Sealed Air Posts Profit In Q2, Tops Street; Backs FY13 Targets - Quick Facts

(RTTNews) - Sealed Air Corp. (SEE) reported second-quarter 2013 net earnings available to common stockholders of $56.3 million, as against a loss of $13.7 million in the year-ago quarter. On a reported basis, quarterly per-share earnings totaled $0.26, as compared with a $0.07 loss per share in 2012. Second-quarter 2013 reported earnings per share includes $19.0 million of special items, net of taxes, chiefly inclusing restructuring charges associated with the prior announced 2013 Earnings Quality Improvement Program, the company added.

During the latest quarter, adjusted earnings per share were $0.35, and non-U.S. GAAP net earnings available to common stockholders stood at $75.3 million. On average, 13 analysts polled by Thomson Reuters expected earnings per share of $0.25 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales for the second quarter 2013 totaled $2.0 billion, up 3.2% on a constant dollar basis and 1.9% on a reported basis. Volume and product price/mix increased by 2.4% and 0.8%, respectively, the company said. Analysts estimated revenues of $1.97 billion for the quarter.

The financial results of the Diversey Japan business are reported as discontinued operations, net of tax, and, accordingly all previously reported financial information has been revised.

In addition, Sealed Air confirmed its 2013 guidance of net sales in the range of $7.7 billion - 7.9 billion and tracking toward the high-end of the adjusted EBITDA range of $1.01 billion - $1.03 billion and adjusted EPS range between $1.10 and $1.20. Analysts project annual earnings per share of $1.17 on $7.80 billion in revenues.