Why Sonoco Is Rising In Pre-market?

(RTTNews) - Sonoco (SON) said it now expects first-quarter base earnings to be in a range of $1.70 and $1.80 per share which is approximately 35 percent above the previously issued guidance range of $1.25 and $1.35 per share. Sonoco expects its operating results to be significantly better than previously expected due to strong price/cost recovery across most of its businesses. Operating results also are benefitting from the acquisition of Ball Metalpack, and stronger than expected demand in both Consumer Packaging segment and All Other group of businesses.

The company projects first-quarter GAAP earnings to be in a range of $0.80 to $0.90 per share.

Shares of Sonoco were up 3% in pre-market trade on Tuesday.