Sealed Air Corp. stock rose as much as 3 percent after providing positive full year guidance.
The manufacturer of packaging solutions reported third-quarter earnings of 46 cents per share, slightly below the average estimate by analysts of 47 cents per share.
The company generated net sales of $1.1 billion, compared to a $1.11 billion average estimate by analysts.
“Our top-line performance continues to be driven by the adoption of our innovative solutions coupled with strong end market demand across all proteins and within the e-commerce and fulfillment sectors,” stated Chief Executive Officer Jerome Peribere.
Peribere has been the CEO of Sealed Air since 2013. He announced his intent to retire from this position effective December 2017.
His successor will be Chief Operating Officer Edward Doheny II.
Sealed Air provided forward-looking guidance of $4.4 billion in net sales for the full fiscal year of 2017. Wall Street analysts have predicted full year net sales of $4.37 billion.
The Charlotte-based company projected full-year earnings per share between $1.75 and $1.80. Wall Street is currently expecting earnings between $1.76 and $1.92.
Sealed Air is a packaging company known for its brands of Cryovac food packaging and Bubble Wrap cushioning.
Sealed Air stock is currently trading at $44.92 a share, up $1.31 or 3.02 percent for the day.
The earnings release can be found here.