SEATTLE (Scrap Monster): Sonoco provided updated guidance for its second quarter 2022 results ending July 3, 2022. The company expects to report its financial results for the quarter on Thursday, July 21, 2022 before trade opens on the NYSE.
The company expects second quarter net income to be in a range of $1.27 to $1.37 per diluted share. This compares with a loss of ($3.34) per diluted share in the prior year quarter. It expects second-quarter 2022 base net income to range between $1.60 and $1.70 per diluted share. This is well above the previously communicated second-quarter 2022 base net income guidance range of $1.20 to $1.30 per diluted share.
Sonoco expects significantly better operating results than those projected previously, especially due to sustained customer demand particularly in its Consumer Packaging and All Other segments. The operating results are likely to benefit from the continued strong performance of the Company’s Metal Packaging business. Also, strong recovery in prices will boost the results, the company press release noted.
For the second quarter, the company projects net income attributable to Sonoco to range between $125 million and $135 million, or $1.27 and $1.37 per diluted share. The base earnings are likely to be in the range of $158 million to $167 million, or $1.60 to $1.70 per diluted share.