Stock Monitor: Cryoport Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 13, 2018 / Active-Investors.com has just released a free earnings report on Sealed Air Corp. (NYSE: SEE). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=SEE. Sealed Air reported financial results on February 08, 2018, for the quarter ended and full year ended December 31, 2017. In the fourth quarter of 2017 (Q4 FY17), the Company surpassed analysts' consensus expectations, both in terms of revenues and adjusted earnings per share. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Cryoport, Inc. (NASDAQ: CYRX), which also belongs to the Consumer Goods sector as the Company Sealed Air. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Sealed Air most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=SEE
Earnings Highlights and Summary
Sealed Air's total revenues reached $1.23 billion for Q4 FY17, up 11.48% from $1.10 billion in Q4 FY16. Of this, favorable currency change had a positive impact of 2% or $25 million on total net sales. The Company's reported revenue numbers exceeded analysts' consensus estimates of $1.19 billion.
Sealed Air's cost of sales increased 15.56% to $853.4 million in Q4 FY17 from $738.5 million in Q4 FY16. The Company's gross profit for the quarter was $374.4 million, which is 3.17% higher than the $362.9 million reported in the same period last year. The Company's operating profit fell 3.69% to $161.8 million in Q4 FY17 from $168 million in Q4 FY16.
Sealed Air had a net loss of $33.5 million attributable to common stockholders in Q4 FY17, which included a loss of $58.6 million on sale of discontinued operations. In the previous-year quarter, Sealer Air had net earnings of $171.1 million available to common stockholders. The Company's net earnings from continuing operations was $25.0 million for the reported quarter, a decrease of 83.48% from $151.3 million in the year ago corresponding quarter. Diluted EPS from continuing operations was $0.14 in Q4 FY17 compared to $0.77 in Q4 FY16, reflecting a decrease of approximately 81.82%. The reported earnings included $42 million on account of tax related items, $21 million related to the sale of Diversey, $11 million related to acquisition activity, and $5 million of restructuring and other restructuring associated costs. Adjusted DEPS from continuing operations for the quarter under review, excluding these special items, was $0.58, up 16% from $0.50 in the previous year's comparable quarter. The reported adjusted DEPS for Q4 FY17 was higher than analysts' consensus estimates of $0.57.
For the year ending December 31, 2017, Sealed Air's total revenues increased 5.94% to $4.46 billion from $4.21 billion in FY16 as the Company capitalized on strong end-market trends within the protein and ecommerce and fulfillment sectors and experienced increased demand for its new innovations. The Company's net earnings from continuing operations was $62.8 million for the reported year, a decrease of 78.52% from $292.3 million in the previous year. Sealed Air's DEPS from continuing operations fell 77.70% to $0.33 in FY17 from $1.48 in FY16. DEPS for full year 2017, excluding special items was $1.81, 6.47% up from $1.70 in FY16.
Sealed Air's Segment Details
During Q4 2017, the Food Care segment's net sales jumped 7.98% to $764.1 million on a y-o-y basis. Of this, favorable currency change had a positive impact of 2% or $15 million on total sales. The remaining increase in sales was led by volume growth and favorable price/mix. This segment's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) from continuing operations was $162.3 million in the quarter ending December 31, 2017, a decrease of 1.46% from $164.7 million for the same period last year. Its adjusted EBITDA margin was 21.2% for Q4 FY17 compared to 23.3% in Q4 FY16.
For Q4 FY17, the Product Care segment's net sales advanced 17.75% to $463.7 million on a y-o-y basis. On a constant-dollar basis, sales increased 15% primarily due to the acquisition of Fagerdala. This segment's adjusted EBITDA advanced 8.36% to $94.6 million in Q4 FY17 from $87.3 million in Q4 FY16. Its adjusted EBITDA margin for the quarter under review was 20.4% compared to 22.2% million in Q4 FY16.
Cash Matters
Sealed Air had cash and cash equivalents of $594 million as on December 31, 2017, an increase of 78% from $333.7 million as on December 31, 2016. The Company's net debt decreased 30.06% to $2.66 billion as on December 31, 2017, from $3.81 billion as on December 31, 2016.
For the year ended December 31, 2017, Sealed Air's net cash provided by operating activities was $397.9 million, 56.13% lower than $906.9 million in the twelve months ending December 31, 2016. The Company had capital expenditures of $183.8 million in FY17 compared to $275.7 million in FY16.
Sealed Air repurchased approximately $1.3 billion of shares during FY17. The Company had approximately $867 million remaining under its authorized repurchase program by the end of FY17. Sealed Air distributed dividends of $119.7 million in FY17 compared to $121.6 million in FY16.
Outlook
For the full year 2018, Sealed Air expects net sales to be in the range of $4.75 billion to $4.80 billion with a constant dollar growth rate of approximately 4.5%. The Company expects its adjusted EBITDA from continuing operations to be between $890 million and $910 million. This includes favorable impact from currency fluctuation of approximately $110 million on net sales and $20 million on adjusted EBITDA. The Company forecasts its adjusted EPS to be in the range of $2.35-$2.45, based on 169 million shares outstanding and an anticipated adjusted tax rate of 29.0%.
Sealed Air expects free cash flow for 2018 to be approximately $400 million, assuming capital expenditures of approximately $160 million and cash restructuring payments of $20 million and excluding restructuring payments of $30 million to address stranded costs.
Stock Performance Snapshot
March 12, 2018 - At Monday's closing bell, Sealed Air's stock slightly dropped 0.11%, ending the trading session at $44.60.
Volume traded for the day: 936.53 thousand shares.
Stock performance in the last month - up 4.65%; and previous six-month period - up 3.67%
After yesterday's close, Sealed Air's market cap was at $7.89 billion.
Price to Earnings (P/E) ratio was at 80.80.
The stock has a dividend yield of 1.43%.
The stock is part of the Consumer Goods sector, categorized under the Packaging & Containers industry. This sector was up 0.3% at the end of the session.
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