UPDATE 1-Sealed Air profit rises; increases dividend

Tue Jul 27, 2010 5:44pm EDT

* Q2 adj EPS 35 cents vs Wall Street view of 37 cents

* Revenue up 6 pct at $1.09 bln

* Raises quarterly dividend by 1 cent to 13 cents a share

SAN FRANCISCO, July 27 (Reuters) - Sealed Air Corp (SEE.N), maker of Bubble Wrap-brand packaging, posted a higher quarterly profit that fell short of analysts' expectations, but announced an increase in its dividend for the first time in two years.

For the period ended June 30, net income rose to $67 million, or 38 cents per share, from $60.5 million, or 33 cents per share, a year before, the company said on Tuesday.

Adjusted profit was 35 cents per share, and analysts had expected earnings of 37 cents per share on that basis, according to Thomson Reuters I/B/E/S.

Sealed Air's revenue grew 6 percent to $1.09 billion, essentially in line with what analysts had predicted.

The Elmwood Park, New Jersey-based company said it increased its quarterly dividend by a penny to 13 cents per share. It last increased its payout in early 2008. (Reporting by Braden Redddall in San Francisco, with additional reporting by Ernest Scheyder in New York; editing by Carol Bishopric)