The 2020 Mid-Year Economic Update_long

Sealed Air Sales Down 9.6% in 2Q

Year-to-date sales decrease 7.1 percent compared to same period in 2014.

Sealed Air Corp. (NYSE: SEE), Elmwood Park, NJ, reported sales for the second quarter of $1.8 billion, a decrease of 9.6 percent year-over-year. Profit decreased 53.2 percent to $28.1 million.

Food care division sales for the quarter were down 12 percent to $847 million, diversey care division sales were down 8 percent to $535 million, and product care division sales were down 6.8 percent to $381 million.

Latin America and Asia Pacific were the fastest growing regions, increasing net sales by 8.7 percent and 3.6 percent on a constant dollar basis, respectively. Europe, Middle East and Africa delivered constant dollar net sales growth of 2.9 percent. On an organic basis, North America delivered 2.4 percent net sales growth.

Year-to-date sales were $3.5 billion, down 7.1 percent over the prior-year period. Profit decreased 4.4 percent to $125.3 million.

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