logo
Share SHARE
FONT-SIZE Plus   Neg

Sealed Air Turns To Profit In Q4 - Quick Facts

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

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Google's artificial intelligence or AI player AlphaGo defeated world's number one Go player Ke Jie of China. Go is an ancient Chinese board game, harder than chess. In a fresh crackdown on Uber, Hong Kong police have arrested 21 drivers of the ride-hailing service for illegally carrying passengers without proper permits in the Asian city. The drivers, 20 men and one woman between the ages of 21 and 59, were arrested in an undercover operation by the police for illegally carrying passengers for hire without proper vehicle hire permits. Online retail giant Amazon.com has given out more than 1.7 million free bananas at its Community Banana Stands in downtown Seattle, altering local banana sales, the Wall Street Journal reported. The company, which opened its first Community Banana Stand in late 2015 with idea from founder and CEO Jeff Bezos, has installed two banana stands at its Seattle headquarters.
comments powered by Disqus
Follow RTT