Sealed Air reports better-than-expected Q3 profit and sales
Charlotte-based Sealed Air reported third-quarter earnings and sales on Tuesday that topped expectations despite a drag from the strength of the US dollar.
The Bubble Wrap maker said profits rose to $87 million in the three months to 30 Sept, up from $61 million in the same quarter last year. Adjusted earnings were 70 cents a share, above the 56 cent-consensus estimate of Bloomberg-surveyed analysts.
Sales totalled $1.75 billion, down almost 12 per cent from last year but above the Wall Street consensus of $1.74 billion. Sealed Air said currency had had a drag of 11.7 per cent, or $230 million, on sales for the quarter.