Metal Price
Scrap Monster
Vulcan
Paper Recycling October 23, 2020 03:45:13 PM

Sonoco Declared Robust Q3 Results Beating Expectations

Paul Ploumis
ScrapMonster Author
The cash flow from operations during the initial nine months of the year stood at $489.5 million.

Sonoco Declared Robust Q3 Results Beating Expectations

SEATTLE (Scrap Monster): Sonoco, Hartsville, S.C.-headquartered diversified packaging major declared financial results for the quarterly period ending September 27, 2020.

The company reported Q3 earnings per diluted share of $0.82, compared with $0.91 in the corresponding quarter last year. The base net income attributable to the company during the quarter was $0.86 per diluted share. This compares with $0.97 in 2019. Earlier, the company had provided earnings guidance for Q3 of $0.73 to $0.83 per diluted share. The Q3 net sales totalled $1.31 billion, compared with $1.35 billion in 2019.

The cash flow from operations during the initial nine months of the year stood at $489.5 million. This is significantly higher when compared with $238.8 million from January to September in 2019.

Sonoco expects Q4 base earnings to range between $0.70 and $0.80 per diluted share. The full-year base earnings are projected at $3.29 to $3.39 per diluted share. It must be noted that the Q4 and full-year base earnings were $0.75 and $3.53 per diluted share respectively. Also, full-year free cash flow is expected to range between $290 million to $310 million in 2020.

Howard Coker, President and Chief Executive Officer, said that he is pleased with the third quarter performance of the company. The bottom-line results exceeded the high-end of expectations. The cash flow generation too remained strong, he added.

YOU MAY ALSO BE INTERESTED IN:

Sonoco Announces Divestiture of Europe Contract Packaging Business

Sonoco Declares Acquisition of Leading Paper Can Manufacturer

SM Newsletter
Subscribe to SM mailing list and get updates to your inbox
Facebook Twitter Linkedin Instagram