Sealed Air Corp.’s net income rose more than 76 percent in the second quarter compared with last year, but revenues fell as sales from its food segment declined.
The Charlotte-based packaging company, which makes Bubble Wrap, reported that net income jumped to $49.6 million from $28.1 million in the previous year.
But its revenues dropped to $1.73 billion from $1.79 billion, which fell behind analyst projections of $1.74 billion, according to analysts surveyed by Zacks Investment Research.
The rise in net income follows a $111 million loss in the second quarter of 2015 related to “debt redemption and refinancing activities.”
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“We are delivering on our 2016 objectives, and expect stronger performance in the second half of the year,” said the Jerome Peribere, president and Chief Executive Officer of Sealed Air. “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.”
Sealed Air divides its business into three segments: food care, product care and Diversey Care, which is a provider of cleaning solutions. The food care business, the company’s largest segment, saw net sales drop to $802.3 million from $846.6 million in the same period last year.
In the second quarter, the company also recorded charges of approximately $46 million after it ceased operations in Venezuela due to challenging economic conditions in the country.
Last year, Sealed Air broke ground on its Charlotte headquarters in the LakePointe Corporate Center, where it 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.
Sealed Air’s stock is down more than 5 percent from this time last year. It closed Thursday at $47.32, down more than 3 percent.