Thursday, packaging products maker Sonoco Products Co. (SON) reported a decline in profit for the third quarter, reflecting a drop in revenues from tubes and cores/paper segment. However, adjusted earnings for the quarter came in ahead of analysts' consensus. The company also raised its full year earnings guidance and issued guidance for the fourth quarter.
Third-quarter net income attributable to Sonoco was $47.67 million or $0.47 per share, down from $57.35 million or $0.57 per share in the same quarter last year.
Non-GAAP earnings for the quarter were $50.9 million or $0.50 per share, compared to $60.6 million or $0.60 per share in the prior year quarter. The non-GAAP adjustment is related to restructuring/Asset impairment charges, net of tax of $0.03 for both the period. On average, ten analysts polled by Thomson Reuters expected the company to earn $0.46 per share for the third quarter. Analysts' estimates typically exclude special items.
Quarterly net sales were $930.56 million, down 12% from $1.06 billion last year. Analysts expected the company to report revenues of $948.30 million for the quarter.
Tubes and Cores/Paper segment revenue declined to $346.36 million from $435.68 million a year earlier and Consumer packaging segment revenue was slightly lower at $394.91 million, compared to $398.82 million for the year-ago period. Net sales of packaging services, the company's smallest segment, dropped to $117.21 million from $135.12 million in the prior year.
For the nine months, net income attributable to Sonoco declined to $104.40 million or $1.03 per share, down from $128.60 million or $1.27 per share in the same period last year. Non-GAAP earnings dropped to $121.0 million or $1.20 per share from $177.3 million or $1.75 per share for the year-ago period. Net sales dropped to $2.59 billion from $3.19 billion for the year-ago period.
Looking ahead for the fourth quarter, the company projects non-GAAP earnings to be in the range of $0.42 to $0.47 per share. Analysts currently anticipate the company to report earnings of $0.47 per share.
For the full year 2009, non-GAAP earnings are expected to be in the range of $1.62 to $1.67 per share, compared to the prior guidance of $1.55 - $1.65 per share. Analysts currently anticipate the company to earn $1.62 per share for the full year.
SON is currently trading at $28.99, down $0.12 or 0.41% on volumes of 594.78 thousand on NYSE.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.