Sealed Air Q3 Results Top View - Quick Facts

(RTTNews) - Packaging and containers firm Sealed Air Corp. (SEE) Wednesday said third-quarter net earnings available to common stockholders was $37.7 million or $0.18 per share compared to a loss of $1.232 billion or $6.38 per share last year.

The latest results include $0.22 per share of special items primarily comprised of restructuring charges associated with the previously announced 2013 Earnings Quality Improvement Program.

Prior-year results included $6.72 per share of special items, primarily consisting of impairment charge.

Adjusted earnings per share was $0.39, while it totaled $0.28 earnings per share last year. On average, 13 analysts polled by Thomson Reuters expected earnings of $0.34 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales improved 2 percent to $1.939 billion from $1.900 billion in the previous year. Analysts expected revenues of $1.93 billion.

Sales increased 2.9 percent on a constant dollar basis. Volume and product price/mix increased by 1.4 percent and 1.5 percent, respectively.

For 2013, the company expects adjusted earnings per share to be in the range of $1.25 to $1.30 and net sales of around $7.7 billion. Wall Street looks for earnings of $1.21 per share on revenues of $7.76 billion.

In early August, the company expected adjusted earnings per share of $1.10 to $1.20 and net sales in the range of $7.7 billion to $7.9 billion.