Sonoco Products Co.'s (SON) GAAP net income attributable to the company in the first quarter was $48.1 million, or $0.47 per share, up from $43.1 million, or $0.42 per share, in 2012.
Base earnings were $51.7 million, or $0.50 per share, in the first quarter, compared with $53.8 million, or $0.52 per share, in 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share for the quarter. Analysts' estimates typically exclude special items.
The latest-quarter base earnings excluded after-tax charges of $3.6 million, or $0.03 per diluted share, stemming from previously announced restructuring activities and the impact of a currency devaluation in Venezuela. Items excluded from base earnings in the 2012 first quarter totaled $10.8 million, after tax, or $0.10 per share, for restructuring expenses and impairment charges, including the closure of a paper mill in Germany and plastics operations in Canada and the United States.
Net sales for the first quarter were $1.18 billion, compared with $1.21 billion in the same period in 2012. Twelve analysts had consensus revenue estimate of $1.20 billion for the quarter. This 3 percent decline in net sales was driven by lower volume and selling prices in both Consumer Packaging and, to a somewhat lesser extent, Paper and Industrial Converted Products. These declines were partially offset by volume improvement and sales price gains in the Company's Display and Packaging and Protective Solutions segments.
The company expects second quarter 2013 base earnings to be in the range of $0.56 to $0.60 per share. Analysts expect the company to report earnings of $0.59 per share for the second-quarter.
For 2013, base earnings per share are expected to be in the range of $2.26 to $2.32, compared to prior estimate of $2.26 to $2.34 per share. Analysts expect the company to report earnings of $2.31 per share for fiscal 2013.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.