BOSTON (Thomson Financial) - Sealed Air Corp. Wednesday reported
first-quarter net income of $60.8 million, or 33 cents a share, including
charges of 2 cents a share related to restructuring.
On an adjusted basis, the Elmwood Park, N.J.-based packaging products
manufacturer reported earnings of 35 cents a share, short of the mean estimate
of analysts polled by Thomson Reuters of 39 cents a share.
Revenue for the three-month period ended March 31 rose 8% to $1.18 billion
from $1.09 billion a year earlier. Wall Street analysts were, on average,
forecasting sales of $1.16 billion.
"As we expected, the first quarter was challenging due to slowing economic
conditions in North American and rising input costs," Sealed Air said.
The stock closed Tuesday at $27.54.
Greg Saulnier
gs/pc
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