Sonoco Incurred Loss in Q2 This Year, Lagged Estimates

The cash flow from operations totalled $102 million in the initial half of the current year.

SEATTLE (Scrap Monster): Hartsville, S.C-based diversified packaging company Sonoco reported financial results for Q2 this year ended July 4^th.

The company posted net loss per diluted share of $3.34 during the quarter, compared with earnings per diluted share of $0.55 in the corresponding quarter a year before. The base net income attributable to the company was $0.84 per diluted share, compared with $0.79 per diluted share a year before. The company had earlier provided base earnings guidance for the quarter at $0.82-$0.88 per diluted share. The net sales for the quarter stood at $1.38 billion, slightly lower when matched with $1.25 million in Q2 2020.

The cash flow from operations totalled $102 million in the initial half of the current year, compared to $282 million in H1 2020. The free cash dropped significantly from $210.4 million to $9.4 million over the previous year.

Sonoco expects Q3 base earnings to range between $0.87 and $0.93 per diluted share. Also, the full-year base earnings per diluted share are likely to range between $3.50 and $3.60 per diluted share.

Howard Coker, President and CEO, Sonoco noted that it expects demand in Consumer Packaging segment to normalize. The Industrial Paper Packaging segment operating profit surged higher by 74%, driven by robust global demand. The All Other group of businesses too benefited from economic recovery, reporting 23% jump in operating profit, he added.

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