02.10.16
Sealed Air Corporation has released its financial results for fourth quarter and full year 2015, noting that Q4 2015 net sales were $1.75 billion, down 11.1% on an as reported basis and 1.5% on a constant dollar basis. For the full year 2015, net sales totaled $7.0 billion, a decrease of 9.3% as reported and 0.6% in constant dollars. Currency had a negative impact on net sales of $190 million in the fourth quarter and $764 million in 2015.
“This is the third consecutive year where we executed on our commitments and delivered year-over-year operational improvements irrespective of the economic environment,” said Jerome A. Peribere, president and CEO. “In 2016, we estimate organic net sales growth of 3.5%, and adjusted EBITDA to be in the range of $1.17 billion to $1.19 billion, an organic increase of 7% to 9%.
In Diversey Care, favorable price/mix was 1.9% and volume increased 1.2%. Favorable price/mix was positive across all regions and volume increased in North America, EMEA and Asia Pacific, according to the company. This performance was attributable to growth within its core customer base and new customer wins primarily in healthcare, building service contractors and food and retail services sectors. Adjusted EBITDA margins expanded 30 basis points to 11.6% for the full year 2015. Margin performance was due to favorable mix and price/cost spread and cost synergies, partially offset by unfavorable currency translation and higher expenses related to targeted investments in sales and marketing, research and development, and the acquisition of Intellibot.
“This is the third consecutive year where we executed on our commitments and delivered year-over-year operational improvements irrespective of the economic environment,” said Jerome A. Peribere, president and CEO. “In 2016, we estimate organic net sales growth of 3.5%, and adjusted EBITDA to be in the range of $1.17 billion to $1.19 billion, an organic increase of 7% to 9%.
In Diversey Care, favorable price/mix was 1.9% and volume increased 1.2%. Favorable price/mix was positive across all regions and volume increased in North America, EMEA and Asia Pacific, according to the company. This performance was attributable to growth within its core customer base and new customer wins primarily in healthcare, building service contractors and food and retail services sectors. Adjusted EBITDA margins expanded 30 basis points to 11.6% for the full year 2015. Margin performance was due to favorable mix and price/cost spread and cost synergies, partially offset by unfavorable currency translation and higher expenses related to targeted investments in sales and marketing, research and development, and the acquisition of Intellibot.