Sealed Air (NYSE: SEE) reported Q2 EPS of $0.45, $0.09 better than the analyst estimate of $0.36. Revenue for the quarter came in at $1.1 billion versus the consensus estimate of $1.06 billion

• Second Quarter 2017 Sales from Continuing Operations of $1.1 Billion, an increase of 3% reflecting 9% growth in North America
• Net Earnings from Continuing Operations of $29 Million and Reported Net Earnings Per Share from Continuing Operations of $0.14, including tax expense of $18 Million, or $0.09 Per Diluted Share Related to the Pending Sale of Diversey
• Adjusted Net Income from Continuing Operations of $69 Million, Adjusted EPS from Continuing Operations of $0.35 per share and Adjusted EBITDA of $196 million, or 18.3% of Net Sales
• Raised Outlook for Adjusted EBITDA, Adjusted EPS and Free Cash Flow

Raised Outlook for Full Year 2017, Continuing Operations

For the full year 2017, the Company continues to expect Net Sales of approximately $4.3 billion, as compared to $4.2 billion for the full year 2016. This sales performance is based on an expected 3% constant dollar sales growth in Food Care and in the range of 3 to 4% constant dollar sales growth in Product Care.

Adjusted EBITDA from continuing operations for the full year 2017 is now expected to be in the range of $825 to $835 million, as compared to $808 million for the full year 2016.

Adjusted EPS from continuing operations is expected to be in the range of $1.75 to $1.80 for the full year 2017 and assumes an Adjusted Tax Rate of 28% and an estimated 193 million diluted shares outstanding.

Currency is not expected to have a material impact on Net Sales, Adjusted EBITDA or Adjusted EPS for the full year 2017.

The Company\'s Free Cash Flow outlook assumes a September close on the sale of Diversey and is based on a full year of Adjusted EBITDA from continuing operations in the range of $825 to $835 million and eight months from discontinued operations of $215 million. Free Cash Flow outlook excludes cash flow generation from working capital related to Diversey in the last four months of the year, and does not include payments expected to be paid in relation to the sale of Diversey. The Company now anticipates 2017 Free Cash Flow to be approximately $400 million, including capital expenditures of approximately $175 million and cash restructuring payments of approximately $50 million, which excludes any restructuring charges to address stranded and unallocated costs. Full year 2016 Free Cash Flow was $631 million, including $276 million of capital expenditures and cash restructuring payments of $66 million.

GUIDANCE:

Sealed Air sees FY2017 EPS of $1.75-$1.80.

For earnings history and earnings-related data on Sealed Air (SEE) click here.