Sealed Air Corp. (SEE) reported that its fourth-quarter net earnings available to common stockholders was $173.6 million or $0.89 per share, compared to a loss of $49.2 million or $0.25 per share in the same quarter last year.
On a reported basis, fourth quarter 2012 loss from continuing operations was $0.06 per share as compared with a loss of $0.31 per share in the fourth quarter of 2011. The reported losses were due to certain special items including debt redemption and non-cash impairment charges in 2012 and restructuring charges and costs related to the acquisition and integration of Diversey in both years.
Adjusted earnings per share from continuing operations was $0.34 for the fourth quarter, compared with fourth quarter 2011 Adjusted earnings per share of $0.06. Analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share. Analysts' estimates typically exclude special items.
Revenues for the quarter were $1.98 billion compared to $1.96 billion in the prior year quarter.
Ten analysts had consensus revenue estimate of $3.75 billion for the quarter.
The company said that its revised its prior year quarter results. In November 2012, the company sold its Diversey Japan business. The financial results of the Diversey Japan business were reported as discontinued operations, net of tax, and, accordingly all previously reported financial information has been revised. Included in the net earnings from discontinued operations is a net gain on sale of $179 million.
For 2013, the company expects modest sales and EBITDA growth, despite significant exposure to European markets and a recent increase in raw material costs. The company estimates 2013 net sales in the range of approximately $7.7 billion - $7.9 billion, adjusted EBITDA of $1.01 billion to $1.03 billion, and Adjusted earnings per share between $1.10 and $1.20. Analysts expected the company to report earnings of $1.25 per share on revenues of $7.77 billion for fiscal 2013.
by RTT Staff Writer
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