Sonoco Products Sees Higher Q3 Earnings, Above Market View; Backs FY21 Forecast

(RTTNews) - Sonoco Products Co. (SON), a diversified global packaging company, Thursday said it expects third-quarter base earnings per share to be in a range of $0.87 to $0.93, higher than last year's $0.79 per share.

For fiscal 2021, base earnings per share is still projected to be in a range of $3.50 to $3.60. Last year's earnings were $3.41 per share.

On average, analysts polled by Thomson Reuters expect earnings of $0.91 per share for the quarter and $3.57 per share for the year. Analysts' estimates typically exclude special items.

Howard Coker, President and Chief Executive Officer, said, "As we enter the second half of 2021, we remain confident that our business will continue to benefit from the post-pandemic economic recovery. In our consumer-related businesses, we expect volumes to remain above pre-pandemic levels despite more normalized demand for food packaging as consumers moderate at-home eating patterns, while certain COVID-impacted markets, such as confectionery, food service and construction products should continue to benefit."