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Sealed Air Corpde (SEE) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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Sealed Air Corpde

CIK: 1012100 Ticker: SEE
Exhibit 99.1
seemarksacorplogolocku.jpg            








Sealed Air Reports Q1 2020 Results
Solving Critical Packaging Challenges in a Global Crisis
Net sales increased 6% to $1.2 billion
Net earnings of $115 million, up 78%, or $0.74 per share, up 80%
   Adjusted EBITDA increased 17% to $253 million
   Adjusted EPS increased 24% to $0.73 per share
2020 guidance suspended due to uncertain environment
CHARLOTTE, N.C., May 5, 2020 – Sealed Air Corporation (NYSE: SEE) today announced financial results for the first quarter 2020.
“Our purpose ‘to protect, to solve critical packaging challenges, and to leave our world better than we found it’ is more powerful now than ever as we navigate through the COVID-19 pandemic.
Our teams have taken preemptive measures to keep people out of harm’s way and enable business continuity. We have been rapidly responding to the surge in demand for essential goods such as packaged foods for retail, consumer staples and medical supplies, while managing the slowdown in food services and industrial manufacturing.
Our first quarter results reflect our teams’ agility to respond to the unprecedented circumstances and the continued execution of our strategy. These efforts led to a strong first quarter with net sales increasing 6% and Adjusted EBITDA increasing 17%, compared to the first quarter of 2019,” said Ted Doheny, Sealed Air’s President and CEO.
“Given the uncertainty in the markets we serve, we are suspending our full year 2020 guidance. Our focus is on zero harm, business continuity and leveraging our Reinvent SEE transformation to ensure we emerge from this crisis as a better and stronger company. We are prioritizing investments to maximize cash flow and maintain a healthy balance sheet. Our capabilities and business model coupled with our strong liquidity will enable us to effectively manage through the changing environment.
I am confident that our strategy to advance automation in support of a more touchless and digital world will create value. This will enhance our ability to deliver on our core competencies of maximizing food safety, minimizing food waste and protecting valuable goods,” continued Doheny.



Unless otherwise stated, all results compare first quarter 2020 to first quarter 2019 results from continuing operations. Year-over-year financial discussions present operating results from continuing operations as reported. Year-over-year comparisons are also made on an organic basis or constant dollar basis, which are non-U.S. GAAP measures. Organic refers to changes in unit volume and price performance and excludes acquisitions in the first year after closing, divestiture activity and the impact of currency translation. Constant dollar refers to changes in net sales and earnings, excluding the impact of currency translation. Additionally, non-U.S. GAAP adjusted financial measures, such as Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization ("Adjusted EBITDA"), Adjusted Net Earnings, Adjusted Diluted Earnings Per Share ("Adjusted EPS") and Adjusted Tax Rate, exclude the impact of specified items ("Special Items"), such as restructuring charges, restructuring associated costs, gains and losses related to acquisition and divestiture of businesses, special tax items ("Tax Special Items") and certain infrequent or one-time items. Please refer to the supplemental information included with this press release for a reconciliation of U.S. GAAP to Non-U.S. GAAP financial measures.










         
Sealed Air | 2415 Cascade Pointe Blvd. | Charlotte, NC 28208
1

The following information was filed by Sealed Air Corpde (SEE) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Sealed Air Corpde's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside Sealed Air Corpde's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Operations (Parenthetical)
Condensed Consolidated Statements Of Stockholders' Deficit
Condensed Consolidated Statements Of Stockholders' Deficit (Parenthetical)
Accounts Receivable Factoring Agreements
Accounts Receivable Factoring Agreements (Details)
Accounts Receivable Securitization Programs
Accounts Receivable Securitization Programs (Details)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Detail Of Amount Reclassified From Accumulated Other Comprehensive Income (Details)
Accumulated Other Comprehensive Loss - Details Of Comprehensive Income (Loss) (Details)
Acquisitions
Acquisitions (Tables)
Acquisitions - Acquisitions Narrative (Details)
Acquisitions - Schedule Of Intangible Assets, Net And Useful Live (Details)
Acquisitions - Summary Of Preliminary Allocation Of Purchase Price To Assets Acquired And Liabilities Assumed (Details)
Commitments And Contingencies
Commitments And Contingencies D (Details)
Credit Losses
Credit Losses (Details)
Debt And Credit Facilities
Debt And Credit Facilities (Tables)
Debt And Credit Facilities - Senior Notes And Amended And Restated Senior Secured Credit Facilities (Details)
Debt And Credit Facilities - Short-Term Borrowings (Details)
Debt And Credit Facilities - Total Debt Outstanding (Details)
Defined Benefit Pension Plans And Other Post-Employment Benefit Plans
Defined Benefit Pension Plans And Other Post-Employment Benefit Plans (Tables)
Defined Benefit Pension Plans And Other Post-Employment Benefit Plans - Components Of Net Periodic Benefit Cost (Income) For Defined Benefit Pension Plans (Details)
Defined Benefit Pension Plans And Other Post-Employment Benefit Plans - Net Period Benefit Costs (Income) For Post-Retirement Employee Benefit Plans (Details)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Tables)
Derivatives And Hedging Activities - Effect Of Derivative Instruments On Condensed Consolidated Statements Of Operations (Details)
Derivatives And Hedging Activities - Fair Value Of Derivative Instruments (Details)
Derivatives And Hedging Activities - Narrative (Details)
Derivatives And Hedging Activities - Offsetting Assets (Details)
Derivatives And Hedging Activities - Offsetting Liabilities (Details)
Fair Value Measurements And Other Financial Instruments
Fair Value Measurements And Other Financial Instruments (Tables)
Fair Value Measurements And Other Financial Instruments - Carrying Amounts And Estimated Fair Values Of Debt (Details)
Fair Value Measurements And Other Financial Instruments - Fair Value Hierarchy Of Financial Instruments (Details)
Goodwill And Identifiable Intangible Assets, Net
Goodwill And Identifiable Intangible Assets, Net (Tables)
Goodwill And Identifiable Intangible Assets, Net - Remaining Estimated Future Amortization Expense (Details)
Goodwill And Identifiable Intangible Assets, Net - Summary Of Goodwill Balances By Reportable Segment (Details)
Goodwill And Identifiable Intangible Assets, Net - Summary Of Identifiable Intangible Assets, Net (Details)
Income Taxes
Income Taxes (Details)
Inventories, Net
Inventories, Net (Details)
Inventories, Net (Tables)
Leases
Leases (Tables)
Leases - Lease Cost And Other Information (Details)
Leases - Lease Obligations (Details)
Leases - Schedule Of Lease Commitments (Details)
Leases - Summary Of Lease Payments Captured In Lease Receivables (Details)
Net Earnings Per Common Share
Net Earnings Per Common Share (Details)
Net Earnings Per Common Share (Tables)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Details)
Organization And Basis Of Presentation (Policies)
Other Income (Expense), Net
Other Income (Expense), Net (Details)
Other Income (Expense), Net (Tables)
Property And Equipment, Net
Property And Equipment, Net (Tables)
Property And Equipment, Net - Interest Cost Capitalized And Depreciation And Amortization Expense (Details)
Property And Equipment, Net - Schedule Of Property And Equipment, Net (Details)
Recently Adopted And Issued Accounting Standards
Restructuring Activities
Restructuring Activities (Tables)
Restructuring Activities - Additional Information (Details)
Restructuring Activities - Restructuring Accrual, Spending And Other Activity And Accrual Balance Remaining (Details)
Restructuring Activities - Restructuring Activities (Details)
Restructuring Activities - Schedule Of Approved Restructuring Spending (Details)
Revenue Recognition, Contracts With Customers
Revenue Recognition, Contracts With Customers (Tables)
Revenue Recognition, Contracts With Customers - Contracts With Customer Asset And Liability (Details)
Revenue Recognition, Contracts With Customers - Narrative (Details)
Revenue Recognition, Contracts With Customers - Revenue From Contract With Customers Summarized By Segment (Details)
Revenue Recognition, Contracts With Customers - Revenue Remaining Performance Obligations (Details)
Segments
Segments (Tables)
Segments - Additional Information (Details)
Segments - Assets By Reportable Segments (Details)
Segments - Net Sales And Adjusted Ebitda By Reportable Segment (Details)
Segments - Reconciliation Of Net Earnings To Total Company Adjusted Ebitda (Details)
Segments - Reconciliation Of Net Earnings To Total Company Adjusted Ebitda- Depreciation And Restructuring Expense (Details)
Stockholders' Deficit
Stockholders' Deficit (Tables)
Stockholders' Deficit - Dividends (Details)
Stockholders' Deficit - Number Of Psus Granted And Grant Date Fair Value Of Psus (Details)
Stockholders' Deficit - Psu Awards (Details)
Stockholders' Deficit - Repurchase Of Common Stock (Details)
Stockholders' Deficit - Share-Based Compensation Omnibus Incentive Plan (Details)
Stockholders' Deficit - Summary Of Assumptions Used To Calculate The Grant Date Fair Value (Details)
Stockholders' Deficit - Total Share-Based Incentive Compensation Expense (Details)

Material Contracts, Statements, Certifications & more

Sealed Air Corpde provided additional information to their SEC Filing as exhibits

Ticker: SEE
CIK: 1012100
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-20-006353
Submitted to the SEC: Tue May 05 2020 7:09:13 AM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Plastic Material Synth Resin Rubber Cellulos No Glass

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