Sealed Air’s stock price deflates after hours as outlook cut

Sealed Air’s stock price deflates after hours as outlook cut

Sealed Air Corp. SEE, -0.34% shares fell in the extended session Wednesday after the packaging materials company forecast third-quarter results that were below the Wall Street consensus. Sealed Air shares fell 6% after hours, following a 0.3% decline to close at $35.28 in the regular session. Sealed Air said it sees adjusted earnings of 60 cents to 61 cents a share on sales of about $1.2 billion. Analysts surveyed by FactSet expect earnings of 65 cents a share on revenue of $1.19 billion. The company also sees full-year earnings of $2.40 to $2.45 a share on revenue of about $4.7 billion, while analysts expect $2.51 a share on revenue of $4.75 billion. “Our third quarter profitability was adversely affected by currency headwinds and higher than expected raw material and freight costs,” said Ted Doheny, Sealed Air president and chief executive, in a statement. “More specifically to Product Care, we experienced higher absorption costs due to lower global volumes in our utility business, which accounts for 30% of the division’s sales.”

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