Sealed Air Corporation (NYSE:SEE) today announced financial results for fourth quarter and full year 2013. Commenting on these results, Jerome A. Peribere, President and Chief Executive Officer, said, “2013 was a solid year for Sealed Air – we generated $509 million of Free Cash Flow, increased net sales by 2.7% in constant dollars to $7.7 billion and increased Adjusted EBITDA by 7.3% excluding SARs. In the fourth quarter, we delivered favorable price/mix in every division and in every region. We made significant progress on our ‘Get Fit’ strategy and, as we move forward, we are well positioned to ‘Change the Game.’ Our focus will continue to be on improving the quality of our business.”
Peribere continued, “The completion of the W. R. Grace & Co. Settlement agreement is a significant development for Sealed Air. It brings closure to this matter after more than a decade, we will no longer incur interest on the settlement liability, and we also anticipate meaningful cash tax benefits over the next several years. This will provide Sealed Air with more financial flexibility and enable us to continue to add value to our business and shareholders alike.”
Unless otherwise stated, all results compare 2013 to 2012 and include continuing operations. The rigid medical packaging business (“Medical Rigids”), which the Company sold in December 2013, and Diversey Japan, which the Company sold in November 2012, have been presented as discontinued operations. Reported information is defined as U.S. GAAP. Year-over-year net sales discussions present both reported and constant dollar performance. Constant dollar sales performance excludes the impact of currency translation. Additionally, non-U.S. GAAP adjusted financial measures, such as Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization (“Adjusted EBITDA”), Adjusted Diluted Earnings Per Share (“Adjusted EPS”) and Core Tax Rate exclude the impact of special items, such as restructuring charges and other one-time items. Additional detail on cash-settled stock appreciation rights (“SARs”) granted as part of the Diversey acquisition is provided in the supplementary information.