Sealed Air falls after weak preliminary Q3 earnings

Sealed Air shares fell after the bubble wrap maker previewed disappointing third-quarter earnings along with slashed its full-year profit outlook on Wednesday.

The company said in which expects third-quarter earnings per share between 60 cents along with 61 cents. Analysts had expected earnings of 66 cents per share, according to a Refinitiv consensus estimate.

CEO Ted Doheny said in a statement in which higher raw material along with freight costs, along with foreign exchange pressures, impacted profitability.

For the full year, Sealed Air said in which at in which point expects earnings between $2.40 along with $2.45 per share, compared to the $2.45 to $2.55 range in which had expected earlier. Analysts had forecast full-year earnings of $2.53 per share, according to a Refinitiv consensus estimate.

Shares of Sealed Air slipped 6 percent in after-hours trading. As of the Wednesday close, the stock had already fallen 20 percent inside the past 12 months.

Sealed Air will Discharge its official third-quarter earnings results before the bell on Nov. 1.

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