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Sealed Air Sales Unchanged in 1Q

Sealed Air Corp. (NYSE: SEE), Elmwood Park, NJ, reported sales for the first quarter of $1.8 billion, remaining unchanged compared to the same period a year earlier. The company reported $72 million in profit for the quarter, compared to a year-ago profit of $1 million.

Food and beverage division sales increased 3.9 percent on a constant dollar basis and remained unchanged on a reported basis. Reported operating profit was $160 million for first quarter 2014, compared with $146 million in 2013.

Diversey care division reported sales of $505 million, a 1.5 percent decrease compared to the same period a year ago. On a constant dollar basis, sales increased 1.2 percent with a favorable price/mix of 3.2 percent partially offset by a 2 percent decline in volume. Reported operating profit increased 4.5 percent to $45 million.

Product care division sales increased 1.7 to $394 million and increased 2.6 percent on a constant dollar basis due a favorable price/mix of 2.1 percent and a slight increase in volume. Reported operating profit was $70 million, compared with $63 million a year ago.

Jerome A. Peribere, president and CEO, said, “We will continue to focus on improving our product mix and delivering the most innovative solutions to the marketplace. Our first quarter performance is a true testament to our strong market leadership position and commitment to improving the quality of earnings.”

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