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Home » Sealed Air Corp Sales Down 2% in 4Q

Sealed Air Corp Sales Down 2% in 4Q

By    MDM  Staff 
January 26, 2010
More about:  Chemicals/Plastics
Fourth quarter sales were up 6% from third quarter.
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Sealed Air Corp. (NYSE: SEE), Elmwood Park, NJ, reported sales for fourth quarter 2009 were $1.15 billion, a decline of 2% from the prior year period. Sequential sales increased 6%. Profit improved 38% to $65.1 million.

Sales for full-year 2009 were $4.24 billion, down 12% from 2008, primarily a result of lower sales volumes (-8%) and unfavorable foreign currency exchange (-5%). Profit increased 36% to $244.3 million.

Protective Packaging segment sales decreased 7% on a constant dollar basis, reflecting 4% lower price/mix and 3% lower volumes. Sequential sales increased 6%, including 2% of foreign exchange. Operating profit was $42 million with an operating margin of 12.9, compared with $39 million, or 11.5%, in 2008.

Sales in the Food Packaging Segment decreased 4% on a constant dollar basis, principally reflecting 3% lower volumes related primarily to equipment sales in Europe. Sequential sales increased 9%, including 3% of foreign exchange. Operating profit was flat at $67 million while the operating margin was 13.3% compared with 13.4% in 2008.

Food Solutions Segment sales decreased 6% on a constant dollar basis, reflecting 5% lower volumes and 1% lower price/mix. Volumes in North America were primarily impacted by lower sales in the food service sector. Sequential sales increased 3%, which was largely attributable to foreign exchange. Operating profit was $19 million with an operating margin of 8.2%. This compares with $28 million, or 11.7% in 2008.

Other Category sales decreased 13% on a constant dollar basis, primarily reflecting 6% lower price/mix and 5% lower volume. Volumes were negatively impacted in the specialty materials business due to economic conditions in North America and Europe. Sequential sales increased 1%, largely attributable to foreign exchange. Operating profit was $1 million with an operating margin of 1.7%. This compares with $2 million, or 1.8% in 2008.

Sealed Air is a manufacturer of packaging and performance-based materials and equipment systems that serve an array of food, industrial, medical, and consumer applications.

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