By Rob Curran
Sealed Air logged a drop in third-quarter earnings and sales that was not as severe as feared, and the packaging maker boosted its adjusted earnings projection for the year, suggesting a slowdown in economic activity may be moderating.
The Charlotte, N.C., maker of bubble wrap and other packaging materials posted third-quarter earnings of $91.7 million, or 63 cents a share, up from $56.6 million, or 39 cents a share, a year earlier. Excluding the impact of discontinued operations and other items, Sealed Air posted fourth-quarter adjusted earnings of 79 cents a share, handily beating the average Wall Street target, as per FactSet.
Third-quarter sales fell 2.7% to $1.35 billion, edging out the average analyst target of $1.34 billion.
For the full year, Sealed Air boosted its adjusted earnings projection to a range between $3 and $3.10 a share from a previous $2.65-to-$3.05 a share.
For 2024, Sealed Air now anticipates sales in a range between $5.375 billion and $5.425 billion.
Trends in packaging demand are often a barometer of broader economic activity.
Write to Rob Curran at rob.curran@wsj.com
(END) Dow Jones Newswires
November 07, 2024 07:55 ET (12:55 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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