Sonoco: 2Q Earnings Snapshot
HARTSVILLE, S.C. (AP) _ Sonoco Products Co. (SON) on Thursday reported second-quarter net income of $81.2 million.
On a per-share basis, the Hartsville, South Carolina-based company said it had profit of 80 cents. Earnings, adjusted for restructuring costs and non-recurring costs, were 95 cents per share.
The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 97 cents per share.
The packaging maker posted revenue of $1.36 billion in the period, which also missed Street forecasts. Five analysts surveyed by Zacks expected $1.42 billion.
For the current quarter ending in October, Sonoco expects its per-share earnings to range from 88 cents to 94 cents.
The company expects full-year earnings in the range of $3.52 to $3.62 per share.
Sonoco shares have increased 20% since the beginning of the year. The stock has risen 20% in the last 12 months.