Sealed Air Corporation (NYSE:SEE) reported net income of $ 83.30 million or per share of $ 0.52 for the second quarter.
The company delivered net sales of $ 1.16 billion for the same period representing year-over-year growth of 8 percent that exceeded street analysts expectation by $ 5 million.
However, on an adjusted basis, Sealed Air Corporation reported adjusted net income of $ 0.64 a share for the same period that exceeded market expectations.
Analysts polled by Thomson Reuters expected Sealed Air Corporation to report income of $ 0.58 per share on revenue of $ 1.15 billion for the second quarter. Analysts estimate normally exclude one time gain or loss.
In the second quarter, Net Sales and Adjusted EBITDA increased 8% and 11%, respectively. Our differentiated and innovative solutions portfolio allows us to capitalize on the rapidly growing fresh food and e-commerce markets. This solid top line performance combined with our efforts to reduce costs and drive operational excellence resulted in improved operating leverage for the second consecutive quarter compared to the same period last year, said Ted Doheny, President and Chief Executive Officer.