Sealed Air Announces 8% Dividend Increase

Sealed Air Corporation (SEE: 22.33 0.00%) announced yesterday that the company will increase their quarterly dividend by 8% to $.13 per share.

 

The $.01 dividend increase will boost SEE’s dividend yield only modestly to 2.3% based on yesterday’s closing price.

 

“This increase reflects our confidence in our ability to generate solid cash flow while funding opportunities for long term growth and our commitment to return cash to our stockholders” stated William V. Hickey, President and Chief Executive Officer.

 

The dividend announcement comes as Sealed Air, the maker of bubble wrap packaging, reported second quarter earnings that were below Wall Street’s expectations. Sales grew 6% year/year, but those increases failed to translate to earnings which grew less than 3%.

 

The increased dividend will be payable on September 7, 2010 to shareholders of record as of September 3, 2010.

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