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For the third quarter 2011, Sealed Air Corp. (NYSE: SEE), Elmwood Park, NJ, reported sales of $1.25 billion, up 10 percent over the same period a year ago. Profit decreased 4 percent to $73.7 million.
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For the first nine months, sales increased 8 percent to $3.6 billion, with profit down 3 percent to $198.4 million.
Food Packaging Segment sales increased 10 percent, or 4 percent on a constant dollar basis, from 4 percent higher price/mix. Global volumes remained steady versus the prior year as a 3 percent increase in Europe and a 4 percent increase in Asia-Pacific were primarily offset by lower volumes in Canada, continuing from the second quarter. Operating profit increased 7 percent to $75 million.
Food Solutions Segment sales increased 11 percent, or 3 percent on a constant dollar basis, with 4 percent higher price/mix driven primarily by a 6 percent increase in North America and a 3 percent increase in Europe. Volumes decreased 1 percent. Operating profit increased 7 percent to $29 million.
Protective Packaging Segment sales increased 11 percent, or 5 percent on a constant dollar basis, with 3 percent higher volumes led by a 3 percent increase in North America and a 13 percent increase in Asia. Price/mix increased 3 percent reflecting the benefits of prior pricing actions across most regions and favorable mix within our product portfolio. Operating profit increased 4 percent to $49 million.
Other Category sales increased 14 percent, or 7 percent on a constant dollar basis, with 6 percent higher volumes. This increase largely reflected a favorable year-over-year comparison in our Medical Applications business in Asia. Price/mix was higher by 1 percent, primarily reflecting prior pricing actions in North America and Europe in our Specialty Materials business. Operating profit was $0.5 million compared with $2.7 million due to higher raw material and freight costs.