Sealed Air Corp., the packaging company that creates Cryovac food packaging and Bubble Wrap, saw its stock rise more than 7 percent Thursday after the company reported better-than-expected fourth-quarter earnings.

Sealed Air Corp. reported net income of $199 million, or $1.28 per share, compared to 2017 fourth-quarter net income of $25 million, or 14 cents per share.

Adjusted earnings per share were 75 cents per share, which beat analyst expectations of 67 cents per share.

The Charlotte-based company reported $1.26 billion in revenue for the quarter, beating Yahoo Finance analyst expectations, which were $1.11 billion.

“By improving how we innovate, buy, make, and solve, we will address our customers’ most critical packaging challenges, lead the industry with sustainable solutions and make every customer a reference,” said CEO Ted Doheny in a statement. “We are committed to creating long-term value for our shareholders through consistent profitable growth and increased earnings power.”

Sealed Air’s stock was trading at $43.44, up $2.87, or 7.1 percent, in Thursday afternoon trading.

The company is overhauling operations and expects to spend $80 million making such changes in 2019. But it expects those changes to result in annual cost savings between $215 million and $235 million by 2021.

The company also projected 2 percent revenue growth in 2019 to $4.83 billion and earnings to be within a $2.65 per share to $2.75 per share range.

Analysts are currently projecting revenue of $4.84 billion and earnings of $2.73 per share in 2019.

The filing can be found here.