Sonoco Products Q3 Profit Increases

(RTTNews) - Packaging company Sonoco Products Co. (SON) reported that its third quarter net income attributable to the company increased to $122 million or $1.24 per share from $111 million or $1.12 per share in the prior year.

Base earnings per share $1.60 compared to $1.00 last year.

Net sales for the third quarter increased 34% year-over-year to $1.9 billion from strategic pricing performance and continued strong results from the Sonoco Metal Packaging acquisition. These increases were partially offset by lower industrial volumes and the impact of foreign currency exchange.

Looking ahead for the fourth quarter, the company projects base earnings per share to be in the range of $1.20 to $1.30.

For full year 2022, the company now expects base earnings per share to be in the range of $6.40 to $6.50, compared to the prior estimation of $6.20 to $6.30 per share.

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