The company expects the third quarter base earnings to be in a range of $1.35 to $1.45 per diluted share.
SEATTLE (Scrap Monster): Hartsville, S.C-headquartered Sonoco reported strong financial results for its second quarter ended July 3, 2022. The results exceeded the high-end of its raised guidance.
According to company press release, the net sales of $1.91 billion during Q2 this year was substantially higher by 38% from $1.38 billion in Q2 last year. The net income was $1.33 per diluted share, compared to loss of $3.34 per diluted share a year before. The net income attributable to Sonoco was $1.76 per diluted share. This was significantly higher by 89% year-on-year. The cash flow from operations witnessed notable surge from $102 million from the year-ago period to $184.5 million during the first half of 2022.
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The company expects the third quarter base earnings to be in a range of $1.35 to $1.45 per diluted share. The outlook for full-year base earnings has been increased to a range of $6.20 to $6.30 per diluted share. Meantime, the full year 2022 guidance for cash provided from operations and free cash flow to be in the range of $690-$740 million and $365-$415 million respectively.
The company’s Industrial Paper Packaging segment produced record sales and operating profit. The Consumer Packaging segment achieved record sales while operating profit more than doubled from the prior-year period.
