Sealed Air falls after weak preliminary Q3 earnings

Sealed Air shares fell after the bubble wrap manufacturer previewed disappointing third-quarter earnings and slashed its full-year profit outlook on Wednesday.

The company said it expects third-quarter earnings per share between 60 cents and 61 cents. Analysts had expected earnings of 66 cents per share, according to a Refinitiv consensus estimate.

CEO Ted Doheny said in a statement that higher raw material and freight costs, along with foreign exchange pressures, impacted profitability.

For the full year, Sealed Air said it now expects earnings between $2.40 and $2.45 per share, compared to the $2.45 to $2.55 range it had expected earlier. Analysts had forecast full-year earnings of $2.53 per share, according to a Refinitiv consensus estimate.

Shares of Sealed Air slipped 6 percent in after-hours trading. As of the Wednesday close, the stock had already fallen 20 percent in the past 12 months.

Sealed Air will release its official third-quarter earnings results before the bell on Nov. 1.

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