Sonoco Products Q2 Profit Up, But Misses Estimates - Quick Facts

(RTTNews) - Packaging business Sonoco Products Co. (SON) Thursday, reported a rise in its profit for the second quarter, but fell short of analysts' view. Net sales were up nearly by 2 percent.

Results included after-tax charges of $0.06 per share related to plant closures and related restructuring costs.

Net income attributable to Sonoco rose to $61.5 million, or $0.59 diluted share, from $55.0 million, or $0.53 per share, in 2013.

Base earnings in the second quarter were $65.4 million, or $0.63 per share. Base earnings have been adjusted to remove restructuring charges, asset impairment charges, acquisition expenses and other items, if any. On average, 12 analysts polled by Thomson Reuters expected earnings of $0.66 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly sales rose nearly by 2 percent at $1.25 billion, while it was $1.23 billion in last year's quarter. The increase was driven by $12.6 million in sales from businesses acquired during the past twelve months along with higher selling prices. Twelve analysts had consensus revenue estimate of $1.26 billion for the quarter.

Looking ahead, Sonoco expects third quarter base earnings per share in the range of $0.66-$0.70. Analysts project earnings per share of $0.68.

The company backed its annual base earnings guidance and continues to expect it to be in the range of $2.43 per share - $2.53 per share. Analysts estimate full-year earnings per share of $2.50.