Sealed Air Corp. (NYSE: SEE), Elmwood Park, NJ, reported sales for the second quarter of $2 billion, an increase of 3.2 percent on a constant dollar basis and 1.9 percent on a reported basis. Profit from continuing operations was $56.3 million, compared to a year-ago loss from continuing operations of $20.7 million.
Reported regional net sales increased 9.4 percent for AMAT (Asia, Middle East, Africa and Turkey), 7.6 percent for Latin America, and 2.1 percent for North America, partially offset by 1.5 percent lower net sales in Europe and 3 percent in JANZ (Japan/Australia/New Zealand). Additionally, second quarter net sales for developing regions increased 9.4 percent on a constant dollar basis and 6.8 percent on a reported basis, accounting for 25.7 percent of global net sales.
Food and beverage sales of $946.5 million increased 3.9 percent on a constant dollar basis and 2.6 percent on a reported basis. Reported operating profit was $103.7 million, up 48.6 percent compared with the second quarter of 2012.
Institutional and laundry division sales of $569.8 million increased 3 percent on a constant dollar basis and 1.7 percent on a reported basis. Reported operating profit was $37.2 million, compared with $20.9 million in the second quarter of 2012.
Protective packaging division sales of $394.3 million for the quarter increased 1.8 percent on a constant dollar basis and 0.9 percent on a reported basis. Reported operating profit was $44 million, compared with $46.7 million in 2012.
Medical applications and new ventures sales of $50.9 million increased 1 percent on a constant dollar basis and 0.4 percent on a reported basis. Reported operating loss was $4 million, including a $5.5 million write-down of a non-strategic asset.
For the first six months, sales for Sealed Air were $3.8 billion, an increase of 1.2 percent compared to the same period in 2012. Profit from continuing operations was $59 million, compared to a year-ago loss from continuing operations of $29 million.
