Sealed Air Corp. (SEE - Get Report) shares closed 9.2% higher on Thursday after the food safety and security product solutions company topped analysts' fourth-quarter earnings and revenue expectations.
The Charlotte-based company reported net income of 75 cents per share on revenue of $1.3 billion. Analysts were expecting the company to report earnings of 67 cents on revenue of $1.11 billion.
"We are continuing to execute on our Reinvent SEE strategy, which we are confident will transform Sealed Air into a company that delivers world-class performance as 'One SEE.' By improving how we innovate, buy, make, and solve, we will address our customers' most critical packaging challenges, lead the industry with sustainable solutions and make every customer a reference. We are committed to creating long-term value for our shareholders through consistent profitable growth and increased earnings power," said CEO Ted Doheny.
The company's food care net sales rose 1% to $772 million on volume growth of 2%. Product care net sales rose 5% to $489 million.