Sealed Air Corp. (NYSE:SEE), Elmwood Park, NJ, reported third-quarter sales of $1.08 billion, a decrease of 11% from third quarter 2008. Profit was $60.6 million, compared to year-ago period profit of $9.2 million. The increase in profit is primarily a result of lower costs of sales during the period.
“Our results for the third quarter reflect the actions we have taken to manage through the challenging economy. We are executing our plan well, we are continuing to tightly control expenses, and are effectively managing price/cost/mix variances,” said William V. Hickey, president and CEO. “We remain focused on customers and on driving innovation as evidenced by Protective Packaging’s recent introduction of five new products in early October.”
Year to date, sales were $3.1 billion, down 16% in a year-over-year comparison. Profit improved 35% to $179.2 million.
The Food Packaging segment recorded sales of $463.4 million, a 4% increase in constant dollars. Operating profit increased 72% to $64 million in the quarter.
Food Solutions recorded a constant dollar 4% decrease in net sales, with sales of $229.6 million. Operating profit increased 25% to $21 million in the quarter.
Protective Packaging recorded sales of $306.1 million, a constant dollar 15% decrease. Operating profit increased 5% to $41 million in the quarter.
Other category sales were $80.8 million, a 20% constant dollar decrease. Operating profit decreased 29% to $5 million in the quarter.
Sealed Air is a manufacturer of packaging and performance-based materials and equipment systems that serve an array of food, industrial, medical, and consumer applications.
