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Sonoco Products Lifts 2018 Base EPS View

Sonoco Products Co. (SON) said that it raised base earnings guidance for fiscal year 2018 to a range of $3.27 to $3.37 per share, from the previous guidance of $3.22 to $3.32 per share, to reflect the Company's strong second quarter results and expected solid second half results despite additional expenses anticipated from recently enacted tariffs on steel, aluminum and other products along with higher than previously expected freight and other non-material inflation. This new guidance does not include possible benefit from the expected completion of the Conitex Sonoco acquisition.

Analysts polled by Thomson Reuters expect the company to report earnings of $3.28 per share for fiscal year 2018. Analysts' estimates typically exclude special items.

Base earnings for the third quarter of 2018 are estimated to be in the range of $0.82 to $0.88 per share, compared to $0.76 per diluted share in the third quarter of 2017. Analysts expect earnings of $0.87 per share for the third-quarter.

Full-year 2018 operating cash flow and free cash flow guidance has been raised to a range of $570 million to $590 million and $190 million and $210 million, respectively.

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