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Sealed Air sinks 9% after big Q1 earnings, revenue miss [Seeking Alpha]

SEALED AIR (SEE)  More Company Research Source: Seeking Alpha
Last sealed air earnings: 5/3 07:00 am Check Earnings Report
US:NYSE Investor Relations: ir.sealedair.com
PDF Sealed Air (NYSE: SEE ) was today's biggest loser on the S&P 500 after missing Q1 earnings and revenue expectations by a wide margin, citing an unfavorable price mix. SEE issued FY 2017 guidance, excluding the Diversey business it sold to Bain Capital, seeing EPS of $1.70 vs. $2.71 analyst consensus estimate and revenues of $4.3B vs. $6.75B consensus. Jefferies analyst Philip Ng says f lushing out the guidance is a challenge because of Diversey, but "it appears SEE is cutting its continued ops EBITDA and FCF guidance by ~$35M, and implies the EBITDA growth is 2H17 weighed. We also believe our previous view that SEE could generate ~$3 free cash flow per share in 2018 could be challenging now." CEO Jerome Peribere says the product care unit is “ not seeing the sales growth drop to the bottom line ,” after the company did not quickly match suppliers’ price increases in resin and other raw products with price boosts of its own. BofA Merrill Lynch downgraded share [Read more]

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