Sealed Air Corporation reported a net sales figure of $5.4 billion for the fiscal year ending December 31, 2024, a decrease of 1.8% from the previous year's $5.5 billion. The decline was primarily attributed to lower volumes and pricing pressures in the Protective segment, which saw a significant drop in demand, particularly in industrial and fulfillment markets. In contrast, the Food segment experienced a slight increase in sales volume, driven by competitive share gains and strong end-market demand. Net earnings from continuing operations fell to $270 million, down 20.6% from $339 million in 2023, largely due to the same pressures affecting the Protective segment and increased restructuring costs associated with the company's ongoing CTO2Grow Program.
In 2024, Sealed Air undertook a strategic reorganization into two distinct business segments: Food and Protective. This restructuring aims to enhance operational efficiency and customer experience by allowing each segment to focus on its unique market needs. The company also accelerated its CTO2Grow Program, which is expected to yield annualized savings of $160 million by the end of 2025. The program generated approximately $89 million in cost benefits during 2024, as the company sought to mitigate the impact of declining sales volumes.
Operationally, Sealed Air's workforce comprised approximately 16,400 employees as of December 31, 2024, with a stable distribution of 6,800 employees in the U.S. and 9,600 internationally. The company reported that no single customer accounted for more than 10% of its net sales, indicating a diversified customer base. The Food segment's net sales were $3.6 billion, while the Protective segment contributed $1.8 billion. The company also noted that 47% of its net sales were generated outside the U.S., highlighting its global market presence.
Looking ahead, Sealed Air anticipates a continuation of market momentum in the Food segment early in 2025, while expecting a gradual recovery in the Protective segment during the latter half of the year. The company projects that net sales for 2025 will remain relatively consistent with 2024, excluding the anticipated headwinds from foreign currency fluctuations. The ongoing CTO2Grow Program is expected to provide further operational efficiencies and cost savings, which will help offset pricing pressures and higher operating costs anticipated in the coming year.
About SEALED AIR CORP/DE
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