Sealed Air cuts its 2008 earnings forecast

ELMWOOD PARK, N.J. - Sealed Air Corp. cut its 2008 profit outlook Wednesday on anticipated lower unit volumes.

The packaging products maker now expects full-year earnings in a range of 97 cents to $1.07 per share. It previously predicted net income between $1.41 and $1.51 per share.

Excluding impairment and other charges, profit is anticipated in a range of $1.35 to $1.45 per share, down from its previous $1.55 to $1.65 per share outlook.

Analysts surveyed by Thomson Financial forecast 2008 net income of $1.56 per share.

The company said financial market and economic volatility will pressure unit volumes. Sectors have been squeezed as consumers tighten spending due to the continued housing slowdown, rising food costs, diminishing credit and recession fears.

Sealed Air also reported its third-quarter profit fell 87 percent on restructuring charges.

Shares of Sealed Air sagged $4.34, or 20.7 percent, to $16.67 in midday trading. The stock hit a nearly six-year low of $15 earlier in the session.

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