Despite strong earnings, Sealed Air's stock drops on disappointing outlook for 2020

Sealed Air Corp. ended 2019 strong as fourth-quarter earnings beat expectations. But its guidance for 2020 was a disappointment and sent its stock (NYSE: SEE) to near its 52-week low. In comments to analysts, CEO Ted Doheny emphasized the performance of his Reinvent SEE initiative. He and CFO Jim Sullivan credited it with producing $168 million worth of benefits in 2019. Margins on the year grew 120 basis points to 20.9% in the fourth quarter, in part because of the effort. And the executives said…