Sealed Air shares deflated after results, FY financial target cut

Sealed Air

08/08/2023 20:06

** Shares in packaging company Sealed Air Corp  SEE.N  down 9.1%
on Tuesday on track for biggest one-day pct drop since May after
it cut FY financial targets and quarterly revenue missed
expectations 
    ** Stock last traded down $3.99 at $40.09 after earlier
touching $39.77, its lowest level since July 6
    ** Co cut full-year net sales target to range of $5.40
billion to $5.60 billion from previous $5.85 billion to $6.10
billion outlook range as it expects demand weakness to continue
with second half volumes similar to first half 2023
    ** Q2 adj EPS of $0.80 was ahead of consensus expectation
for $0.67 but rev for the quarter ended June 30 was $1.38
billion, falling short of Wall Street average expectations of
$1.42 billion, according to Refinitiv
    ** It forecast FY Adj EPS of $2.75 to $2.95 vs previous
outlook range of $3.50 to $3.80 
    ** SEE shares down ~19% YTD vs ~11% gain Dow Jones U.S.
industrials index  .DJUSIN 

 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com; +13322191897;))