Sealed Air Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting a mixed performance in revenue and profitability compared to the previous fiscal period.

For the three months ended September 30, 2024, net sales totaled $1,345.1 million, a decrease of 2.7% from $1,381.8 million in the same period of 2023. For the nine months, net sales were $4,019.8 million, down 2.2% from $4,111.4 million. The decline in sales was attributed to lower volumes, particularly in the Americas and EMEA regions, which contributed to a decrease of $28 million and $76 million for the respective periods. The Food segment showed resilience with net sales of $897.9 million for Q3 2024, slightly up from $893.4 million in Q3 2023, while the Protective segment saw a decline from $488.4 million to $447.2 million.

Despite the drop in sales, Sealed Air's profitability improved significantly. Operating profit for Q3 2024 increased by 18.2% to $186.3 million, compared to $157.6 million in Q3 2023. For the nine months, operating profit rose 6.2% to $576.9 million. Net earnings from continuing operations for Q3 2024 were $88.7 million, a 54.0% increase from $57.6 million in the prior year, while for the nine months, net earnings rose 25.9% to $269.9 million.

The company’s strategic initiatives included the acquisition of LB Holdco, Inc. (Liquibox) in February 2023 for approximately $1.16 billion, which contributed to the Food segment's growth. However, the integration of Liquibox incurred $12.1 million in acquisition-related expenses for the nine months ended September 30, 2023.

Sealed Air also undertook restructuring efforts, with total restructuring charges of $6.8 million in Q3 2024, down from $9.8 million in Q3 2023. The CTO2Grow Program, aimed at achieving annualized savings of $140 to $160 million by the end of 2025, incurred cash expenses of $7 million in restructuring charges and $8 million in other associated costs during Q3 2024.

Financially, the company reported cash and cash equivalents of $386.0 million as of September 30, 2024, up from $346.1 million at the end of 2023. Total assets increased to $7,321.1 million, while total stockholders’ equity rose to $771.2 million, reflecting a strong retained earnings position of $680.1 million.

Overall, while Sealed Air faced challenges in sales volume, its strategic acquisitions and operational efficiencies contributed to improved profitability and a solid financial position.