Sealed Air Q2 2022 net sales up 7% YOY to $1.4 billion
“We delivered strong second-quarter earnings, overcoming sustained inflationary pressures, widespread supply chain challenges and unfavorable foreign currency impacts. Our results are a testament to the resiliency of our people and the strength of our business as we continue our journey toward a world-class, digitally driven company automating sustainable packaging solutions. Our Operating Engine is performing. We have made significant progress on our strategy leading with Automation, Digital, and Sustainable Packaging Solutions," says Ted Doheny, Sealed Air President/CEO.
Business Segment Highlights
Second quarter net sales in Food were $806 million, an increase of 9% as reported. Currency fluctuations had an unfavorable impact of $29 million, or 4%. On a constant dollar basis, net sales increased $98 million, or 13%. Pricing actions had a favorable impact of 15%, with increases realized across all regions. Volumes decreased by 2%, primarily related to supply disruptions across all regions.
Second quarter net sales in Protective were $612 million, an increase of 3% as reported. Currency fluctuations had an unfavorable impact of $23 million, or 4%, while the divestiture of Reflectix, Inc., had an unfavorable impact of $12 million, or 2%. On an organic basis, net sales increased $56 million, or 9%, with pricing actions having a favorable impact of 17%, partially offset by lower volumes of 8% that resulted from normalizing demand trends in the industrial and fulfillment markets and the impact from the COVID lockdowns in China.