Sealed Air Tops Sales Estimates In Second Quarter

Food packaging company Sealed Air Corp.'s shares rose 2.6% in premarket trade Tuesday, after the company beat sales estimates for the second quarter. The company said it had net income of $87.8 million, or 45 cents a share, in the quarter, up from $49.6 million, or 25 cents a share, in the year-earlier period. Adjusted per-share earnings came to 35 cents, a penny below the FactSet consensus of 36 cents. Sales rose to $1.07 billion from $1.04 billion, just ahead of the FactSet consensus of $1.06 billion. Chief Executive Jerome Peribere said the company is on track to close the sale of Diversey to private-equity firm Bain Capital in September. "We will continue to invest in research and development, disruptive technologies and targeted acquisitions that enable geographic or adjacent market expansion," he said in a statement. The company is now expecting full-year adjusted EPS of $1.75 to $1.80 and sales of about $4.3 billion. The FactSet consensus is for full-year EPS of $1.80 and sales of $4.3 billion. Shares are down 3.3% in 2017 through Monday, while the S&P 500 has gained 10.8%.