Sealed Air reports rise in earnings, sales in Q3

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Grant Baldwin Photography

A selection of packaging products produced by Sealed Air (NYSE:SEE) is displayed at a July event, held at the Charlotte Chamber, where the company announced it would bring its global headquarters here.

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Jen Wilson

Associate Editor/Online- Charlotte Business Journal

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Sealed Air Corp. (NYSE:SEE), soon to be Charlotte's newest Fortune 500 company, on Wednesday reported net earnings for its common shareholders of $59.3 million, or 28 cents per diluted share, for the third quarter.

That's up from $37.6 million, or 18 cents per share, a year earlier.

"Our financial and operational performance in the third quarter exceeded our expectations across all key metrics," Jerome Peribere, president and CEO, said in the company's earnings report. The per-share earnings for the latest period also exceeded the estimate of 46 cents by Zacks Investment Research.

The maker of Bubble Wrap and other packaging products recorded net sales of $1.98 billion, up from $1.91 billion in the year-ago period. Sealed Air also makes Cryovac and other packaging and hygiene materials, including products that are being used in the response to the Ebola outbreak in West Africa, according to a PR Week interview with Peribere.

"We have created an internal task force and a suite of training and education materials for customers and communities, as well as products that meet CDC recommendations for environmental infection control of Ebola," he told that publication.

Sealed Air estimates its net sales for the full year will total roughly $7.7 billion, assuming an unfavorable impact of about 2 percent from foreign currency translation.

Wednesday marked the first quarterly earnings call the company has hosted in Charlotte since announcing in July that it would move its global headquarters here from Elmwood Park, N.J. The relocation will bring nearly 1,300 jobs to the Queen City, including consolidation from other U.S. offices.

The Charlotte Business Journal reported earlier this month that Sealed Air has signed a short-term lease at Forest Park, off Arrowood Road, where it is setting up a temporary home.

Jen Wilson coordinates the Charlotte Business Journal's online operations and social-media efforts, chronicles local events for CBJ Seen and takes photographs.