Charlotte-based Sealed Air Corp. reported first-quarter earnings Thursday that beat Wall Street expectations despite a decline in revenue across all three of its business segments.
The Fortune 500 company, previously based in New Jersey, is well-known as the maker of Bubble Wrap, though it’s been boosting business in other categories through recent mergers and acquisitions. The company broke ground at its Charlotte headquarters near the airport last June.
For the first three months of the year, the company said income totaled $91.9 million, down from $97.2 million in the same period a year ago. On a per-share basis, the company said it had a net income of 46 cents. Adjusted for nonrecurring costs, earnings were 50 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 48 cents per share.
“Strong customer acceptance of our new and innovative product portfolios across all divisions, positive trends in the global protein market and rapid growth in e-commerce, combined with our ongoing commitment to productivity gains, will drive future performance,” Jerome Peribere, Sealed Air president and chief executive officer, said in a statement.
The company posted first-quarter revenue of $1.59 billion in the period, in line with Wall Street forecasts but down from $1.75 billion a year ago.
Sealed Air divides its business into three segments: food care, product care and Diversey Care. Revenue fell in all three categories in the first quarter of 2016 from the same three months in 2015.
Currency had a negative drag on sales of $113 million in the first quarter, the company said. Economic instability in Venezuela and Brazil weighed on sales in the food care segment, Sealed Air said.
Sealed Air broke ground on its Charlotte headquarters last June in the LakePoint Corporate Center, where it currently employs 595 people. 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 Associated Press contributed.