Sonoco Raises Q2 Earnings Outlook

(RTTNews) - Sonoco Products (SON), a packaging solutions provider, on Wednesday, raised its earnings guidance for second quarter ending July 3, amidst a firm customer demand.

Sonoco projects its base net income for the quarter to be in a range of $1.60 - $1.70 per share, up from its previous guidance range of $1.20 - $1.30 per share, an increase of over 30 percent.

Seven analysts, on average, polled by Thomson-Reuters are estimating the firm to report earnings per share of $1.27. Analysts' estimates typically exclude one-time items.

On a GAAP basis, second quarter net income attributable to Sonoco is expected to range from $125 million to $135 million, or $1.27 to $1.37 per share.

Sonoco said its "operating results to be significantly better than previously projected due to sustained customer demand particularly in its consumer packaging and all other segments, as well as continued strong performance in price recovery."

In addition, operating results are expected to benefit from the continued strong performance of the company's Metal Packaging business, which was acquired in the first quarter of 2022.

The company is scheduled to report its second-quarter financial results on Thursday, July 21, 2022.