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Paper Recycling December 11, 2018 02:30:06 PM

Sonoco Upgrades Earnings Guidance Despite Stressful Market

Paul Ploumis
ScrapMonster Author
The company expects to produce record sales, record operating profit and record operating cash flow in 2018.

Sonoco Upgrades Earnings Guidance Despite Stressful Market

SEATTLE (Scrap Monster): The Hartsville-headquartered global packaging major, Sonoco provided key updates on its strategy and guidance for 2018 and 2019.

The company expects the Q4 earnings to range between $0.75 and $0.85 per diluted share. The full-year 2018 EPS earnings are likely to range between $3.09 and $3.19. Further, the company has raised the Q4 and full-year 2018 base earnings guidance to $0.79-$0.85 and $3.32-$3.38 per diluted share respectively. The hike in earnings estimate is mainly on account of receipt of insurance proceeds in connection with the damages caused by Hurricane Florence in September this year.

Sonoco raised the guidance for full-year 2018 operating cash flow to $590 million-$610 million from its earlier guidance of $580 million-$600 million. Also, the free cash flow guidance has been raised from $230 million-$250 million to $250 million-$270 million. The revision in cash flow guidance is mainly due to lower-than-expected capital spending.

Further, the company estimates the 2019 base EPS to range between $3.47 and $3.57. The cash flow from operations is projected at approximately $610 million.

Rob Tiede, president and CEO noted that the company has produced strong quarterly results despite hurricanes and negative market factors including rising inflation, tariffs and subdued demand. The company expects to produce record sales, record operating profit and record operating cash flow in 2018. In 2019, it expects to achieve record top-line and bottom-line performance.

 

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