Sealed Air Corporation (NYSE:SEE) Q3 2019 Earnings Conference Call Transcript

Nov 06, 2019 • 10:00 am ET

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Sealed Air Corporation (NYSE:SEE) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Ladies and gentlemen thank you for standing by and welcome to the Third Quarter 2019 Sealed Air Earnings Conference Call. [Operator Instructions]

I would now like to hand the conference over to your speaker today Ms. Lori Chaitman Vice President of Investor Relations. Please go ahead ma'am.

Executive
Lori Chaitman

Thank you and good morning everyone. Before we begin our call today I would 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 sealedair.com. I would like to remind you that statements made during this call stating management's outlook or predictions for future periods 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 and slide presentation 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 and current reports on Form 8-K which you can also find on our website at sealedair.com or on the SEC's website at sec.gov. We also discuss financial measures that do not conform to U.S. GAAP. You will find important information on our use of these measures and their reconciliation to U.S. GAAP in our earnings release. Included in the appendix of today's presentation you will find U.S. GAAP financial results that correspond to some of the non-U.S. GAAP measures we reference throughout the presentation. With that I'll turn the call over to Ted Doheny our President and CEO. Ted?

Executive
Ted Doheny

Thank you Lori and thank all of you for joining us for our third quarter earnings conference call. On today's call I'll start out with a quick recap of our third quarter results and discuss how Reinvent SEE strategy is transforming Sealed Air to a world-class company. This is an exciting journey and we're making great progress. I'll then discuss the status of the integration of Automated Packaging Systems and how this will accelerate our growth. I'll conclude with an update on the progress we are making on our sustainability goals in our 2025 pledge. Jim will expand on our financial results for the quarter and provide more details on our outlook for 2019. We will end the call with the Q&A session.

Turning now to our third quarter results on slide three, in constant dollars we delivered 12% adjusted EBITDA growth on 5% higher sales compared to last year. Our top line performance was largely attributable to higher volumes in food packaging and contribution from our recent acquisitions. Adjusted EBITDA margin was up 130 basis points to 19.8% and we delivered adjusted earnings per share of $0.64 a 5% increase over last year.

While we continue to face macroeconomic challenges around the world and within the markets