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June 22, 2022, 7:16 a.m. EDT

Sonoco raises profit guidance due to strong, sustained customer demand for packaging

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By Tomi Kilgore

Shares of Sonoco Products Co. /zigman2/quotes/201691559/composite SON -2.22% gained 0.6% in premarket trading Wednesday, after the protective packaging maker raised its second-quarter profit outlook, following "strong" April and May results. The company said it now expects base earnings per share, which excludes nonrecurring items, of $1.60 to $1.70, up from its previous guidance range of $1.20 to $1.30. "Sonoco expects operating results to be significantly better than previously projected due to sustained customer demand particularly in its Consumer Packaging and All Other segments, as well as continued strong performance in price recovery," the company said in a statement. "In addition, operating results are expected to benefit from the continued strong performance of the company's Metal Packaging business, which was acquired in the first quarter of 2022." The stock has lost 9.9% year to date through Tuesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.72% has dropped 21.0%.

/zigman2/quotes/201691559/composite
US : U.S.: NYSE
$ 56.82
-1.29 -2.22%
Volume: 735,488
Sept. 23, 2022 4:00p
P/E Ratio
13.27
Dividend Yield
3.45%
Market Cap
$5.54 billion
Rev. per Employee
$318,824
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/zigman2/quotes/210599714/realtime
US : S&P US
3,693.23
-64.76 -1.72%
Volume: 2.22B
Sept. 23, 2022 5:04p
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