Sealed Air Q1 Profit Surges, Affirms Full-year Outlook - Quick Facts

(RTTNews) - Sealed Air Corp. (SEE) reported first-quarter net earnings available to common stockholders of $71.8 million or $0.33 per share, up sharply from $2.7 million or $0.01 per share in the prior-year quarter.

The latest quarter's results included special items largely comprised of foreign currency exchange losses related to Venezuelan subsidiaries and costs associated with previously announced restructuring programs, offset by a gain on the W. R. Grace & Co. Settlement agreement, which primarily consisted of the release of certain tax and other liabilities.

Excluding items, adjusted earnings for the quarter were $71.4 million or $0.33 per share, compared to $49.9 million or $0.23 per share last year. On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.24 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter was $1.828 billion compared to $1.829 billion in the same quarter last year. Analysts had a consensus revenue estimate of $1.84 billion for the quarter.

On a constant dollar basis, net sales increased 2.8 percent, primarily due to favorable price/mix of 3.4 percent.

Looking ahead to fiscal 2014, Sealed Air affirmed its outlook for adjusted earnings in a range of $1.50 to $1.60 per share, on projected net sales that will be relatively flat with 2013 net sales of $7.7 billion. Street is currently looking for full-year 2014 earnings of $1.58 per share on annual revenue growth of 1.2 percent to $7.78 billion.