Sealed Air Corporation (NYSE:SEE) Q2 2024 Earnings Call Transcript August 8, 2024 10:00 AM ET

Company Participants

Brian Sullivan - IR
Henry Keizer - Chairman
Patrick Kivits - CEO
Dustin Semach - President and CFO

Conference Call Participants

Ghansham Panjabi - Baird
Adam Samuelson - Goldman Sachs
George Staphos - Bank of America Securities
Josh Spector - UBS
Arun Viswanathan - RBC Capital Markets
Michael Roxland - Truist Securities
Bryan Burgmeier - Citi
Philip Ng - Jefferies
Edlain Rodriguez - Mizuho
Matt Roberts - Raymond James

Operator

Good day, and thank you for standing by. Welcome to the Q2 2024 Sealed Air Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Brian Sullivan, Investor Relations. Please go ahead.

Brian Sullivan

Thank you, and good morning, everyone. With me today are Sealed Air's Chairman of the Board, Henry Keizer, along with Patrick Kivits, CEO; and Dustin Semach, President and CFO. Before beginning our call, I would like to note that we have provided a slide presentation to supplement the call. Please visit sealedair.com where today's webcast and presentation can be downloaded from our Investor Relations page.

Statements made during this call, stating management's outlook or estimates 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 as revised and updated on our quarterly reports on Form 10-Q and current reports on Form 8-K. We discuss financial measures that do not conform to US GAAP. You will find important information on our use of these measures and the reconciliation to US GAAP in our earnings release. Including the appendix of today's presentation, you will find US GAAP financial results that correspond to the non-US GAAP measures we reference throughout the presentation.

I'll now turn the call over to Henry, Patrick and Dustin. Operator, please turn to Slide 3. Henry?

Henry Keizer

Thank you, Brian, and thank you for joining our second quarter earnings call. Before we dive into today's earnings discussion, I would like to take a moment to discuss how we are further strengthening our leadership team with the hiring of Patrick Kivits as Sealed Air's CEO. First, I want to thank both Dustin and Emile for their leadership over the last eight months. They navigated the company through a period of volatility and course corrected our long-term trajectory. The biggest challenge facing the company is the ability to consistently deliver volume growth. Patrick has a strong commercial background in a space that is relevant to ours and a track record of demonstrating the ability to drive growth and transform businesses. Emile will continue to be the backbone of our operations. Dustin, who has been a catalyst for change, has been promoted to President and CFO, reflecting the broad impact he has had on the organization well beyond his CFO responsibilities. With several other hires made over the past couple of months and the remaining searches nearing conclusion, we are on the verge of completing our entire management team. Patrick is ramping up quickly and is expected to accelerate the ongoing transformation to restore underlying business fundamentals and drive long-term profitable growth across our two market-leading packaging businesses, Food and Protective. I am confident in our future and look forward to seeing the transformation this team will drive to accelerate Sealed Air's evolution into a world-class provider of packaging solutions delivering substantial long-term value to our shareholders.