CHARLOTTE, N.C. (AP) — Sealed Air Corp. (SEE) on Tuesday reported first-quarter net income of $110.1 million.
On a per-share basis, the Charlotte, North Carolina-based company said it had profit of 71 cents. Earnings, adjusted for one-time gains and costs, were 78 cents per share.
The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share.
The packaging company posted revenue of $1.27 billion in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $1.22 billion.
Sealed Air expects full-year earnings in the range of $3.40 to $3.55 per share, with revenue in the range of $5.25 billion to $5.35 billion.
Sealed Air shares have increased 9.5% since the beginning of the year, while the S&P's 500 index has increased 12%. The stock has risen 78% in the last 12 months.