Sealed Air: 1Q Earnings Snapshot
CHARLOTTE, N.C. (AP) _ Sealed Air Corp. (SEE) on Tuesday reported first-quarter earnings of $126.6 million.
The Charlotte, North Carolina-based company said it had net income of 82 cents per share. Earnings, adjusted to account for discontinued operations and non-recurring gains, came to 73 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share.
The packaging company posted revenue of $1.17 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $1.15 billion.
Sealed Air shares have fallen 32% since the beginning of the year, while the Standard & Poor’s 500 index has decreased 12%. The stock has declined 39% in the last 12 months.