Sonoco Products (SON) has reported a decrease in its third-quarter profit compared to last year, though the results surpassed Wall Street expectations.
The company's net income amounted to $51 million, or $0.51 per share, a decline from $131 million, or $1.32 per share, in the corresponding quarter of the previous year.
Excluding certain items, Sonoco Products posted an adjusted profit of $148 million, or $1.49 per share, for the quarter.
This performance exceeded the average analysts' forecast of $1.45 per share, based on data from Thomson Reuters, which typically excludes special items from its estimates.
The company's quarterly revenue experienced a slight decrease of 2.0%, dropping from $1.710 billion last year to $1.676 billion.
Summary of Sonoco Products' third-quarter results (GAAP):
- Net Income: $51 million, compared to $131 million in the previous year.
- Earnings Per Share (EPS): $0.51, down from $1.32 last year.
- Revenue: $1.676 billion, as opposed to $1.710 billion in the prior year.
