Sealed Air Corporation (SEE) reported third quarter 2009 EPS of 38 cents, above the Zacks Consensus Estimate of 33 cents and the prior-year EPS of 28 cents. The company raised its full-year 2009 EPS guidance to a range between $1.37-$1.45.
The company expects to continue to realize benefits from its cost reduction and productivity programs in the fourth quarter. Also, the company is witnessing improved market conditions in developing nations. Sealed Air posted double-digit sales increases in some of these markets.
Based on the improved outlook, as well as the company’s efforts to revitalize its bottom-line, we are upgrading the rating on the stock to Outperform.Zacks Investment Research
