Sealed Air 2011 and 4Q earnings down, sales up

by Meat&Poultry Staff
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ELMWOOD PARK, NJ – Sealed Air Corporation reported it earned $149.1 million, or 80 cents per share, for 2011, down from $255.9 million, or $1.44 per share, in 2010. Sales increased 26 percent to $5.64 billion. For the fourth quarter ended Dec. 31, the company reported a loss of $49.3 million, or 26 cents per share. This total is down from net income of $51.3 million, 29 cents per share, from the same quarter in 2010. Sales increased 70 percent to $2.05 billion.

Fourth quarter Food Packaging segment sales increased 2 percent, or 3 percent on a constant dollar basis, with 3 percent higher price/mix due to ongoing raw material cost recovery. Volumes declined a little due to lower North American volumes related to a customer loss noted earlier in the year and challenging year-over-year comparisons. The decline, however, was partially offset by growth in Latin America and Europe. Operating profit decreased 3 percent to $76 million, or 13.9 percent of net sales, compared with 14.7 percent in 2010 due to unfavorable product mix in the quarter.

Food Solutions segment sales for the fourth quarter increased 5 percent, or 4 percent on a constant dollar basis, with 5 percent higher price/mix from pricing benefits across all regions. Volumes declined 1 percent, predominantly in North America and Europe, which were partially offset by solid volume growth in Latin America and Asia-Pacific. Operating profit was steady at $28 million, but margins decreased slightly to 10.6 percent of net sales, compared with 11.2 percent in 2010.

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