Sonoco Products reported a decrease in their fourth-quarter earnings from the same timeframe the previous year and failed to meet Street estimates. The net income of the company was $81 million, around $0.82 per share, a decrease from $97 million, or $0.98 per share, during the fourth quarter of the prior year.
During this accounting period, Sonoco Products reported adjusted earnings, excluding specific items, amounting to $101 million or $1.02 per share — which fell short of the average analysts' expectation of $1.04 per share, as compiled by Thomson Reuters. These estimates normally exclude extraordinary items.
Also, the company registered a 2.4% drop in quarterly revenues which fell to $1.64 billion from $1.68 billion in the same period last year.
On a glance, Sonoco Products earnings with respect to GAAP noted the following details: For the fourth quarter, earnings fell to $81 million from $97 million the previous year. Earnings per share dived from $0.98 the previous year to $0.82. With regards to analysts' estimates, the projection was $1.04. Furthermore, revenue for the fourth quarter slipped to $1.64 billion from $1.68 billion the previous year.
