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Sealed Air Q1 Profit Increases, Beats Estimates; Adjusts Annual Outlook - Update

(Adds Outlook)

Sealed Air Corp. (SEE) released a profit for its first quarter that increased from last year and beat the Street estimates.

The company's bottom line totaled $149.2 million, or $1.00 per share. This compares with $110.1 million, or $0.71 per share, in last year's first quarter.

Excluding items, Sealed Air Corp. reported adjusted earnings of $168.1 million or $1.12 per share for the period.

Analysts on average had expected the company to earn $0.93 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 11.8% to $1.42 billion from $1.27 billion last year.

Outlook:

For the full year, SEE updated its adjusted earnings guidance to $4.05-$4.20 per share based on 149 million outstanding shares. This compares with its previous EPS outlook of $3.95 to $4.15, based on 150 million shares outstanding.

SEE slightly raised its sales outlook to $5.85 billion-$6.05 billion from $5.8 billion to $6.0 billion provided earlier.

Adjusted EBITDA outlook also is increased to $1.22 billion-$1.25 billion, from $1.20 billion-$1.24 billion.

Analysts on average expect the company to report earnings of $4.1 per share for the year on revenue of $5.9 billion.


Sealed Air Corp. earnings at a glance (GAAP) :

-Earnings (Q1): $149.2 Mln. vs. $110.1 Mln. last year.
-EPS (Q1): $1.00 vs. $0.71 last year.
-Analyst Estimate: $0.93
-Revenue (Q1): $1.42 Bln vs. $1.27 Bln last year.

-Guidance:
Full year EPS guidance: Adj; $4.05 to $4.20
Full year revenue guidance: $5.85 - $6.05 Bln

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