Sonoco Products Company (NYSE:SON) revealed its second quarter earnings results on Thursday 16th July 2020 before market open.
The manufacturer of industrial and consumer packaging products, reported $ 0.55 income per share for the quarter.
On adjusted basis, Sonoco Products Company reported income for the quarter of $ 0.79 per share, beat the consensus estimate of $ 0.78 income per share by $ 0.01 or 1.28 percent.
The quarterly earnings dropped 31.25 percent compared with the same quarter last year.
The firm had revenue of $ 1,245.85 million for the quarter, compared to the consensus estimate of $ 1322.66 million. The revenues fell short of analysts estimates by $ 76.81 million or 5.81 percent.
The financial report showed revenues dropped 8.37 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Howard Coker, President and Chief Executive Officer, said, Our Sonoco team did a tremendous job during the quarter to produce bottom-line results which were in line with our expectations despite facing the toughest operating environment since the Great Recession. Results from our diverse portfolio of Consumer- and Industrial-related businesses mirrored the current divergent macroeconomic environment.
Moving forward, Sonoco Products Company announced earnings outlook for 3Q20 to a range of $ 0.73 to $ 0.83 per share, where as wall street analysts expected 3Q20 income of $ 0.81 per share on revenue of $ 1320.69 million.
