Sealed Air Sees Q3 Results Below Market; Backs FY24 Outlook - Update

(RTTNews) - Packaging solutions provider Sealed Air Corp. (SEE), while reporting weak second-quarter results, but above market estimates, on Thursday issued third-quarter outlook below the Street view. Further, the company maintained fiscal 2024 outlook

In pre-market activity on the NYSE, Sealed Air shares were gaining around 1.2 percent to trade at $34.80.

For the third quarter, the company projects adjusted earnings of $0.67 per share, adjusted EBITDA of $265 million and net sales of $1.33 billion.

Analysts on average expect the company to report earnings of $0.72 per share on sales of $1.36 billion for the quarter, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

For fiscal 2024, the company continues to expect adjusted earnings per share of $2.65 to $3.05, adjusted EBITDA of $1.05 billion to $1.15 billion, and net sales of $5.2 billion to $5.6 billion.

Analysts estimate earnings of $2.88 per share on sales of $5.4 billion for the year.

In its second quarter, Sealed Air profit decreased from last year but beat the Street estimates.

The company's bottom line totaled $98.3 million, or $0.67 per share, compared with $99.1 million, or $0.68 per share, in last year's second quarter.

Adjusted earnings were $120.7 million or $0.83 per share for the period. Analysts had expected the company to earn $0.64 per share.

The company's net sales for the quarter fell 2.5 percent to $1.345 billion from $1.380 billion last year. The Street expected net sales of $1.31 billion.

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