis, which
excludes the impact of currency translation and results from the
divestiture, with favorable product price/mix of 2.7% and positive
volume of 1.5%. Adjusted EBITDA was $174 million or 20.5% of net
sales. Adjusted EBITDA margins expanded 410 basis points compared
to last year. The increase in Adjusted EBITDA was attributable to
favorable mix and price/cost spread, cost synergies and positive
volume trends, partially offset by unfavorable currency translation
and the divestiture.
- Diversey Care net sales of $535 million
in the second quarter decreased 8.0% as reported and increased 3.8%
on a constant dollar basis. Currency had a negative impact on
Diversey Care net sales of 11.8%, or $68 million, in the quarter.
All regions experienced positive constant dollar sales growth with
volume increasing 1.6% and favorable price/mix of 2.2%. Diversey
Care’s Adjusted EBITDA was $69 million or 12.9% of net sales.
Adjusted EBITDA margins expanded 40 basis points compared to last
year and was attributable to favorable price/cost spread, cost
synergies and positive volume trends, partially offset by
unfavorable currency translation and higher selling, general and
administrative expenses (SG&A).
- Product Care net sales of $381 million
in the second quarter decreased 6.8% as reported, and were
essentially unchanged on a constant dollar basis. Currency had a
negative impact on Product Care net sales of 6.5%, or $27 million.
Favorable product price/mix of 1.3% was offset by a volume decline
of 1.6%. Volume trends were negatively impacted by continued
rationalization efforts, particularly in Latin America and to a
lesser extent North America. Adjusted EBITDA was $79 million or
20.7% of net sales. Adjusted EBITDA margins expanded 310 basis
points compared to last year. Product Care’s Adjusted EBITDA
increase was primarily attributable to favorable price/cost spread
as well as cost synergies, partially offset by lower sales volumes,
unfavorable currency translation and higher SG&A expenses.
- In the second quarter, the Company
issued $400 million of 5.5% senior notes due 2025 and €400 million
of 4.5% senior notes due 2023. Net proceeds from the offering were
used to repurchase the $750 million 8.375% senior notes due 2021.
The senior notes issuance provided extended maturities, increased
covenant flexibility and reduced interest expense. The Company
expects annualized interest expense savings to be approximately $20
million.
- On July 14, 2015, the Company announced
that its Board of Directors authorized a new repurchase program of
up to $1.5 billion of the Company’s common stock, reflecting its
commitment to return value to shareholders. The new repurchase
program has no expiration date and replaces the previously
authorized program, which was terminated.
Second Quarter 2015
Summary
Second quarter 2015 net sales of $1.8 billion decreased 9.6% on
a reported basis and increased 0.5% on a constant dollar basis.
Currency had a negative impact on net sales of 10.1%, or $199
million. Adjusting for currency translation and the divestiture,
net sales increased 3.3% on an organic basis. Favorable product
price/mix was 2.4% and volume increased 0.9%. Latin America and
Asia Pacific were the fastest growing regions, increasing net sales
by 8.7% and 3.6% on a constant dollar basis, respectively. Europe,
Middle East and Africa delivered constant dollar net sales growth
of 2.9%. On an organic basis, North America delivered 2.4% net
sales growth.
Second quarter 2015 net earnings on a reported basis were $28
million, or $0.13 per diluted share as compared to $60 million, or
$0.28 per diluted share in the second quarter 2014. Both periods
include special items, primarily consisting of the loss on debt
redemption and refinancing activities in 2015, and restructuring
and other associated costs in 2014.
Adjusted EPS was $0.60 for the second quarter 2015. This
compares to Adjusted EPS of $0.42 in the second quarter 2014. The
core tax rate was 28.9% in the second quarter 2015, compared to
29.5% in the second quarter 2014. During the second quarter 2015,
the Company repurchased approximately 1.8 million shares for
approximately $86 million. In the first half of 2015, the Company
repurchased 3.2 million shares for approximately $150 million.
Through July 28, the Company has repurchased 5.9 million shares for
approximately $293 million.
Adjusted EBITDA for the second quarter 2015 was $308 million, or
17.2% of net sales, compared to $284 million, or 14.4% of net
sales, in second quarter 2014. Adjusted EBITDA margins expanded 280
basis points compared to last year. The year-over-year increase in
the second quarter was primarily attributable to favorable mix and
price/cost spread, cost synergies and positive volume trends,
partially offset by unfavorable currency translation, the impact of
the divestiture and higher SG&A expenses.
Cash Flow and Net Debt
Cash flow provided by operating activities in the six months
ended June 30, 2015 was $463 million. In March 2015, the Company
received a tax refund of $235 million related to the Settlement
agreement (as defined in the Company’s Form 10-K for the year ended
December 31, 2014) payment. Excluding the tax refund, cash flow
provided by operating activities in the six months ended June 30,
2015 was $228 million, which is net of $45 million of restructuring
and $18 million of SARs payments. This compares with cash used by
operating activities of $756 million in the six months ended 2014,
which is net of $50 million of restructuring, $17 million of SARs
payments and $930 million related to the Settlement agreement.
Capital expenditures were $58 million in the six months ended June
30, 2015 compared to $55 million in the six months ended June 30,
2014.
Free Cash Flow, defined as net cash used in operating activities
less capital expenditures, was an inflow of $171 million in the six
months ended June 30, 2015, compared with $119 million in the six
months ended June 30, 2014, excluding the Settlement agreement. The
year-over-year improvement was attributable to higher earnings,
lower interest payments and working capital management.
Compared to December 31, 2014, the Company’s net debt decreased
$197 million to $3.9 billion as of June 30, 2015. This decrease was
primarily a result of an increase in cash reflecting the tax refund
related to the Settlement agreement payment and cash generated from
operating activities, partially offset by amounts paid for
dividends and share repurchases.
Updated Outlook for Full Year
2015
Consistent with the presentation of the Company’s outlook last
quarter, the forecast provided below includes one quarter of
financial results from the divestiture, which closed on April 1,
2015.
The Company continues to estimate net sales to be approximately
$7.1 billion for the full year 2015, which assumes an unfavorable
impact of approximately 9% from foreign currency translation.
Excluding the impact of foreign currency translation and the impact
of the divestiture, net sales are expected to increase
approximately 3% on an organic basis.
The Company is increasing its forecast for Adjusted EPS to a
range of $2.24 to $2.28 from its previously provided outlook in the
range of $2.11 to $2.18. The Adjusted EPS increase is due to higher
net earnings and reflects share repurchases through July 28, 2015.
Adjusted EPS guidance excludes the impact of special items. The
Company’s expected Core Tax Rate for 2015 of approximately 25% is
unchanged from prior forecast.
Adjusted EBITDA is now estimated to be in the range of $1.16
billion to $1.17 billion as compared to the previously provided
forecast of $1.14 billion to $1.16 billion, which reflects the
divestiture and includes approximately $110 million of unfavorable
currency translation.
As a result of higher earnings, Free Cash Flow is expected to be
approximately $585 million, excluding the tax refund of
approximately $235 million received in March 2015 related to the
Settlement agreement payment. This compares to the Company's
previous outlook of approximately $575 million, which also excluded
the tax refund related to the Settlement agreement payment. The
Company continues to anticipate capital expenditures of
approximately $210 million and cash restructuring payments of
approximately $120 million.
Conference Call
Information
Date: Thursday, July 30, 2015
Time: 10:00am (ET)
Webcast: www.sealedair.com in the Investor Relations section
Conference Dial In: (888) 713-4218
(domestic)
(617) 213-4870 (international)
Participant Code: 41526985
Conference Call Replay
Information
Dates: Thursday, July 30, 2015
starting at 2:00pm (ET) through
Thursday, August 6, 2015 at 11:59pm (ET)
Webcast: www.sealedair.com in the
Investor Relations section
Conference Dial In: (888) 286-8010
(domestic)
(617) 801-6888 (international)
Participant Code: 53573766
Business
Sealed Air Corporation creates a world that feels, tastes and
works better. In 2014, the Company generated revenue of
approximately $7.8 billion by helping our customers achieve their
sustainability goals in the face of today’s biggest social and
environmental challenges. Our portfolio of widely recognized
brands, including Cryovac® brand food packaging solutions, Bubble
Wrap® brand cushioning and Diversey® cleaning and hygiene
solutions, enables a safer and less wasteful food supply chain,
protects valuable goods shipped around the world, and improves
health through clean environments. Sealed Air has approximately
24,000 employees who serve customers in 175 countries. To learn
more, visit www.sealedair.com.
Website Information
We routinely post important information for investors on our
website, www.sealedair.com, in the "Investor Relations" section. We
use this website as a means of disclosing material, non-public
information and for complying with our disclosure obligations under
Regulation FD. Accordingly, investors should monitor the Investor
Relations section of our website, in addition to following our
press releases, SEC filings, public conference calls, presentations
and webcasts. The information contained on, or that may be accessed
through, our website is not incorporated by reference into, and is
not a part of, this document.
Non-U.S. GAAP
Information
In this press release and supplement, we have included several
non-U.S. GAAP financial measures, including Adjusted Net Earnings
and EPS, net sales on a “constant dollar” or “organic” basis,
Adjusted Gross Profit, Adjusted Operating Profit, Free Cash Flow,
Adjusted EBITDA and Core Tax Rate, as our management believes these
measures are useful to investors. We present results and guidance,
adjusted to exclude the effects of certain specified items
(“special items”) and their related tax impact that would otherwise
be included under U.S. GAAP, to aid in comparisons with other
periods or prior guidance. In addition, non-U.S. GAAP measures are
used by management to review and analyze our operating performance
and, along with other data, as internal measures for setting annual
budgets and forecasts, assessing financial performance, providing
guidance and comparing our financial performance with our peers and
may also be used for purposes of determining incentive
compensation. The non-U.S. GAAP information has limitations as an
analytical tool and should not be considered in isolation from or
as a substitute for U.S. GAAP information. It does not purport to
represent any similarly titled U.S. GAAP information and is not an
indicator of our performance under U.S. GAAP. Non-U.S. GAAP
financial measures that we present may not be comparable with
similarly titled measures used by others. Investors are cautioned
against placing undue reliance on these non-U.S. GAAP measures. For
a reconciliation of these non-U.S. GAAP measures to U.S. GAAP and
other important information on our use of non-U.S. GAAP financial
measures, see the attached supplementary information entitled
“Condensed Consolidated Statements of Cash Flows” (under the
section entitled “Non-U.S. GAAP Free Cash Flow”), “Reconciliation
of U.S. GAAP Condensed Consolidated Statements of Operations to
Non-U.S. GAAP Adjusted Condensed Consolidated Statements of
Operations and Non-U.S. GAAP Adjusted EBITDA,” “Segment
Information,” “Reconciliation of Non-U.S. GAAP Total Company
Adjusted EBITDA to U.S. GAAP Net Earnings from Continuing
Operations,” “Components of Change in Net Sales by Segment,” and
“Components of Changes in Net Sales by Region.” Information
reconciling forward-looking non-U.S. GAAP measures to U.S. GAAP
measures is not available without unreasonable effort.
Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 concerning our business, consolidated
financial condition and results of operations. Forward-looking
statements are subject to risks and uncertainties, many of which
are outside our control, which could cause actual results to differ
materially from these statements. Therefore, you should not rely on
any of these forward-looking statements. Forward-looking statements
can be identified by such words as “anticipates,” “believes,”
“plan,” “assumes,” “could,” “should,” “estimates,” “expects,”
“intends,” “potential,” “seek,” “predict,” “may,” “will” and
similar references to future periods. All statements other than
statements of historical facts included in this press release
regarding our strategies, prospects, financial condition,
operations, costs, plans and objectives are forward-looking
statements. Examples of forward-looking statements include, among
others, statements we make regarding expected future operating
results, expectations regarding the results of restructuring and
other programs, anticipated levels of capital expenditures and
expectations of the effect on our financial condition of claims,
litigation, environmental costs, contingent liabilities and
governmental and regulatory investigations and proceedings. The
following are important factors that we believe could cause actual
results to differ materially from those in our forward-looking
statements: the cash tax benefits associated with the Settlement
agreement (as defined in our 2014 Annual Report on Form 10-K),
global economic and political conditions, changes in our credit
ratings, changes in raw material pricing and availability, changes
in energy costs, competitive conditions, success of our
restructuring activities, currency translation and devaluation
effects, the success of our financial growth, profitability, cash
generation and manufacturing strategies and our cost reduction and
productivity efforts, the effects of animal and food-related health
issues, pandemics, consumer preferences, environmental matters,
regulatory actions and legal matters, and the other information
referenced in the “Risk Factors” section appearing in our most
recent Annual Report on Form 10-K, as filed with the Securities and
Exchange Commission, and as revised and updated by our Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K. Any
forward-looking statement made by us is based only on information
currently available to us and speaks only as of the date on which
it is made. We undertake no obligation to publicly update any
forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(1)
(Unaudited)
(In millions, except per share data)
Three Months Ended Six Months
Ended June 30, June 30,
2015
2014
2015 2014 Revised(2) Revised(2)
Net
sales
$1,785.0
$1,973.6
$
3,531.4
$
3,801.3
Cost of sales
1,121.2
1,294.0
2,218.0
2,482.1
Gross profit 663.8 679.6
1,313.4
1,319.2
As a % of total net sales 37.2%
34.4%
37.2 % 34.7 % Selling, general and administrative expenses 415.3
460.7 843.1
909.0
As a % of total net sales 23.3%
23.3%
23.9 % 23.9 % Amortization expense of intangible assets acquired
23.0
31.2
45.6 62.4 Stock appreciation rights expense(3) 1.6
1.7
4.5 2.2 Restructuring and other charges 16.9
14.1
29.6 20.2
Operating profit 207
171.9
390.6 325.4 Interest expense (59.0)
(73.9)
(117.5 ) (152.4 ) Foreign currency exchange (loss) gain related to
Venezuelan subsidiaries(4) (30.5)
0.2
(29.7 ) (14.8 ) Gain from Claims Settlement(5) —
—
— 21.1
Loss on debt redemption and refinancing
activities(6)
(110.8)
(0.4)
(111.3 ) (0.8 ) Gain on sale of business(7) 29.2
—
29.2 — Other income (expense), net 7
(4.8)
12.9 (4.4 )
Earnings before income tax
provision 42.9
93
174.2 174.1 Income tax provision
14.8
32.9
48.9 43.1 Effective income tax rate 34.5%
35.4
28.1 % 24.8 %
Net earnings available to common stockholders
$28.1
60.1
$ 125.3 $
131.0
Net earnings per common share(8): Basic
: $0.13 $0.28 $ 0.6 $
0.62 Diluted: 0.13 0.28
0.59 0.61 Dividends per common share
$0.13 $0.13 $ 0.26 $ 0.26
Weighted average number of common shares outstanding:
Basic 208.5 213.5 208.7
210.1 Diluted 211.3 215.5
211.5 215.4
(1) The supplementary information included in this press release
for 2015 is preliminary and subject to change prior to the filing
of our upcoming Quarterly Report on Form 10-Q with the
Securities and Exchange Commission.
(2) During the fourth quarter of 2014, we changed the method of
valuing our inventories that used the Last In First Out (“LIFO”)
method to the First In First Out (“FIFO”) method, so that all of
our inventories are now valued at FIFO. We applied this change in
accounting principle retrospectively. Accordingly all previously
reported financial information has been revised. The impact of the
change on net earnings was not material.
(3) The remaining amount of unvested cash-settled stock
appreciation rights (“SARs”) fully vested March 31, 2015. However,
we will continue to incur expense related to these SARs until the
last expiration date of these awards (March 2021). The amount of
related future expense will fluctuate based on exercise and
forfeiture activity and changes in the assumptions used in the
valuation model, including the price of Sealed Air common
stock.
(4) Based on changes to the Venezuelan currency exchange rate
mechanisms, in the first quarter of 2014, we changed the exchange
rate we used to remeasure our Venezuelan subsidiaries’ financial
statements into U.S. dollars. As a result, as of June 30, 2014 our
excess cash position in our Venezuelan subsidiaries was remeasured
at the SICAD 2 rate resulting in a $15 million loss for the six
months ended June 30, 2014. As of June 30, 2015, based on further
changes in the Venezuelan exchange rate mechanisms and our specific
facts and circumstances, we changed the rate used to remeasure all
of our Bolivar denominated net monetary assets to the SIMADI rate
of 197.2980. As a result of the change, we recorded a remeasurement
loss of $31 million and $30 million in the three and six months
ended June 30, 2015, respectively.
(5) As previously disclosed in our Quarterly Report on
Form 10-Q for the three months ended March 31, 2014, on
February 3, 2014 we funded the cash consideration
($930 million) and issued the shares reserved under the
Settlement agreement as defined therein. As a result, we recognized
a gain on Claims Settlement of $21 million, which primarily
consisted of the release of certain tax and other liabilities.
(6) In June 2015, we issued $400 million of 5.5% senior notes
due 2025 and €400 million of 4.5% senior notes due 2023 and used
the net proceeds of these notes to retire the existing $750 million
of 8.375% senior notes due 2021. The aggregate repurchase price was
$866 million, which primarily included the principle amount of $750
million, premium of $99 million and accrued interest of $17
million. We recognized a total net pre-tax loss of $111 million in
the three months ended June 30, 2015, which included the premiums
mentioned above. Also included in the loss on debt redemption was
$11 million of accelerated amortization of original non-lender fees
related to the 8.375% senior notes.
(7) In April 2015, we completed the sale of our North American
foam trays and absorbent pads business for a gain of $29
million.
(8) Net earnings per common share is calculated under the
two-class method. See our Annual Report on Form 10-K for period
ended December 31, 2014 for further details.
SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
CONDENSED CONSOLIDATED BALANCE
SHEETS(1)
(Unaudited)
(In millions)
June 30, December 31,
2015 2014 Assets Current assets: Cash
and cash equivalents $ 569.2 $ 322.6 Trade receivables, net
1,040.9
1,002.2
Other receivables 183.4 404 Inventories 765.2 695.3 Assets held for
sale(2) 5.8 69.3 Other current assets 180.5 227.7
Total current assets
2,745.0
2,721.1
Property and equipment, net 928.4 970.6 Goodwill
2,959.7
2,998.6
Intangible assets, net 832.4 872.2 Other assets, net 489.9
479.2
Total assets $
7,955.4
$
8,041.7
Liabilities and stockholders' equity Current liabilities:
Short-term borrowings $ 92.7 $ 130.4 Current portion of long-term
debt 1.6 1.1 Accounts payable 733.3 638.7 Liabilities held for sale
(2) - 6.1 Other current liabilities 826.4 954.6
Total current liabilities
1,654.0
1,730.9
Long-term debt, less current portion
4,369.0
4,282.5
Other liabilities 857.7 865.5
Total
liabilities
6,880.7
6,878.9
Stockholders' equity
1,074.7
1,162.8
Total liabilities and stockholders' equity $
7,955.4
$
8,041.7
CALCULATION OF NET DEBT (1)
June 30, December 31, 2015
2014 Short-term borrowings $ 92.7 $ 130.4
Current portion of long-term debt 1.6 1.1 Long-term debt, less
current portion
4,369.0
4,282.5
Total debt
4,463.3
4,414.0
Less: cash and cash equivalents (569.2 ) (322.6 )
Net debt $
3,894.1
$
4,091.4
(1) The supplementary information included in this press release
for 2015 is preliminary and subject to change prior to the filing
of our upcoming Quarterly Report on Form 10-Q with the
Securities and Exchange Commission.
(2) In January 2015, we completed the sale relating to our
building located in Racine, Wisconsin. As of December 31, 2014, the
building and certain related assets were included in assets held
for sale. Accordingly, we transferred $26 million from assets
held for sale as of December 31, 2014. In addition, during the
second quarter we completed the sale of our North American foam
trays and absorbent pads business. During the first quarter of
2015, the assets and liabilities met the criteria of held for sale
classification. Accordingly, we had reclassified $42 million of
assets and $6 million of liabilities to held for sale as of
December 31, 2014.
SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(1)
(Unaudited)
(In millions)
Six Months Ended June 30, 2015 2014
Revised(2) Net earnings available to common stockholders $ 125.3 $
131.0
Adjustments to reconcile net earnings to net cash provided by (used
in) operating 276.9 187.3 activities(3)(5) Changes in: Trade
receivables, net (47.9 ) (56.1 ) Inventories (99.1 ) (97.8 )
Accounts payable 101.8 69 Settlement agreement, and related items
(4) 235.2 (929.7 ) Changes in all other operating assets and
liabilities (128.8 ) (59.5 )
Cash flow provided by
(used in) operating activities 463.4 (755.8
) Capital expenditures for property and equipment
(57.6 ) (55.1 ) Proceeds from sale of business(5) 75.6 — Business
acquired in purchase transactions, net of cash and cash equivalents
acquired (8.5 ) — Proceeds from sales of property, equipment and
other assets 26.4 1.2 Other investing activities 36.9
5.8
Cash flow provided by (used in) investing activities
72.8 (48.1 ) Net proceeds from
short-term borrowings and long-term debt 68.6 362.2 Repurchase of
common stock (149.7 ) (130.0 ) Payments for debt extinguishment
costs (108.3 ) — Dividends paid on common stock (54.8 ) (56.0 )
Acquisition of common stock for tax withholding obligations under
our Omnibus stock plan and 2005 Contingent Stock Plan (7.4 ) (2.8 )
Other financing activities (0.1 ) 0.1
Cash flow
(used in) provided by financing activities (251.7
) 173.5 Effect of foreign currency exchange
rates on cash and cash equivalents (37.9 )
(5.5 ) Cash and cash equivalents
beginning of period $ 322.6 $ 992.4
Net change in cash and cash equivalents 246.6 (635.9
)
Cash and cash equivalents end of period $
569.2 $ 356.5 Non-U.S. GAAP Free
Cash Flow: Cash flow from operating activities(4) $ 463.4 $
(755.8 ) Capital expenditures for property and equipment
(57.6 ) (55.1 )
Free Cash Flow(6)
$
405.8 $ (810.9 ) Settlement agreement
and related items (4) (235.2 ) 929.7
Free Cash
Flow excluding Settlement agreement and related accrued
interest $ 170.6 $ 118.8
Additional Cash Flow Information: Interest payments, net of amounts
capitalized(7) $ 131.4 $ 563.1 Income tax payments $ 52.8 $ 41.2
SARs payments (less amounts included in restructuring payments) $
18.3 $ 17 Restructuring payments (including associated costs) $
45.2 $ 49.9
(1) The supplementary information included in this press release
for 2015 is preliminary and subject to change prior to the filing
of our upcoming Quarterly Report on Form 10-Q with the
Securities and Exchange Commission.
(2) During the fourth quarter of 2014, we changed the method of
valuing our inventories that used the LIFO method to the FIFO
method, so that all of our inventories are now valued at FIFO. We
applied this change in accounting principle retrospectively.
Accordingly all previously reported financial information has been
revised. The impact of the change to net earnings was not material.
Certain other reclassifications have been made to prior year
numbers to conform to current year presentation.
(3) 2015 primarily consists of loss on bond redemption of $111
million, depreciation and amortization of $109 million, share-based
compensation expense of $33 million, and a remeasurement loss of
$30 million partially offset by a gain on sale of business of $(29)
million. 2014 primarily consists of depreciation and amortization
of $164 million, profit sharing expense of $19 million and a
remeasurement loss of $15 million, partially offset by gain on
Settlement agreement of $(21) million.
(4) During the first quarter of 2015, the Company received the
tax refund of $235 million related to the Settlement agreement
payment. During the first quarter of 2014, we used
$930 million of cash to fund the cash portion of the
Settlement agreement and related accrued interest. To fund the cash
payment, we used $555 million of cash and cash equivalents and
utilized borrowings of $260 million from our revolving credit
facility and $115 million from our accounts receivable
securitization programs.
(5) During the second quarter of 2015, we completed the sale of
our North American foam trays and absorbent pads business for net
cash proceeds of $76 million, resulting in the recording of a $29
million gain.
(6) Free cash flow does not represent residual cash available
for discretionary expenditures, including mandatory debt servicing
requirements or non-discretionary expenditures that are not
deducted from this measure.
(7) Interest payments in 2014 include $417 million related to
the Settlement agreement.
SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
RECONCILIATION OF U.S. GAAP CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS TO
NON-U.S. GAAP ADJUSTED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND
NON-U.S. GAAP ADJUSTED EBITDA(1)
(Unaudited)
(In millions, except per share data)
Three Months Ended June 30, 2015
2014
U.S. GAAP
AsReported
Less:
Special
Items(2)
Non-U.S.GAAPAdjusted
U.S. GAAP
AsReported
Less:
SpecialItems(2
Non-U.S. GAAP
Adjusted
Revised(3)
Revised(3)
Net sales $
1,785.0
$ — $
1,785.0
$
1,973.6
$
—
$
1,973.6
Cost of sales
1,121.2
(1.6 )
1,119.6
1,294.0
(5.3 )
1,288.7
Gross profit 663.8 1.6 665.4
679.6 5.3 684.9 As a % of total net sales 37.2
% 37.3 % 34.4 % 34.7 % Selling, general and administrative expenses
415.3 (7.8 ) 407.5 460.7 (6.4 ) 454.3 As a % of total net sales
23.3 % 22.8 % 23.3 %
23.0
% Amortization expense of intangible assets acquired
23.0
—
23.0
31.2
— 31.2 Stock appreciation rights expense 1.6 (1.6 )
— 1.7 (1.7 )
— Restructuring and other charges
16.9 (16.9 ) — 14.1 (14.1 ) —
Operating profit
207.0
27.9 234.9 171.9 27.5 199.4 As a
% of total net sales 11.6 % 13.2 % 8.7 % 10.1 % Interest expense
(59.0 ) — (59.0 ) (73.9 ) — (73.9 ) Foreign currency exchange gain
(loss) related to Venezuelan subsidiaries (30.5 ) 30.5 — 0.2 (0.2 )
— Loss on debt redemption and refinancing activities (110.8 ) 110.8
— (0.4 ) 0.4 — Gain on sale of business 29.2 (29.2 ) — — — — Other
income (expense), net
7.0
(3.9 ) 3.1 (4.8 ) 7.5 2.7
Earnings before income tax provision 42.9
136.1
179.0
93.0
35.2 128.2 Income tax provision
14.8
37.0
51.8
32.9 4.9 37.8 Effective income tax rate(4)
34.5 % 28.9 % 35.4 %
29.5 %
Net earnings available to common
stockholders $ 28.1 $ 99.1 $
127.2 $ 60.1 $ 30.3 $
90.4 Net earnings per common share(5):
Diluted $ 0.13 $ 0.47 $
0.60
$ 0.28 $ 0.14 $ 0.42
Weighted average number of common shares
outstanding: Diluted 211.3
211.3 211.3 215.5
215.5 215.5 Non-U.S. GAAP Adjusted
EBITDA: Non-U.S. GAAP Adjusted Operating Profit $
234.9 $ 199.4 Other income (expense), net 3.1
2.7 Depreciation and amortization(6) 69.3 81.6 Write down of
non-strategic assets, included in depreciation and amortization
0.3 0.1
Non-U.S. GAAP Adjusted EBITDA $
307.6 $ 283.8 As a % of total net sales 17.2 %
14.4 %
(1) The supplementary information included in this press release
for 2015 is preliminary and subject to change prior to the filing
of our upcoming Quarterly Report on Form 10-Q with the
Securities and Exchange Commission.
(2) Special items consist of certain one-time costs or
charges/credits that are included in our U.S. GAAP reported
results. These special items include restructuring and other
associated costs related to our previously announced Fusion program
(“Fusion”), Earnings Quality Improvement Program (“EQIP”) and the
Integration and Optimization Program (“IOP”) restructuring
programs, foreign currency exchange losses related to Venezuelan
subsidiaries, stock appreciation rights (“SARs”) expense, losses
recorded on debt redemption and refinancing activities, gain on
sale of business, and income from sale of equity method
investment.
(3) During the fourth quarter of 2014, we changed the method of
valuing our inventories that used the LIFO method to the FIFO
method, so that all of our inventories are now valued at FIFO. We
applied this change in accounting principle retrospectively.
Accordingly all previously reported financial information has been
revised. The impact of the change to net earnings was not
material.
(4) Our Core Tax Rate is defined as the effective income tax
rate on Non-U.S. GAAP Adjusted Net Earnings.
(5) Net earnings per common share is calculated under two-class
method. See our Annual Report on Form 10-K for period ended
December 31, 2014 for further details.
(6) Depreciation and amortization includes:
Three Months Ended
June 30, 2015 2014 Depreciation
of property, plant and equipment $ 31.4 $ 38.5 Amortization of
intangible assets acquired
23.0
31.2 Amortization of deferred share-based compensation 14.9
11.9
Total $ 69.3 $ 81.6
SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
RECONCILIATION OF U.S. GAAP CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS TO
NON-U.S. GAAP ADJUSTED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND
NON-U.S. GAAP ADJUSTED EBITDA(1)
(Unaudited)
(In millions, except per share data)
Six Months Ended June 30, 2015
2014
U.S.
GAAPAsReported
Less:SpecialItems(4)
Non-U.S.GAAPAdjusted
U.S. GAAPAs
Reported
Less:SpecialItems(4)
Non-U.S.GAAPAdjusted
Revised(3)
Revised(3)
Net sales $
3,531.4
$ — $
3,531.4
$
3,801.3
$
—
$
3,801.3
Cost of sales
2,218.0
(2.5 )
2,215.5
2,482.1
(6.4 )
2,475.7
Gross profit
1,313.4
2.5
1,315.9
1,319.2
6.4
1,325.6
As a % of total net sales 37.2 % 37.3 % 34.7 % 34.9 % Selling,
general and administrative expenses(2) 843.1 (16.5 ) 826.6
909.0
(10.8 ) 898.2 As a % of total net sales 23.9 % 23.4 % 23.9 % 23.6 %
Amortization expense of intangible assets acquired 45.6
—
45.6 62.4
— 62.4 Stock appreciation rights expense 4.5 (4.5
)
— 2.2 (2.2 )
— Restructuring and other charges
29.6 (29.6 ) — 20.2 (20.2 )
—
Operating profit 390.6 53.1
443.7 325.4 39.6
365.0
As a % of total net sales 11.1 % 12.6 % 8.6 % 9.6 % Interest
expense (117.5 ) — (117.5 ) (152.4 ) — (152.4 ) Foreign currency
exchange loss related to Venezuelan subsidiaries (29.7 ) 29.7 —
(14.8 ) 14.8 — Gain from Claims Settlement — — — 21.1
(21.1)
— Loss on debt redemption and refinancing activities (111.3 ) 111.3
— (0.8 ) 0.8 — Gain on sale of business 29.2 (29.2 ) — — — — Other
income (expense), net 12.9 (6.9 )
6.0
(4.4 ) 9.4
5.0
Earnings before income tax provision 174.2
158.0
332.2 174.1 43.5
217.6 Income tax provision
48.9
41.5 90.4 43.1
13.6 56.7 Effective income tax rate(4)
28.1 % 27.2 % 24.8 %
26.1 %
Net earnings available to common stockholders
$ 125.3 $ 116.5 $ 241.8
$
131.0
$ 29.9 $ 160.9 Net earnings per
common share(5):
Diluted: $ 0.59 $
0.55 $ 1.14 $ 0.61 $
0.14 $ 0.75 Weighted average number
of common shares outstanding: Diluted
211.5 211.5 211.5
215.4 215.4 215.4
Non-U.S. GAAP Adjusted EBITDA: Non-U.S. GAAP Adjusted
Operating Profit $ 443.7 $
365.0
Other income (expense), net
6.0
5.0
Depreciation and amortization(6) 142.4 164.4 Write down of
non-strategic assets, included in depreciation and amortization
(0.3 ) 0.1
Non-U.S. GAAP Adjusted EBITDA
$ 591.8 $ 534.5 As a % of total net
sales 16.8 % 14.1 %
(1) The supplementary information included in this press release
for 2015 is preliminary and subject to change prior to the filing
of our upcoming Quarterly Report on Form 10-Q with the
Securities and Exchange Commission.
(2) Special items consist of certain one-time costs or
charges/credits that are included in our U.S. GAAP reported
results. These special items include restructuring and other
associated costs related to our previously announced Fusion program
(“Fusion”), Earnings Quality Improvement Program (“EQIP”) and the
Integration and Optimization Program (“IOP”) restructuring
programs, foreign currency exchange losses related to Venezuelan
subsidiaries, stock appreciation rights (“SARs”) expense, and
losses recorded on debt redemption and refinancing activities, gain
on sale of business, and income from sale of equity method
investment.
(3) During the fourth quarter of 2014, we changed the method of
valuing our inventories that used the LIFO method to the FIFO
method, so that all of our inventories are now valued at FIFO. We
applied this change in accounting principle retrospectively.
Accordingly all previously reported financial information has been
revised. The impact of the change to net earnings was not
material.
(4) Our Core Tax Rate is defined as the effective income tax
rate on Non-U.S. GAAP Adjusted Net Earnings.
(5) Net earnings per common share is calculated under two-class
method. See our Annual Report on Form 10-K for period ended
December 31, 2014 for further details.
(6) Depreciation and amortization includes:
Six Months Ended
June 30,
2015 2014 Depreciation of property,
plant and equipment $ 63.6 $ 75.6 Amortization of intangible assets
acquired 45.6 62.4 Amortization of deferred share-based
compensation 33.2 26.4
Total $
142.4 $ 164.4
SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
SEGMENT INFORMATION(1)
(Unaudited)
(In millions)
Three Months Ended Six
Months Ended June 30, % June
30, % 2015 2014 Change
2015 2014 Change Net
Sales: Food Care $ 846.6 $ 962.1 (12.0 ) % $
1,726.4 $ 1,866.4 (7.5 ) % As a % of Total Company net sales 47.4 %
48.7 % 48.9 % 49.1 % Diversey Care 535.0 581.3 (8.0 ) % 1,002.9
1,086.4 (7.7 ) % As a % of Total Company net sales 30.0 % 29.5 %
28.4 % 28.6 % Product Care 381.0 408.7 (6.8 ) % 758.1 802.5 (5.5 )
% As a % of Total Company net sales 21.3 % 20.7 %
21.5 % 21.1 %
Total
Reportable Segments Net Sales 1,762.6 1,952.1
(9.7 ) %
3,487.4 3,755.3 (7.1
) % Other 22.4 21.5 4.2 % 44.0
46.0 (4.3 ) %
Total Company Net Sales $
1,785.0 $ 1,973.6 (9.6 )
%
$ 3,531.4 $ 3,801.3
(7.1 ) %
Three Months Ended
Six Months Ended June 30, %
June 30, % 2015 2014
Change 2015 2014 Change
Revised(2) Revised(2)
Adjusted EBITDA: Food Care $ 173.7 $
157.8 10.1 % $ 364.2 $ 316.8 15.0 % Adjusted EBITDA Margin 20.5 %
16.4 % 21.1 % 17.0 % Diversey Care 69.1 72.4 (4.6 ) % 110.1 116.8
(5.7 ) % Adjusted EBITDA Margin 12.9 % 12.5 % 11.0 % 10.8 % Product
Care 79.0 72.0 9.7 % 154.6 141.1 9.6 % Adjusted EBITDA Margin
20.7 % 17.6 % 20.4 % 17.6
%
Total Reportable Segments Adjusted
EBITDA
321.8 302.2 6.5 %
628.9 574.7
9.4 % Other (14.2 ) (18.4 ) (22.8 ) %
(37.1 ) (40.2 ) (7.7 ) %
Non-U.S. GAAP
Total Company
Adjusted EBITDA
$ 307.6 $ 283.8 8.4 %
$ 591.8 $ 534.5 10.7 %
Adjusted EBITDA Margin 17.2 % 14.4 % 16.8 % 14.1 %
(1) The supplementary information included in this press release
for 2015 is preliminary and subject to change prior to the filing
of our upcoming Quarterly Report on Form 10-Q with the
Securities and Exchange Commission.
(2) During the fourth quarter of 2014, we
changed the method of valuing our inventories that used the LIFO
method to the FIFO method, so that all of our inventories are now
valued at FIFO. We applied this change in accounting principle
retrospectively. Accordingly all previously reported financial
information has been revised. The impact of the change to net
earnings was not material.
SEALED AIR CORPORATION
SEGMENT INFORMATION – CONTINUED
SUPPLEMENTARY INFORMATION(1)
RECONCILIATION OF NON-U.S. GAAP TOTAL
COMPANY ADJUSTED EBITDA TO
U.S. GAAP NET EARNINGS FROM CONTINUING
OPERATIONS
(Unaudited)
(In millions)
Three Months Ended Six Months
Ended June 30, June 30, 2015
2014 2015 2014
Revised(2)
Revised(2)
Non-U.S. GAAP Total Company Adjusted EBITDA $
307.6 $ 283.8 $ 591.8 $
534.5 Depreciation and amortization (3) (69.3 ) (81.6 )
(142.4 ) (164.4 ) Special items(4): Accelerated depreciation of
non-strategic assets related to restructuring programs (0.3 ) (0.1
) 0.3 (0.1 ) Restructuring and other charges(5) (16.9 ) (14.1 )
(29.6 ) (20.2 ) Other restructuring associated costs included in
cost of (10.2 ) (9.6 ) (19.3 ) (15.0 ) sales and selling, general
and administrative expenses SARs (1.6 ) (1.7 ) (4.5 ) (2.2 )
Foreign currency exchange (loss) gains related to (30.5 ) 0.2 (29.7
) (14.8 ) Venezuelan subsidiaries Loss on debt redemption and
refinancing activities (110.8 ) (0.4 ) (111.3 ) (0.8 ) Gain from
Claims Settlement in 2014 and related costs — — — 21.1 Gain from
sale of North American foam trays and absorbent pads business 29.2
— 29.2 — Other 4.7 (9.6 ) 7.2 (11.6 ) Interest expense (59.0 )
(73.9 ) (117.5 ) (152.4 ) Income tax (benefit) provision
14.8 32.9 48.9 43.1
U.S. GAAP net earnings
available to common stockholders $ 28.1 $
60.1 $ 125.3 $
131.0
(1) The supplementary information included in this press release
for 2015 is preliminary and subject to change prior to the filing
of our upcoming Annual Report on Form 10-Q with the Securities
and Exchange Commission.
(2) During the fourth quarter of 2014, we changed the method of
valuing our inventories that used the LIFO method to the FIFO
method, so that all of our inventories are now valued at FIFO. We
applied this change in accounting principle retrospectively.
Accordingly all previously reported financial information has been
revised. The impact of the change to net earnings was not
material.
(3) Depreciation and amortization by segment is as follows:
Three Months Ended Six Months
Ended June 30, June 30, 2015
2014 2015 2014
Food Care $ 26.7 $ 27.1 $ 55.2 $ 59.1 Diversey Care 25.2
29.8 51.3 62.1 Product Care 9.4 9.9 19.5
20.5
Total reportable segments 61.3
66.8
126.0
141.7 Other
8.0
14.8 16.4 22.7
Total Company depreciation
and amortization $ 69.3 $ 81.6
$ 142.4 $ 164.4
(4) Includes items we consider unusual or special items. See
Note 2 of “Reconciliation of U.S. GAAP Condensed Consolidated
Statements of Operations to Non-U.S. GAAP Adjusted Condensed
Consolidated Statements of Operations and Non-U.S. GAAP Adjusted
EBITDA,” for further information.
(5) Restructuring and other charges by segment is as
follows:
Three Months Ended Six Months
Ended June 30, June 30, 2015
2014 2015
2014 Food Care $ 7.2 $
7.0
$ 14.1 $ 11.1 Diversey Care 6.3 3.4 9.5 3.8 Product Care 3.3
3.5 5.9
5.0
Total reportable segments 16.8 13.9
29.5 19.9 Other 0.1 0.2 0.1
0.3
Total Company restructuring and other charges
$ 16.9 $ 14.1 $ 29.6
$ 20.2
SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
COMPONENTS OF CHANGE IN NET SALES BY
SEGMENT(1)
(Unaudited)
(In millions)
Three Months Ended June 30, Food Care
Diversey Care Product Care Other
Total
Company
2014 Net Sales $ 962.1 $ 581.3 $ 408.7 $ 21.5
$ 1,973.6 Volume - Units 14.7 1.5 % 9.5 1.6 %
(6.7 ) (1.6 ) % 0.5 2.3 % 18.0 0.9 % Product price/mix (2) 26.3 2.7
% 12.5 2.2 % 5.5 1.3 % 3.7 17.2 % 48.0 2.4 % Divestiture
(55.9 ) (5.8 ) % — — % — — %
— — % (55.9 ) (2.8 ) %
Total
constant dollar change (Non-U.S. GAAP)(3)
(14.9 )
(1.6 ) % 22.0 3.8 %
(1.2 ) (0.3 ) % 4.2
19.5 % 10.1 0.5 % Foreign
currency translation (100.6 ) (10.4 ) % (68.3
) (11.8 ) % (26.5 ) (6.5 ) % (3.3 )
(15.3 ) % (198.7 ) (10.1 ) %
Total change
(U.S. GAAP) (115.5 ) (12.0
) % (46.3 ) (8.0
) % (27.7 ) (6.8
) % 0.9 4.2 %
(188.6 ) (9.6 ) %
2015 Net Sales $ 846.6 $
535.0 $ 381.0 $ 22.4 $
1,785.0 Six Months Ended June 30, Food
Care Diversey Care Product
Care Other Total 2014 Net Sales $ 1,866.40
$
1,086.4
$ 802.5 $
46.0
$
3,801.3
Volume - Units 37.5
2.0
% 8.6 0.8 % (16.1 ) (2.0 ) % (1.5 ) (3.3 ) % 28.5 0.7 % Product
price/mix (2) 55.9
3.0
%
21.0
1.9 % 19.3 2.4 % 5.3 11.5 % 101.5 2.7 % Divestiture (55.4 )
(3.0 ) % — — % — — % —
— %
(55.4)
(1.4 ) %
Total constant dollar change (Non-U.S.
GAAP)(3)
38.0
2.0
% 29.6 2.7 % 3.2 0.4
% 3.8 8.2 % 74.6
2.0
% Foreign currency translation (178.0 ) (9.5 )
% (113.1 ) (10.4 ) % (47.6 ) (5.9 ) %
(5.8 ) (12.5 ) % (344.5 ) (9.1 ) %
Total change (U.S. GAAP) (140.0 )
(7.5 ) % (83.5 )
(7.7 ) % (44.4 )
(5.5 ) % (2.0 )
(4.3 ) % (269.9 )
(7.1 ) %
2015 Net Sales
$
1,726.4
$
1,002.9
$ 758.1 $
44.0
$
3,531.4
(1) The supplementary information included in this press release
for 2015 is preliminary and subject to change prior to the filing
of our upcoming Quarterly Report on Form 10-Q with the
Securities and Exchange Commission.
(2) Our product price/mix reported above includes the net impact
of our pricing actions and rebates as well as the period-to-period
change in the mix of products sold. Also included in our reported
product price/mix is the net effect of some of our customers
purchasing our products in non-U.S. dollar or euro denominated
countries at selling prices denominated in U.S. dollars or
euros. This primarily arises when we export products from the U.S.
and euro-zone countries.
(3) Changes in these items excluding the impact of foreign
currency translation are non-U.S. GAAP financial measures. Since we
are a U.S. domiciled company, we translate our
foreign-currency-denominated financial results into
U.S. dollars. Due to changes in the value of foreign
currencies relative to the U.S. dollar, translating our
financial results from foreign currencies to U.S. dollars may
result in a favorable or unfavorable impact. It is important that
we take into account the effects of foreign currency translation
when we view our results and plan our strategies. Nonetheless, we
cannot control changes in foreign currency exchange rates.
Consequently, when our management looks at our financial results to
measure the core performance of our business, we exclude the impact
of foreign currency translation by translating our current period
results at prior period foreign currency exchange rates. We also
may exclude the impact of foreign currency translation when making
incentive compensation determinations. As a result, our management
believes that these presentations are useful internally and may be
useful to our investors.
SEALED AIR CORPORATION
SUPPLEMENTARY INFORMATION
COMPONENTS OF CHANGE IN NET SALES BY
REGION(1)(2)
(Unaudited)
(In millions)
Three Months Ended June 30, North
America EMEA(3) Latin
America APAC(4) Total 2014
Net Sales(1) $ 783.8 $ 728.1 $
200.0
$ 261.7 $
1,973.6
Volume - Units 8.5 1.1 % 9.9 1.4 % (6.3 ) (3.2 ) %
5.9 2.3 %
18.0
0.9 % Product price/mix
10.0
1.3 % 10.9 1.5 % 23.8 11.9 % 3.3 1.3 %
48.0
2.4 % Divestiture (55.9 ) (7.1 ) % — —
% — — % — — % (55.9 )
(2.8 ) %
Total constant dollar change (Non-U.S. GAAP)
(37.4 ) (4.7 ) % 20.8
2.9 % 17.5 8.7 % 9.2
3.6 % 10.1 0.5 % Foreign
currency translation (7.6 ) (1.0 ) % (131.7 )
(18.1 ) % (36.3 ) (18.2 ) % (23.1 )
(8.8 ) % (198.7 ) (10.1 ) %
Total change
(U.S. GAAP) (45.0 ) (5.7
) % (110.9 ) (15.2
) % (18.8 ) (9.5
) % (13.9 ) (5.2
) % (188.6 ) (9.6
) %
2015 Net Sales $ 738.8
$ 617.2 $ 181.2 $ 247.8
$
1,785.0
Six Months Ended June 30, North America
EMEA(3) Latin America
APAC(4) Total 2014 Net Sales $
1,504.9
$
1,389.6
$ 387.3 $ 519.5 $
3,801.3
Volume - Units 12.7 0.8 %
18.0
1.3 % (15.3 ) (4.0 ) % 13.1 2.5 % 28.5 0.7 % Product price/mix
28.0
1.9 %
23.0
1.7 % 45.3 11.7 % 5.2
1.0
% 101.5 2.7 % Divestiture (55.4 ) (3.7 ) —
— % — — % — — % (55.4 )
(1.4 ) %
Total constant dollar change (Non-U.S. GAAP)
(14.7 ) (1.0 ) %
41.0
3.0
%
30.0
7.7 % 18.3 3.5 % 74.6
2.0
% Foreign currency translation (14.1 ) (0.9 )
% (232.7 ) (16.7 ) % (58.4 ) (15.1 ) %
(39.3 ) (7.6 ) % (344.5 ) (9.1 ) %
Total change (U.S. GAAP) (28.8 )
(1.9 ) % (191.7 )
(13.7 ) % (28.4 )
(7.4 ) % (21.0 )
(4.1 ) % (269.9 )
(7.1 ) %
2015 Net Sales $
1,476.1
$
1,197.9
$ 358.9 $ 498.5 $
3,531.4
(1) The supplementary information included in this press release
for 2015 is preliminary and subject to change prior to the filing
of our upcoming Quarterly Report on Form 10-Q with the
Securities and Exchange Commission.
(2) During the second quarter of 2015, the Company underwent a
reorganization of its Asia, Middle East, Africa and Turkey region
(AMAT). This reorganization involved the transition of the AMAT
region to an Asia Pacific region (APAC) and moving the Middle East,
Africa and Turkey countries into the Company’s existing European
regional organization (EMEA).
(3) EMEA consists of Europe, Middle East, Africa and Turkey.
(4) APAC refers collectively to our Asia Pacific region. This
consists of i) Greater China, ii) India/Southeast Asia and iii)
Australia, New Zealand, Japan and Korea.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150730005420/en/
Sealed Air CorporationInvestor:Lori Chaitman,
201-703-4161orMedia:Ken Aurichio, 201-703-4164
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