Sonoco Products (SON) reported a decrease in first-quarter earnings compared to last year. However, the figures surpassed Wall Street predictions.
First-quarter profits for Sonoco Products came in at $65.18 million, which translates to $0.66 per share. This marked a decline when compared to the previous year's first quarter, which showed earnings of $148.32 million, or equivalently $1.50 per share.
When excluding certain factors, the adjusted earnings for Sonoco Product's first quarter came in at $111.49 million, or $1.12 per share. Analysts, on average, had predicted that the company would earn $1.05 per share, based on data compiled by Thomson Reuters. It carries a reminder that analysts' predictions commonly exclude exceptional items.
The revenue for the company's quarter dropped by 5.2% to $1.64 billion, falling from $1.73 billion in the previous year.
When considering earnings at a glance, based on Generally Accepted Accounting Principles (GAAP), the following developments were noted for Sonoco Products:
- Earnings for Q1 were $65.18 million compared to $148.32 million last year.
- Earnings Per Share (EPS) for Q1 were $0.66 compared to $1.50 last year.
- Revenue for Q1 was $1.64 billion compared to $1.73 billion last year.
Regarding guidance projections, the EPS for the next quarter is expected to range from $1.25 to $1.35. For the full fiscal year, the expected EPS is predicted to lie between $5.00 and $5.30.
