Sealed Air Dives On Lower Earnings, Outlook

(RTTNews) - Shares of packaging company Sealed Air Corporation (SEE) are falling more than 5% Tuesday morning after reporting lower earnings as well as revenue in the second quarter. The company also cut its full-year outlook.

Sealed Air now expects adjusted EPS to be in the range of $2.75 - $2.95, down from the previous outlook of $3.50 - $3.80. Sales is expected in the range of $5.40 billion - $5.60 billion, compared to the previous outlook of $5.85 - $6.10 billion.

Analysts expect the company to report earnings of $3.43 per share on revenue of $5.86 billion for the year.

Earnings for the second quarter declined 18% to $94 million or $0.65 per share from $114 million or $0.77 per share in the same quarter a year ago, due to lower revenue, which was impacted by decreased volume.

Excluding one-time items, earnings were $0.80 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.67 per share. Sales for the quarter fell 3% to $1.38 billion. The consensus estimate was for $1.41 billion.

SEE is at $41.44 currently. It has traded in the range of $37.34 - $59.66 in the last 52 weeks.