Revenue during the quarter went down marginally by 0.56 percent to $1,744.10 million from $1,753.90 million in the previous year period. Gross margin for the quarter expanded 45 basis points over the previous year period to 36.75 percent. Total expenses were 88.30 percent of quarterly revenues, down from 88.79 percent for the same period last year. This has led to an improvement of 49 basis points in operating margin to 11.70 percent.

Operating income for the quarter was $204 million, compared with $196.60 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $304.40 million compared with $282.30 million in the prior year period. At the same time, adjusted EBITDA margin improved 136 basis points in the quarter to 17.45 percent from 16.10 percent in the last year period.

Commenting on these results, Jerome A. Peribere, president and chief executive officer, said, "In 2016, we generated a record level of cash flow, delivered margin improvement for the fifth consecutive year and introduced an unprecedented number of new and innovative solutions to our customers around the world. These innovations coupled with end-market growth opportunities lead to increased demand for our protein packaging, hygiene and e-Commerce solutions. Similar to our third quarter, these positive trends were offset by unfavorable currency, challenging business environments in emerging countries and Australia, and softness in the industrial market. We are confident the underlying fundamentals of our strategy are intact and expect accelerated top line growth and profitability improvements in 2017."

For financial year 2017, Sealed Air Corporation projects revenue to grow at 3 percent. The company forecasts diluted earnings per share to be $2.70 on adjusted basis.

The company has spent $314.80 million cash to meet investing activities during the year as against cash outgo of $60 million in the last year. It has incurred net capital expenditure of $263 million on net basis during the year, up 365.49 percent or $206.50 million from year ago.

The company has spent $540.90 million cash to carry out financing activities during the year as against cash outgo of $788.70 million in the last year period.

Cash and cash equivalents stood at $363.70 million as on Dec. 31, 2016, up 3.41 percent or $12 million from $351.70 million on Dec. 31, 2015.

Working capital drops significantly
Sealed Air Corporation has witnessed a decline in the working capital over the last year. It stood at $96.40 million as at Dec. 31, 2016, down 76.40 percent or $312.10 million from $408.50 million on Dec. 31, 2015. Current ratio was at 1.05 as on Dec. 31, 2016, down from 1.23 on Dec. 31, 2015.

Cash conversion cycle (CCC) has increased to 7 days for the quarter from 1 days for the last year period. Days sales outstanding went up to 24 days for the quarter compared with 20 days for the same period last year.

Days inventory outstanding was almost stable at 6 days for the quarter, when compared with the last year period. At the same time, days payable outstanding went up to 37 days for the quarter from 28 for the same period last year.