Sealed Air Corp. (NYSE: SEE), Elmwood Park, NJ, reported sales for the third quarter of $1.9 billion, an increase of 2 percent compared to the same period a year ago. Profit was $37.7 million, compared to a year-ago loss of $1.2 billion.
Sales increased 6.9 percent for AMAT (Asia, Middle East, Africa and Turkey), 3.5 percent for Europe, 1.9 percent for North America and 1.3 percent for Latin America, partially offset by 9.3 percent lower net sales in JANZ (Japan/Australia/New Zealand).
During the quarter, the company rebranded its three core divisions to food care (formerly food & beverage), product care (formerly protective packaging), and Diversey care (formerly institutional & laundry).
Food care sales of $950.5 million increased 1.7 percent. The segment achieved 1.5 percent higher volumes, led by positive trends in all regions except for JANZ.
Diversey care sales of $534.6 million increased 1.4 percent. Volume was essentially flat compared to a year ago with a 7.4 percent increase in AMAT and 6.1 percent increase in Latin America, offset by a 1.4 percent decline in Europe and a 5.4 percent decline in North America. The decline in North America was driven primarily by lower sales into the distribution channels as a result of customer destocking and a decline in floor care sales specifically in the government and education end markets due to budget constraints.
Product care sales of $402.7 million increased 3.6 percent on a reported basis. Product care achieved 3.4 percent higher volumes and 0.6 percent in favorable product price/mix.
Medical application and new venture sales of $50.8 million increased 4.3 percent. Favorable price/mix of 1.6 percent was partially offset by a 0.5 percent decline in volume.
For the first nine months, sales for Sealed Air were $5.8 billion, an increase of 1.5 percent compared to the same period a year ago. Profit was $96.7 million, compared to a year-ago loss of $1.3 billion.
