Sealed Air Boosts Share Buyback Program To $1 Bln; Lifts FY18 Earnings Outlook

(RTTNews) - While reporting its first-quarter financial results today, Sealed Air Corp. (SEE) said its board of directors reset the company's share repurchase program authorization on May 2, 2018, to $1 billion. This new program has no expiration date and replaces the previous authorizations, representing an increase of nearly $500 million.

For fiscal 2018, Sealed Air reaffirmed its outlook for net sales, adjusted EBITDA and free cash flow, and increased its forecast for adjusted earnings per share.

The company anticipates full-year net sales in a range of approximately $4.75 billion to $4.80 billion, a constant dollar growth rate of approximately 4.5 percent.

Sealed Air increased its forecast for adjusted earnings per share for the year to a range of $2.45 to $2.55 from the prior range of $2.35 to $2.45 to reflect year-to-date share repurchases.

On average, analysts polled by Thomson Reuters expect the company to earn $2.47 per share for the year on revenues of $4.77 billion. Analysts' estimates typically exclude special items.