- Sealed Air Corp (NYSE:SEE) reported second-quarter FY21 sales growth of 15% year-on-year, to $1.33 billion, beating the analyst consensus of $1.28 billion.
- Gross profit rose 2.8% Y/Y to $400.7 million.
- The operating margin was 14.8%, and operating income for the quarter rose 5.8% to $196.9 million.
- The company held $273.1 million in cash and equivalents as of June 30, 2021.
- Cash flow from operations year to date totaled $200 million, down 6%.
- Adjusted EBITDA of $263 million rose 1% Y/Y.
- Adjusted EPS of $0.79 beat the analyst consensus of $0.78.
- “Demand for our automated and sustainable packaging solutions drove a net sales increase of 15%, supported by a 9% volume growth,” said CEO Ted Doheny.
- On August 2, 2021, the company’s Board authorized a new share repurchase program of $1 billion, replacing the prior authorization, which had approximately $375 million remaining.
- Outlook: Sealed Air raised FY21 sales guidance to $5.4 billion – $5.5 billion from $5.25 – $5.35 billion, versus the consensus of $5.31 billion.
- The company also raised the FY21 EPS outlook to $3.45 – $3.60 from $3.40 – $3.55, versus the consensus of $3.50.
- It reaffirmed Adjusted EBITDA and Free Cash Flow guidance.
- Price action: SEE shares are trading higher by 3.31% at $58.17 on the last check Tuesday.
BMO Capital Maintains Outperform on Shawcor, Raises Price Target to C$12
BMO Capital analyst John Gibson maintains Shawcor (TSX:SCL) with a Outperform and raises the price target from C$8 to C$12.
