Sealed Air Corp. (NYSE: SEE), Elmwood Park, NJ, reported second quarter sales of $2 billion, a 65.3 percent increase over the same period a year ago. The company reported a net loss of $13.7 million, compared to a year-ago profit of $65 million.
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For the first six months of 2012, Sealed Air reported sales of $3.9 billion, 67.5 percent above the prior-year period. Net loss was $19.6 million, compared to a profit of $124.7 million during the prior-year.
“Despite uneven demand patterns, organic sales in developing regions increased by over 10 percent on a pro forma basis, we increased our market penetration and we delivered cost synergy benefits to plan,” said William V. Hickey, president and CEO.
“Nonetheless, we are disappointed by our adjusted EBITDA results, which were lower than we expected. Persistent weakness in our customers’ end markets and cautious order patterns became more challenging in the latter part of the quarter as European economic conditions further declined and our food businesses navigated through challenging protein production trends,” he said.
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