Sealed Air Q2 Net Profit Increases, Beats Street View; Raises Annual Outlook

(RTTNews) - Packaging company Sealed Air Corp. (SEE) Wednesday reported a rise in earnings as well as sales for the second quarter. Earnings also topped analysts' estimates. In addition, the company raised its annual earnings and sales outlook.

For the 3-month period, net earnings totaled $60.3 million or $0.28 per share, up from $56.3 million or $0.26 per share a year earlier. Prior-year results have been revised to reflect sale of rigid medical packaging business in December 2013.

Excluding certain items, earnings stood at $90.6 million or $0.42 per share, compared with $73.9 million or $0.35 per share a year earlier.

On average, eleven analysts polled by Thomson-Reuters estimated the company's earnings to be $0.39 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly net sales increased to $1.97 billion from $1.94 billion in the same period last year. Revenues increased 3 percent in constant currency. Analysts expected revenues of $1.96 billion.

Looking ahead, the company is increasing its annual adjusted earnings guidance to $1.65 to $1.70 per share from the range of $1.50 to $1.60 per share previously projected.

The company is also raising its full-year outlook for sales to $7.75 billion, a $50 million increase from the previously issued outlook.

Analysts expect earnings of $1.60 per share on revenues of $7.78 billion.