January 24, 2011 / 12:56 PM / 7 years ago

UPDATE 1-High costs harm Sealed Air fourth-quarter results

* Q4 adj EPS 46 cents match Street view

* Revenue up 5.5 percent

* Forecasts 2011 EPS in range of $1.75 to $1.90

NEW YORK, Jan 24 (Reuters) - Bubble Wrap maker Sealed Air Corp (SEE.N) said its fourth-quarter profit slipped as costs rose, although sales jumped nearly 6 percent.

The company posted net income of $51.3 million, or 29 cents per share, compared with $65.1 million, or 37 cents per share, a year earlier.

Excluding one-time items, the company earned 46 cents per share. That matched the analysts’ average estimate, according to Thomson Reuters I/B/E/S.

The company’s cost of sales rose 8 percent between periods.

Revenue rose 5.5 percent to $1.21 billion. Analysts expected $1.2 billion.

For 2011, Sealed Air forecast earnings of $1.75 to $1.90 per share. Analysts expect $1.81. (Reporting by Ernest Scheyder; Editing by Lisa Von Ahn)

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