Sealed Air Corp. Updates Earnings Guidance

(RTTNews) - While reporting third-quarter results on Tuesday, Sealed Air Corp. (SEE) said it now expects full year adjusted earnings per share to be in the range of $3.50 to $3.60, or a growth rate of 10% to 13%. The previous outlook was $3.45 to $3.60.

For the full year 2021, SEE expects net sales of approximately $5.5 billion, which represents an increase of approximately 12% as reported, or approximately 11% in constant currency. The previous outlook was $5.4 billion to $5.5 billion.

Analysts polled by Thomson Reuters expect the company to report profit per share of $3.52 on revenue of $5.45 billion. Analysts' estimates typically exclude special items.

Third quarter adjusted earnings per share were $0.86, compared to $0.82, prior year. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.82, for the quarter.

Net earnings were $108 million, or $0.71 per share, compared to $132 million, or $0.85 per share, last year.

Net sales were $1.4 billion, up 14% as reported. Analysts on average had estimated $1.37 billion in revenue.