Net sales increased 13% in constant dollars with volume growth of 5% and price realization of 8%.
Adjusted EBITDA increased 4%, higher volumes and pricing efforts helped mitigate inflationary pressures and supply disruptions, yet our industry-leading margins were still under pressure at 19.2% compared to 21% last year.
On a per-share basis, adjusted earnings of $0.86 were up $0.04 compared to last year.
We generated free cash flow of $223 million in the first nine months of the year, which compared with $292 million in the first nine months of last year.
We are targeting adjusted earnings-per-share growth of greater than 10% and free cash flow conversion of more than 50%.
We further strengthened our capital structure with a $600 million new bond issuance in the third quarter.
Sales in our Automation portfolio, which includes equipment, services and spare parts, have increased approximately 20% [Phonetic] year-to-date, accounting for 8% of our total sales.
Autobag Systems, our fastest-growing automated solution, with year-to-date sales up more than 25%, and bookings up approximately 50%.
For the full year, we expect to exceed our $425 million sales target or over 12% growth in Equipment, System and Service.
We're confident in our ability to exceed our 2025 target of over $750 million, which is more than $500 million will come from Equipment and Systems.
Over the last 12 months, our bookings are up significantly, even though supply disruptions persist.
As I noted earlier, we're highlighting the success of our Autobag systems portfolio, with bookings up approximately 50% year-to-date, and more than 60% since the start of the pandemic.
The accelerated systems demand will drive up to 7 times, future pull-through for Materials and Services over the equipment lifecycle.
As it relates to climate change, we are doing our part with an ambitious pledge to achieve net-zero carbon emissions across our operations by 2040.
We are making significant progress on our 2025 Sustainability Pledge, with approximately 50% of our solutions already designed for recyclability, which have reached approximately 20% recycled into a renewable content in those solutions.
In Q3, net sales totaled $1.4 billion, up 14% as reported, up 13% in constant dollars.
Food was up 12% in constant dollars versus last year, and Protective increased 13%.
The Americas and EMEA were both up double digits, with Americas up 14% and EMEA up 13%.
APAC was up 6% versus last year.
In Q3, overall volume growth was up 5%, with favorable price of 8%.
Food volumes were up 6% with growth across all regions.
Americas up 5%, EMEA 6%, and APAC 7%.
Protective volumes were up 4%, led by EMEA with 16% growth, followed by APAC up 4%, and Americas, essentially flat to prior year.
Q3 price was favorable 8% with the Protective at 10%, and food at 7%.
For the full year 2021, we now expect to realize more than $275 million in price, given additional pricing announcements since our last call, as well as timing of formula-based pricing.
This increase will vary based on region and product offering and will average between 5% and 10%.
Having already discussed sales, let me comment on our Q3 adjusted EBITDA performance of $271 million, which was up 4% compared to last year.
Margins of 19.2% were down 180 basis points.
Despite favorable pricing in the quarter, you can see how the inflationary environment and supply challenges weighed on our results with an unfavorable price cost spread of $18 million.
Operational cost decreased approximately $3 million relative to last year, with Reinvent SEE productivity gains and a $5 million benefit related to an indirect tax recovery in Brazil.
Our SEE Operating Engine is performing with 40% leverage on our higher volumes.
Adjusted earnings per diluted share in Q3 was $0.86 compared to $0.82 in Q3 2020.
Our adjusted tax rate was 24.9% compared to 20.6% in Q3 2020.
Our weighted average diluted shares outstanding in the quarter were $151 million.
We have achieved $43 million of benefits in the first nine months of the year, and remain on track to realize approximately $65 million in 2021.
In Q3, food net sales of $797 million were up 12% in constant dollars.
Cryovac Barrier Bags and pouches were up for the second consecutive quarter versus last year, and combined, accounted for nearly 50% of the segment sales.
Equipment, Parts and Service sales, which account for 7% of the segment, were up low-single-digits in the quarter.
Adjusted EBITDA of $169 million in Q3 increased 11% compared to last year, with margins at 21.2% and 40 basis points.
In constant dollars, net sales increased 13% to $609 million.
Relative to last year, Industrial was up more than 15% and fulfillment up approximately 7%.
As a reminder, approximately 55% of our Protective sales are derived from industrial end markets and the remaining 45% from fulfillment and e-commerce.
Adjusted EBITDA of $103 million decreased 5.5% in Q3, with margins at 16.9%, down 350 basis points versus last year.
In the first nine months of 2021, we generated $243 million of free cash flow.
As Ted mentioned, I want to highlight that during Q3, we executed a $600 million five-year senior secured bond at 1.573%.
The proceeds of this offering were used to pay down $425 million senior unsecured notes at 4.875%, due in 2022, and $175 million pre-payable term loan debt.
As it relates to returning capital to shareholders, we have repurchased 6.6 million shares, for $329 million year-to-date September, reflecting confidence in our future growth.
At quarter-end, we have approximately $970 million remaining under our authorized repurchase program.
Our net sales we now estimate are approximately $5.5 billion or up approximately 12% as reported growth to reflect the favorable demand environment and pricing actions.
This compares to our previous range of $5.4 billion to $5.5 billion.
We expect a favorable currency impact of approximately 1.5%.
Given the current environment, we now anticipate adjusted EBITDA in the range of $1.12 billion to $1.4 billion.
On a reported basis, adjusted EBITDA is expected to grow 6.5% to 8.5%.
This compares to our previous guide of $1.12 billion to $1.5 billion.
For adjusted EPS, we expect to be in the range of $3.50 to $3.60, the higher end of our previous guidance.
This assumes depreciation and amortization of $230 million and adjusted effective tax rate of approximately 26%, and approximately 152.5 million average shares outstanding.
And lastly, our outlook for free cash flow is expected to be in the range of $520 million to $540 million.
There is no change to our outlook for 2021 Capex of approximately $210 million, and Reinvent SEE restructuring associated payments of approximately $40 million.
For cash taxes, we anticipate approximately $110 million, which is net of a $24 million tax refund associated with the retroactive application of the revised US GILTI regulations.

Summary:
On a per-share basis, adjusted earnings of $0.86 were up $0.04 compared to last year.
In Q3, net sales totaled $1.4 billion, up 14% as reported, up 13% in constant dollars.
Adjusted earnings per diluted share in Q3 was $0.86 compared to $0.82 in Q3 2020.
Adjusted EBITDA of $103 million decreased 5.5% in Q3, with margins at 16.9%, down 350 basis points versus last year.
Our net sales we now estimate are approximately $5.5 billion or up approximately 12% as reported growth to reflect the favorable demand environment and pricing actions.
This compares to our previous range of $5.4 billion to $5.5 billion.
Given the current environment, we now anticipate adjusted EBITDA in the range of $1.12 billion to $1.4 billion.
For adjusted EPS, we expect to be in the range of $3.50 to $3.60, the higher end of our previous guidance.
And lastly, our outlook for free cash flow is expected to be in the range of $520 million to $540 million.