SEE - Sealed Air issues upside sales guidance after 14% gain in Q4

Sealed Air (SEE +3.8%) surges after Q4 results roughly matched analyst expectations while guiding for better than forecast FY 2022 revenues. Q4 net income rose to $180.9M from $142.2M, while sales improved to $1.53B from $1.34B in the year-ago quarter, with the company citing higher volumes and favorable pricing; Q4 adjusted EBITDA rose 18% Y/Y to $330M, with 21.5% of sales vs. 20.8% a year earlier. Q4 sales in the Food segment gained 16% Y/Y to $877M, as higher volumes experienced across all regions were led by favorable demand in food service and automated equipment solutions, while the Protective unit rose 12% to $655M, primarily attributable to favorable price/cost spread, For FY 2022, Sealed Air sees revenues of $5.8B-$6B, representing a 5%-8% Y/Y increase and above $5.78B analyst consensus estimate, and adjusted EPS of $3.95-$4.15 compared with $4.14 consensus; free cash flow is forecast at $510M-$550M, with capex of $240M-$260M.

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Sealed Air issues upside sales guidance after 14% gain in Q4