Sonoco Products Q1 Profit Decreases, but beats estimates

(RTTNews) - Sonoco Products (SON) revealed earnings for first quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings came in at $65.18 million, or $0.66 per share. This compares with $148.32 million, or $1.50 per share, in last year's first quarter.

Excluding items, Sonoco Products reported adjusted earnings of $111.49 million or $1.12 per share for the period.

Analysts on average had expected the company to earn $1.05 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 5.2% to $1.64 billion from $1.73 billion last year.

Sonoco Products earnings at a glance (GAAP) :

-Earnings (Q1): $65.18 Mln. vs. $148.32 Mln. last year. -EPS (Q1): $0.66 vs. $1.50 last year. -Revenue (Q1): $1.64 Bln vs. $1.73 Bln last year.

-Guidance: Next quarter EPS guidance: $1.25 to $1.35 Full year EPS guidance: $5.00 to $5.30