Sonoco sees fourth-quarter earnings per share dip but sales grow

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Sonoco reported fourth-quarter 2017 earnings per diluted share of 6 cents, down from $1.04 from the same period in 2016.

The results included net after-tax charges of 67 cents per share because of the 2017 U.S. Tax Cuts and Jobs Act as well as restructuring expenses and acquisition costs, the Hartsville-based diversified global packaging company said. The prior year results included a net after-tax gain of 42 cents per share from the sale of Sonoco’s blowmolding plastics operations.

Full-year GAAP earnings per diluted share were $1.74, down from $2.81 in 2016.

The company’s base net income for the quarter was 72 cents per share, up from 62 cents for the same period in 2016. Full-year base earnings per share were $2.79, compared with $2.72 in 2016.

Fourth-quarter net sales grew 13.7% to $1.30 billion from $1.14 billion in 2016. Full-year net sales increased 5.3% to a record $5.04 billion, compared to $4.78 billion the previous year.

“Sonoco's diversified mix of Consumer and Industrial-related businesses drove strong top and bottom lines results in the fourth quarter,” Sonoco president and CEO Jack Sanders said in a statement. “Net sales grew nearly 14% in the quarter, and bottom line results improved by more than 17% compared to last year.”