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.

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