Sonoco Products Q3 Results Top Estimates; Trims FY21 Outlook - Quick Facts

(RTTNews) - Packaging company Sonoco Products Co. (SON) reported Thursday that third-quarter net income attributable to the company increased to $111.1 million or $1.12 per share from $83.4 million or $0.82 per share in the year-ago quarter.

Excluding items, base earnings for the quarter were $0.91 per share, compared to $0.86 per share in the prior-year quarter.

Net sales for the quarter grew 7.8 percent to $1.42 billion from $1.31 billion in the same quarter last year.

On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.89 per share on net sales of $1.38 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead, Sonoco expects base earnings for the fourth quarter in a range of $0.84 to $0.90 per share, compared to $0.82 per share in the third quarter of 2020.

For fiscal 2021, the company now projects base earnings in a range of $3.49 to $3.55 per share, down from the prior guidance range of $3.50 to $3.60 per share.

The Street is looking for earnings of $0.91 per share for the quarter and $3.55 per share for fiscal 2021.