Shares of Sealed Air Corp (NYSE:SEE) ended Friday session in green amid volatile trading. The shares closed up +1.10 points or 2.32% at $48.60 with 2,136,812 shares getting traded. Post opening the session at $47.87, the shares hit an intraday low of $47.87 and an intraday high of $48.70 and the price vacillated in this range throughout the day. The company has a market cap of $9.78 billion and the numbers of outstanding shares have been calculated to be 196.70 million shares.
Sealed Air Corp (SEE) on July 28, 2016 announced financial results for second quarter 2016. Commenting on these results, Jerome A. Peribere, President and Chief Executive Officer, said, “In the second quarter, we delivered $1.7 billion in net sales by leveraging growth opportunities in targeted regions and end markets, offsetting other areas that were challenged by economic uncertainty. These efforts, coupled with our continued focus on new product adoption and operational disciplines, resulted in solid margin performance in our three core divisions. We are delivering on our 2016 objectives, and expect stronger performance in the second half of the year. This performance will be primarily driven by increased demand for our core product portfolio, recently introduced innovations, and accelerated growth in the global protein market and e-Commerce sector. We also anticipate less currency headwinds than previously forecasted.”
Second Quarter 2016 Highlights
Food Care net sales of $802 million decreased 5.2% as reported. Currency had a negative impact on Food Care net sales of 4.6%, or $39 million and the divestiture had a negative impact of 1.7%, or $15 million. On an organic basis, net sales increased 1.1% due to favorable price/mix of 0.4% and volume growth of 0.7%. Positive volume trends in North America and Europe, Middle East and Africa offset ongoing weakness in Latin America. Adjusted EBITDA of $163 million or 20.3% of net sales was attributable to favorable price/cost spread, positive volume trends and restructuring savings, which were more than offset by higher non-material manufacturing expenses, unfavorable currency translation, divestitures of non-core assets, and salary and wage inflation.
Diversey Care net sales of $532 million decreased 0.6% as reported and increased 2.4% on a constant dollar basis. Currency had a negative impact on Diversey Care net sales of 3.0%, or $16 million in the quarter. All regions experienced positive constant dollar sales growth driven by favorable price/mix of 2.0% and a slight increase in volumes of 0.4%. Our fastest growing regions in constant dollar sales were Asia Pacific with 6.8% growth and North America with 2.9% growth. Diversey Care’s Adjusted EBITDA was $86 million or 16.2% of net sales. Adjusted EBITDA performance was favorably impacted by a $5.6 million reimbursement of previously incurred environmental expenses, as well as favorable price/cost spread and restructuring savings, which were partially offset by unfavorable currency translation and salary and wage inflation.
Shares of Dana Holding Corporation (NYSE:DAN) ended Friday session in green amid volatile trading. The shares closed up +0.20 points or 1.38% at $14.68 with 1,044,287 shares getting traded. Post opening the session at $14.65, the shares hit an intraday low of $14.43 and an intraday high of $14.74 and the price vacillated in this range throughout the day. The company has a market cap of $2.14 billion and the numbers of outstanding shares have been calculated to be 143.73 million shares.
Dana Holding Corporation (DAN) announced it will participate in the 2016 RBC Capital Markets Global Industrials Conference on Sept. 7, 2016. Senior Vice President and Chief Financial Officer Jonathan Collins will provide a brief overview of the company and answer questions for approximately 30 minutes, beginning at 11:30 a.m. PDT (2:30 EDT).
Information on accessing the webcast will be posted to Dana’s Investor website, www.dana.com/investors, prior to the event.