Benzinga | May 4, 2021 07:16AM EDT

Sealed Air Corporation Raises FY21 Sales Guidance From $5.10B-$5.20B vs $5.25B-$5.35B vs $5.18B Est.; Raises EPS Guidance From $3.25-$3.40 To $3.40-$3.55 vs $3.35 Est.

Updated 2021 Full Year Outlook

For the full year 2021, Sealed Air now expects net sales in the range of $5.25 billion to $5.35 billion, which represents an increase of 7% to 9% as reported and 6% to 8% in constant dollars. This compares to the Company's previous net sales outlook in the range of $5.10 billion to $5.20 billion. Adjusted EBITDA is now expected to be in the range of $1.12 billion to $1.15 billion, compared to the previous outlook of $1.10 billion to $1.13 billion. Sealed Air now forecasts Adjusted EPS to be in the range of $3.40 to $3.55, which is based on approximately 154 million weighted average shares outstanding. The Company continues to anticipate the Adjusted Tax Rate to be 26% to 27%. The previous EPS range was $3.25 to $3.40 based on 157 million shares.

Free Cash Flow in 2021 is now expected to be in the range of $520 million to $570 million, with capital expenditures of approximately $210 million and Reinvent SEE restructuring and associated payments of approximately $40 million. This compares to the previous Free Cash Flow range of $500 million to $550 million.