UPDATE: Sealed Air Lowers Full-Year Earnings Forecast
Sealed Air (NYSE: SEE) posted a loss in the third quarter and cut its earnings forecast for the year.
Sealed Air now projects adjusted earnings of $0.90 to $1 per share, versus its earlier forecast of $1 to $1.10 per share.
Sealed Air posted a quarterly loss of $1.17 billion, or $6.03 per share, versus a year-earlier profit of $73.7 million, or $0.41 per share. Excluding one-time items, it earned $0.31 per share.
Its revenue surged 52% to $1.9 billion. However, analysts were expecting income of $0.31 per share on revenue of $1.98 billion.
Sealed Air's gross margin climbed to 33.9% from 26.9%.
Sealed Air shares closed at $16.68 yesterday.
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