Net profit from continuing operations at packaging maker Sealed Air (Charlotte, North Carolina / USA; www.sealedair.com) plunged 78% in 2017 to USD 63m (EUR 50m), hit by one-offs related to the sale of Diversey and restructuring costs. Net profit, including income from discontinued operations, jumped to USD 815m from USD 486m on the back of a huge tax gain from divesting Diversey (see Plasteurope.com of 29.03.2017).

Adjusted EBITDA, excluding Diversey and other special items, rose slightly, at 3% to USD 833m, after its two business divisions saw higher operating expenditures and increased costs of raw materials. As a percentage of sales, adjusted EBITDA decreased to 18.7% compared with 19.2% the year earlier.

Revenue was USD 4.46 bn, up 6% on a reported basis due to higher sales volumes and first-time inclusion of results of Fagerdala Singapore (see Plasteurope.com of 15.09.2017), the expanded polyethylene (EPE) foam manufacturer it acquired last October.

Excluding currency effects, North America had the fastest sales growth, at 8%. The EMEA region lagged with its 1% increase.

The Food Care segment lifted revenues from continuing operations by around 5% to USD 2.81 bn. But its adjusted EBITDA was nearly unchanged at USD 608m, as did the core profit at Product Care division, which amounted to USD 332m, despite the latter’s 8% addition in revenues at USD 1.65 bn.

For 2018, group revenue is forecast at USD 4.75-4.8 bn, or a 6.5-7.6% improvement. Adjusted EBITDA is expected at USD 890-910m, up 6.8-9.2%.