Sealed Air Corporation: Initiation Of Coverage – What Is Its Core Business Strategy?

Sealed Air Corporation, in its Q4 2023 earnings, reported sales of $1.4 billion and an adjusted EBITDA of $274 million. The results align with the company’s projection, reflecting the ongoing challenges from fluctuating protein cycles and downtrading in the food division as well as a reassured seasonal pickup in the protective segment. For the fiscal year of 2023, Sealed Air posted sales of $5.5 billion, slightly over the midpoint of its guidance, along with an adjusted EBITDA of $1.1 billion. Besides, the firm, excluding payments and deposits related to the resolution of certain prior years tax matters, yielded $467 million of free cash flow, significantly above its guided estimate.