Sonoco Announced Robust Results in Third Quarter 2021

The Consumer Packaging segment operating profit recorded a decline of 5.4%.

SEATTLE (Scrap Monster): Sonoco- the leading global packaging company announced financial results for the third quarter ended 3rd October, 2021.

The Q3 earnings per diluted share were $1.12, compared with $0.82 in 2020. The base net income attributable to the company for the quarter was $0.91 per diluted share, compared with $0.86 in 2020. It must be noted that the company had provided third quarter 2021 base earnings guidance of $0.87 to $0.93 per diluted share. The net sales hit a new record of $1.42 billion, when compared with $1.31 billion in the same quarter a year before.

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The Consumer Packaging segment operating profit recorded a decline of 5.4%, whereas its Industrial Paper Packaging segment witnessed 30% improvement in operating profit, mainly on account of robust demand. Also, All Other group of businesses experienced significant decline of 67.5% in operating profits during the third quarter of the year.

The company expects Q4 base earnings per diluted share to be in a range of $0.84 to $0.90 and that for the full year to range between $3.49 and $3.55.

Commenting on the results, Howard Coker, President and Chief Executive Officer, Sonoco noted that it is pleased with the improved top-line and bottom-line results during the quarter. The team was successful in navigating through various adverse conditions including supply chain disruptions and raw material shortages.