Sonoco Products Boosts FY22 Outlook As Q2 Adj. EPS Tops Estimates

(RTTNews) - Packaging company Sonoco Products Co. (SON) reported Thursday that second-quarter net income attributable to the company was $131.67 million or $1.33 per share, compared to a net loss of $334.07 million or $3.34 per share in the year-ago quarter.

Excluding items, base earnings for the quarter were $1.76 per share, compared to $0.93 per share in the prior-year quarter.

Net sales for the quarter grew 38 percent to $1.91 billion from $1.38 billion in the same quarter last year.

On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $1.67 per share on net sales of $1.91 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead, Sonoco expects base earnings for the third quarter in a range of $1.35 to $1.45 per share.

For fiscal 2022, the company now projects base earnings in a range of $6.20 to $6.30 per share, up from the prior guidance range of $5.25 to $5.45 per share.

The Street is looking for earnings of $1.67 per share for the quarter and $5.71 per share for fiscal 2022.

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