Sealed Air Corporation (NYSE:SEE) Q4 2014 Earnings Conference Call - Final Transcript

Feb 10, 2015 • 08:30 am ET


Sealed Air Corporation (NYSE:SEE) Q4 2014 Earnings Conference Call - Final Transcript


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Good day ladies and gentlemen and welcome to the Quarter Four 2014 Sealed Air Earnings Conference Call. My name is Corrine and I will be your operator for today. At this time all participants are in listen-only mode. We will conduct a question-and-answer session towards the end of the conference. [Operator Instructions]. As a reminder this call is being recorded for recording purposes.

And now I would like to hand the call over to Lori Chaitman, Vice President of Investor Relations. Please go ahead, Lori.

Lori Chaitman

Thank you and good morning everyone. Before we begin our call today, I'd like to note that we have provided a slide presentation to help guide our discussion. This presentation can be found on today's webcast and can be downloaded from our IR website at I would like to remind you that statements made during this call stating management's outlook or predictions for the future are forward-looking statements. These statements are based solely on information that is now available to us. We encourage you to review the information in the section entitled forward-looking statements in our earnings release which applies to this call.

Additionally, our future performance may differ due to a number of factors. Many of these factors are listed in our most recent annual report on Form 10-K and as revised and updated on our quarterly reports on Form 10-Q which you can also find on our website at We also discuss financial measures that do not conform to US GAAP. You may find important information on our use of these measures and the reconciliations to US GAAP in the financial tables that we have included in our earnings release. Please note that we will end the call by 9:30 today.

Now, I'll turn the call over to Jerome Peribere, our President and CEO. Jerome?

Jerome Peribere

Thank you, Lori and good morning everyone. I am very pleased to report that 2014 was a very strong year for Sealed Air. We exceeded our financial objectives in the fourth quarter and for the full year. We delivered 8% adjusted EBITDA growth in 2014 and expanded margins by 90 basis points despite currency headwinds. We had favorable price mix in every region and in every division in the quarter and for the full year. We improved the health of our balance sheet and generated over $600 million in free cash flow. We continued on our innovation path including for example Darfresh entre, Instapak Simple, and a new TASKI XP platform. We also announced the relocation of our headquarters to Charlotte, North Carolina and launched a new website.

These are just some of the many successes that we had over the last 12 months and while we are pleased with our 2014 financial results, we still believe that there is significant improvement to be had in terms of top line potential growth and further margin expansion as well as maximizing our free cash flow generation. But before we review our fourth quarter and year-end results, I want