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UPDATE 1-Sealed Air profit beats Wall St view

Wed Oct 28, 2009 7:45am EDT

Stocks

   

* Q3 EPS ex-items 38 cents tops Wall St view of 33 cents

* Revenue off 11 pct to $1.08 billion

NEW YORK, Oct 28 (Reuters) - Sealed Air Corp (SEE.N), maker of Bubble Wrap, reported third-quarter profit that beat Wall Street forecasts on Wednesday, helped by cost-cutting and strong sales of food packaging products.

The company posted net income of $60.6 million, or 34 cents per share, compared with $9.2 million, or 5 cents per share, a year earlier.

Excluding one-time items, earnings per share of 38 cents beat the 33 cents that analysts had forecast, according to Thomson Reuters I/B/E/S.

Net sales decreased 11 percent to $1.08 billion, in line with analysts' estimates. (Reporting by Matt Daily and Ernest Scheyder; Editing by Lisa Von Ahn)



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