Sealed Air Corporation reported diluted net earnings per common share of $1.89 for the full year 2007, a 28% increase over full year 2006 diluted net earnings per common share of $1.47.
Sealed Air’s net sales for the full year 2007 increased 7% to $4.65 billion, compared with $4.33 billion in 2006. Fourth quarter 2007 net sales increased 9% to $1.25 billion, compared with $1.15 billion in 2006.
Commenting on the Company’s operating performance in 2007, William V Hickey, President and Chief Executive Officer, stated: During 2007, Sealed Air expanded and realigned its segment reporting to reflect the Company’s growth strategies both in core markets and in new business opportunities.
The new Food Packaging segment focuses on industrial food packaging and is driven by developments in technologies that enable food processors to effectively package and ship fresh and processed meats and cheeses through their supply chain.
The company’s Food Packaging segment net sales for the fourth quarter increased 10% to $517 million compared with $470 million last year.
Excluding a $27 million favorable effect of foreign currency translation, segment net sales increased 4% primarily reflecting the positive impact of strong unit volume growth and favorable product price/mix in North America and strong unit volume growth in Latin America.
Operating profit for the fourth quarter was $68 million, or 13.2% of Food Packaging net sales, compared with $66 million, or 14.1% of net sales, in 2006.
The decrease in operating profit as a percentage of net sales was primarily due to the impact of higher average raw materials costs and the higher marketing, administrative and development expenses.
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