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Sealed Air Reports Fourth Quarter And Full Year 2012 Results

Sealed Air Corporation (NYSE:SEE) today announced financial results for fourth quarter and full year 2012. Net sales for the fourth quarter 2012 totaled $2 billion. Adjusted EPS was $0.34 for the fourth quarter and Adjusted EBITDA for the quarter was $267 million or 13.5% of net sales. On a reported basis, net loss was $(10.9) million, or $(0.06) per share.

Unless otherwise stated, all results are presented on a continuing operations basis, excluding Diversey Japan, which the Company sold in November 2012 and is presented as discontinued operations. Reported information is defined as U.S. GAAP. Pro forma information for 2011 includes the full year results of the Diversey business the Company acquired on October 3, 2011. Year-over-year net sales discussions present both reported and constant dollar performance. The constant dollar performance excludes the impact of currency translation. Organic performance includes volume and product price/mix but excludes the impact of currency translation and acquisitions. Additionally, Adjusted EBITDA and Adjusted Earnings exclude impairment of goodwill and other intangible assets, restructuring and other special items.

Fourth Quarter Highlights:

Net sales for the fourth quarter 2012 totaled $2 billion. Net sales increased 0.8% over 2011 with 2.6% higher volumes, offset by 1.7% of unfavorable currency translation. Reported regional net sales increased over 2011 levels by 9.6% for AMAT (Asia, Middle East, Africa and Turkey), 7.5% for Latin America, 2.3% for North America and 2.0% for Japan/Australia/New Zealand, offset by 5.6% lower net sales in Europe. Additionally, fourth quarter net sales to Developing Regions 1 account for 24% of global net sales.

Adjusted EBITDA for the quarter was $267 million or 13.5% of net sales. On an actual and constant dollar basis, this represented a 16.6% increase compared with 2011 adjusted EBITDA of $229 million, primarily driven by higher volume demand and cost synergies. Cost synergies were $35 million for the fourth quarter of 2012 and resulted from a mix of headcount reductions, elimination of redundant costs, plant consolidations and procurement and logistics savings.

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