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Waste & Recycling February 16, 2018 03:30:59 PM

Sonoco Reports Q4 and Full Year 2017 Results

Paul Ploumis
ScrapMonster Author
In protective Solutions Segment, the company encountered continued decline in its automotive components business. Higher-than-expected operating costs continued to impacts the results of Display and Packaging Segment.

Sonoco Reports Q4 and Full Year 2017 Results

SEATTLE (Scrap Monster): Hartsville-headquartered global packaging firm Sonoco has published the results for the fourth quarter of 2017 and for the full year 2017.

The Q4 net sales surged higher by 13.7% from $1.14 billion to $1.30 billion. The base net income stood at 0.72 per diluted share in Q4 2017 as compared with $0.62 in 2016. The net sales during the full year 2017 recorded 5.3% growth from $4.78 billion in 2016 to $5.04 billion in 2017. The full year base earnings per diluted share too increased from $2.72 in 2016 to $2.79 in 2017.

ALSO READ: Sonoco Report Highlights Notable Progress to Sustainability Goals

Sonoco has guided the Q1 2018 base earnings to be in the range between $0.69 and $0.75 per diluted share. Further, it has raised its full year base earnings to $3.16 to $3.26 per diluted share, considerably higher from its previous guidance of $3.00 to $3.10 per diluted share. Also, the full year cash flow for the current year has been raised to $560 million to $580 million.

Commenting on the results, Jack Sanders, Sonoco’s President and CEO stated that the company delivered strong top and bottom line result during the previous year. Net sales recorded 14% jump, whereas the bottom line results improved by more than 17% when compared with 2016. Higher product price realization, reduced costs, strategic aquisitions and improved product mix contributed significantly to the positive results, Sanders added.

Among various segments, the Consumer Packaging Segment sales touched record levels, with operating profits growing by more than 20%. Paper and Industrial Converted products Segment too delivered record earnings. The operating profit from the segment has surged by nearly 72% over the previous year. In protective Solutions Segment, the company encountered continued decline in its automotive components business. Higher-than-expected operating costs continued to impacts the results of Display and Packaging Segment.

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