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Home » Sealed Air Sales Climb 7% in First Quarter

Sealed Air Sales Climb 7% in First Quarter

By    MDM  Staff 
April 28, 2010
More about:  Chemicals/Plastics
Sales in BRIC countries increased 39 percent for the packaging materials manufacturer.
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For first quarter 2010, Sealed Air Corp. (NYSE: SEE), Elmwood Park, NJ, reported sales of $1.06 billion, an increase of 7 percent over first quarter 2009. Increases reflect positive contributions from foreign exchange (6 percent) and higher volume (4 percent), which were partially offset by 3 percent lower price/mix.

Profit for the manufacturer of packaging and performance-based materials and equipment systems increased 5.1 percent to $61.2 million.

"We saw improving daily sales trends through the first quarter, increased volume in new products and applications, and a growing backlog of equipment orders, all of which are encouraging signs," said William V. Hickey, president and CEO. "Our 'BRIC' countries had an especially strong quarter with a 39 percent increase in sales, which reinforced our expectation that developing regions would lead the recovery. To expand our manufacturing capacity in one of our fastest growing regions, in April, we invested in a new manufacturing facility in Brazil."

Food Packaging Segment sales decreased 2 percent on a constant dollar basis, with 2 percent higher volumes largely in the Americas and 4 percent lower price/mix due to the timing of North American contract price adjustments for resin. Operating profit decreased 4 percent to $57 million, or 12.6 percent of net sales.

Food Solutions Segment sales were flat on a constant dollar basis, with 2 percent higher volumes as demand increased in all regions except Europe, and 2 percent lower price/mix. Price/mix reflected the timing of European price adjustments for resin. Operating profit decreased 7 percent to $21 million, or 9.5 percent of net sales.

Protective Packaging Segment sales increased 5 percent on a constant dollar basis, with 8 percent higher volumes, led by increased demand in North America and Asia-Pacific, and 3 percent lower price/mix. Price/mix reflected price reductions made in mid-2009 on select products. Operating profit increased 15 percent to $40 million, or 12.9 percent of net sales.

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