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Sonoco Lifts 2019 Profit View

Sonoco Products Co. (SON) raised full-year 2019 base earnings per share guidance, reflecting the better-than-expected first-quarter results.

The company expects base earnings per share for the second quarter of 2019 to be in the range of $0.93 to $0.99, compared to $0.93 per share in the second quarter of 2018. Analysts polled by Thomson Reuters expect the company to report earnings of $0.97 per share for the second-quarter. Analysts' estimates typically exclude special items.

The company raised full-year 2019 base earnings per share guidance to a range of $3.52 to $3.62 per share, from the prior estimation of $3.47 to $3.57. Analysts expect annual earnings of $3.52 per share.

Sonoco reported that GAAP net income attributable to the company in the first quarter was $73.7 million or $0.73 per share, compared with $74.1 million, or $0.73 per share, in 2018.

Adjusted for items, base earnings in the first quarter of 2019 were $86.2 million, or $0.85 per share, compared with $74.4 million or $0.74 per share last year. Analysts expected the company to report earnings of $0.80 per share for the first-quarter.

Net sales for the first quarter were $1.35 billion, an increase of $47.5 million, or 3.6 percent, from last year's first quarter. Analysts expected revenue of $1.37 billion for the quarter.The improvement reflected sales added by acquisitions and higher selling prices. Foreign exchange rate declines negatively impacted first quarter sales by approximately $38 million.

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