Sealed Air (NYSE: SEE) reported Q3 EPS of $0.61, $0.01 better than the analyst estimate of $0.60. Revenue for the quarter came in at $1.86 billion versus the consensus estimate of $1.18 billion.

• Net Sales from Continuing Operations increased year-over-year to $1.2 billion (up 5%)
• Net Earnings from Continuing Operations $76 million (up 21%) or $0.48 per diluted share (up 45%)
• Adjusted Earnings from Continuing Operations per diluted share of $0.61 (up 33%)
• Reaffirm 2018 Outlook provided on October 17, 2018
• Existing restructuring program expected to realize annualized savings of $40 million in 2018 and an additional $25 million in 2019

"Net sales of $1.2 billion and Adjusted EBITDA of $219 million increased 8% and 4% in constant dollars, respectively. Adjusted EBITDA fell short of our expectations due to currency headwinds and higher than expected raw material and freight costs. More specifically to Product Care, we experienced higher absorption costs due to lower global volume in our utility business, which accounts for 30% of the division\'s sales. We expect these challenges to continue into year-end, which is reflected in our full year 2018 outlook," said Ted Doheny, Sealed Air\'s President and CEO.

"Given recent business and market dynamics, we accelerated actions under our existing restructuring program. As a result, we now expect annualized savings of $40 million in 2018, $10 million above prior expectations, and an additional $25 million in annualized savings in 2019. Furthermore, we are identifying additional opportunities to redesign our operating model and improve our performance. We expect to announce a more detailed plan before year-end.

We clearly see the power of our iconic brands, differentiated technology, leading market positions and deep customer relationships with more value to be captured in existing and adjacent markets. We remain committed to an ROIC-focused capital allocation approach and creating long-term value for our customers, employees and shareholders."

GUIDANCE:

Sealed Air sees FY2018 EPS of $2.40-$2.45, versus the consensus of $2.43.

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