UPDATE: Sonoco (SON) Tops Q3 EPS by 2c, Beats on Revenues; Boosts FY17 EPS Guidance Above Consensus

Sonoco (NYSE: SON) reported Q3 EPS of $0.76, $0.02 better than the analyst estimate of $0.74. Revenue for the quarter came in at $1.32 billion versus the consensus estimate of $1.27 billion.

Third Quarter Highlights

• Third-quarter 2017 GAAP earnings per diluted share were $0.72, compared with $0.64 in 2016.
• Third-quarter 2017 GAAP results included $0.04 per diluted share, after tax, in acquisition and acquisition-related charges and non-base tax related charges. In the third quarter of 2016, GAAP results included $0.08 per diluted share, after tax, in restructuring charges and a goodwill impairment of its industrial converting operations in Brazil.
• Base net income attributable to Sonoco (base earnings) for third quarter 2017 was a record $0.76 per diluted share, compared with $0.72 in 2016. (See base earnings definition, explanation and reconciliation to GAAP earnings later in this release.) Sonoco previously provided third-quarter 2017 base earnings guidance of $0.71 to $0.77 per diluted share.
• Third-quarter 2017 net sales were a record $1.32 billion, up 9.6 percent, from $1.21 billion in 2016.
• Cash flow from operations was $282.1 million through nine months of 2017, compared with $348.7 million in 2016. Free cash flow for nine months of 2017 was $26.7 million, compared with $94.9 million in 2016. (See free cash flow definition and reconciliation to cash flow from operations later in this release.)

GUIDANCE:

Sonoco sees FY2017 EPS of $2.75-$2.81, versus the consensus of $2.75.

For earnings history and earnings-related data on Sonoco (SON) click here.

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