Sonoco Products Q3 Adjusted Earnings Rise, Sales Drop; 2024 EPS Outlook Updated

MT Newswires Live11-01

Sonoco Products (SON) reported fiscal Q3 adjusted earnings late Thursday of $1.49 per diluted share, up from $1.46 per share a year earlier.

Analysts polled by Capital IQ expected $1.46.

Net sales in the three months ended Sept. 29 fell to $1.68 billion from $1.71 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.72 billion.

For Q4, the company expects adjusted EPS of $1.15 to $1.35. The consensus is for normalized EPS of $1.22.

For 2024, Sonoco expects adjusted EPS of $5.05 to $5.25. On July 31, the company projected $5 to $5.30. Analysts forecast normalized EPS of $5.04.

The company's shares rose 2.7% in after-hours activity.

Price: 53.95, Change: +1.43, Percent Change: +2.72

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