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Sealed Air Reports Third Quarter 2012 Results

Stocks in this article: SEE

Sealed Air Corporation (NYSE:SEE) today announced financial results for the third quarter of 2012. The Company noted that following the announced sale of its Diversey Japan business, it has classified Diversey Japan as a discontinued operation as of September 30, 2012. Prior year reported and pro forma financial results have been revised to reflect this discontinued operation.

Sales for the third quarter 2012 totaled $2.0 billion including $1.9 billion from continuing operations and $79 million of sales from discontinued operations. Sales from continuing operations increased 52% over 2011, including a 56% increase from the Diversey acquisition, a 2% increase in organic sales, and 5% unfavorable currency translation.

Pro forma sales from continuing operations increased 2% on a constant dollar basis from 1% in both higher volumes and price/mix. Sales from continuing operations decreased 5% on a reported basis, including 7% from unfavorable foreign exchange translation. While we achieved positive volume growth in most regions, our Europe business continued to feel the effects of the European economic slowdown. Our growth was attributable to the successful execution of our growth programs, expansion in developing regions, the steady adoption of new solutions, and a net gain in new customer relationships.

Adjusted EPS was $0.31 for the third quarter, comprised of $0.28 from continuing operations and $0.03 from discontinued operations. We reported a loss of $6.06 per share from continuing operations, which included a $6.18 per share non-cash goodwill impairment charge and a $0.18 per share unfavorable effect from special items. Adjusted diluted EPS for 2011 was $0.48, or $0.41 on a reported basis.

On a constant dollar basis, adjusted EBITDA increased versus the prior year for both total and continuing operations results. Total Adjusted EBITDA for the quarter was $285 million or 14.4% of sales, which includes a $14 million unfavorable impact from currency translation. On a constant dollar basis, this represents a 4% increase compared with 2011 pro forma adjusted EBITDA of $287 million. On a continuing operations basis (excluding Diversey Japan), adjusted EBITDA for the quarter was $272 million or 14.3% of sales, which also includes a $14 million unfavorable impact from currency translation. On a constant dollar basis, this represents a 2% increase compared with pro forma 2011 results of $281 million.

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