While reporting financial results for the second quarter, Sealed Air Corp. (SEE) on Friday raised its adjusted earnings and net sales guidance for the full-year 2019. The company's outlook includes a five-month contribution from the APS acquisition.
For fiscal 2019, the company now expects adjusted earnings in the range of $2.70 to $2.80 per share, including $0.07 dilution from the APS acquisition. This is up from the previously provided guidance range of $2.65 to $2.75 per share.
The company also now expects net sales of about $4.85 billion, up from the previously provided sales guidance of $4.8 billion. The company continues to expect currency to have an unfavorable impact of approximately $130 million on net sales.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.73 per share on net sales of $4.80 billion for the year. Analysts' estimates typically exclude special items.
In addition, the company on Thursday completed the acquisition of Automated Packaging Systems, Inc. (APS), a leading manufacturer of automated bagging systems (including the iconic Autobag brand), for $510 million on a cash and debt free basis.
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