Sonoco Products Boosts FY22 Outlook As Q1 Results Top Estimates

(RTTNews) - 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.