SEE Revises 2023 Guidance

(RTTNews) - SEE (SEE) announced, for the full year 2023, it now expects net sales in the range of $5.40 to $5.60 billion, revised from the previous outlook of $5.85 to $6.10 billion. The company forecasts full year adjusted EPS to be in the range of $2.75 to $2.95, revised from the previous outlook of $3.50 to $3.80, which is now based on approximately 145 million shares outstanding and an anticipated adjusted tax rate of approximately 27%.

"Our second quarter earnings results were in line with our expectations driven by continued weakness in our end-markets. We expect demand weakness to continue with second half volumes similar to first half of 2023. We are revising our full year 2023 guidance accordingly," said Ted Doheny, CEO.

Second quarter net earnings from continuing operations were $94 million, or $0.65 per share, as compared to net earnings of $114 million, or $0.77 per share, prior year. The company noted that its current year results were unfavorably impacted by higher net interest expense, which increased $29 million as a result of debt related to the financing of the Liquibox transaction. Adjusted earnings per share decreased to $0.80 from $1.01, last year. Analysts on average had expected the company to earn $0.67 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Second quarter net sales were $1.38 billion decreased 3% as reported, with Americas decreasing 4%, EMEA essentially flat and APAC increasing 1%.

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