Charlotte-based Sealed Air reported third-quarter earnings and sales Tuesday that topped expectations despite a drag from the strength of the U.S. dollar.
The Bubble Wrap maker said profits rose to $87 million in the three months that ended Sept. 30, up from $61 million in the same quarter last year. Adjusted earnings were 70 cents a share, above the 56 cent-consensus estimate of Bloomberg-surveyed analysts.
Sales totaled $1.75 billion, down almost 12 percent from last year but above the Wall Street consensus of $1.74 billion. Sealed Air said currency had a drag of 11.7 percent, or $230 million, on sales for the quarter.
Over the last year, the U.S. dollar has increased about 13 percent in value against a basket of other currencies, making U.S. goods more expensive overseas and lowering the price of imports in the U.S.
“We are pleased with our third quarter results in light of currency headwinds and ongoing global economic uncertainties, particularly in emerging markets,” said Jerome Peribere, president and chief executive officer of Sealed Air, in a statement.
Sealed Air is a Fortune 500 company that broke ground on its Charlotte headquarters in the LakePoint Corporate Center in June. By the time the company finishes moving into its new corporate offices in 2017, it expects to have a workforce of 1,262, with local hires comprising about half. The company was previously based in New Jersey.
The company divides its business into three segments: food care, product care and Diversey Care.
Sealed Air’s business has been shaped over the years by mergers and acquisitions, including the 2011 purchase of Diversey Care, a cleaning products company, the April sale of its North American foam trays and absorbent pads unit and the August purchase of French packaging equipment company B+ Equipment.