logo
  

Sonoco Products Boosts FY22 Outlook As Q1 Results Top Estimates

Packaging company Sonoco Products Co. (SON) reported Thursday that first-quarter net income attributable to the company doubled to $115.33 million or $1.17 per share from $72.30 million or $0.71 per share in the year-ago quarter.

Excluding items, base earnings for the quarter were $1.85 per share, compared to $1.00 per share in the prior-year quarter.

Net sales for the quarter grew 30.9 percent to $1.77 billion from $1.35 billion in the same quarter last year.

On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $1.72 per share on net sales of $1.74 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead, Sonoco expects base earnings for the second quarter in a range of $1.20 to $1.30 per share, compared to $0.93 per share in the second quarter of 2021.

For fiscal 2022, the company now projects base earnings in a range of $5.25 to $5.45 per share, up from the prior guidance range of $4.60 to $4.80 per share.

The Street is looking for earnings of $1.14 per share for the quarter and $4.98 per share for fiscal 2022.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration is looking to set a new framework to further improve and maintain the supply of infant formula to ensure that American consumers have access to safe and nutritious infant formula. Infant formula is an essential food product that is the sole source of nutrition for many babies in the U.S. Amazon has unveiled millions of deals worldwide that will be available during its upcoming Prime Day extravaganza. The 48-hour shopping event for Prime members kicks off July 12 at 3 a.m. EDT, offering deals of up to 79% off across various categories. These include electronics, devices, toys, beauty, fashion, and home, from top national brands and small businesses. Primal Pet Foods is recalling a single lot of Raw Frozen Primal Patties for Dogs Beef Formula due to potential contamination with Listeria monocytogenes, the U.S. Food and Drug Administration said. The recall involves lot #W10068709 of 6-pound Raw Frozen Primal Patties with best by date of 05/22/23. The Raw Frozen Primal Patties are sold in flexible packaging in the freezer at select pet stores.
Follow RTT