Sonoco Reports Second Quarter 2017 Results

Sonoco (NYSE:SON), one of the largest diversified global packaging companies, today reported financial results for its second quarter, ending July 2, 2017.

Second Quarter Highlights

  • Second quarter 2017 GAAP earnings per diluted share were $0.43, compared with $0.55 in 2016.
  • Second quarter 2017 GAAP results included $0.28 per diluted share, after tax, in charges for pension settlement distributions, restructuring-related activities and acquisitions expenses. In the second quarter of 2016, GAAP results included $0.18 per diluted share, after tax, in asset impairment and restructuring expenses primarily related to the divestiture of a paper mill in France and a retail packaging business in Puerto Rico.
  • Base net income attributable to Sonoco (base earnings) for second quarter 2017 was $0.71 per diluted share, compared with $0.73 in 2016. (See base earnings definition, explanation and reconciliation to GAAP earnings later in this release.) Sonoco previously provided second-quarter 2017 base earnings guidance of $0.67 to $0.73 per diluted share.
  • Second-quarter 2017 net sales were $1.24 billion, up 2.9 percent, from $1.21 billion in 2016.
  • Cash flow from operations was $104.3 million in the first half of 2017, compared with $186.0 million in 2016. Free cash flow for the first six months of 2017 was negative $68.2 million, compared with positive $9.8 million in 2016. (See free cash flow definition and reconciliation to cash flow from operations later in this release.)
  • On July 11, 2017, the U.S. Trade Commission granted Sonoco early termination of the waiting period for its acquisition of Clear Lam Packaging, Inc., a leading developer, manufacturer and converter of innovative flexible and forming film packaging materials used with fresh and processed foods, personal health care products, electronics, household products and industrial products, based in Elk Grove Village, Ill. The approximately $170 million transaction is expected to close by the end of July 2017.

read more/source: http://investor.sonoco.com/phoenix.zhtml?c=82014&p=irol-newsArticle&ID=2287592

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