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Sonoco reports Q1 gains

Staff Report //April 19, 2018//

Sonoco reports Q1 gains

Staff Report //April 19, 2018//

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Sonoco has reported net sales of $1.3 billion for the first quarter of 2018, an increase of $131.9 million, or 11.2%, from the first quarter of 2017.

The improvement is attributable to factors including an increase in sales added by acquisitions and the positive affect of foreign exchange, according to a news release.

The Hartsville-based global diversified packaging company reported net income of $74.1 million in the quarter, of 73 cents per diluted share, an increase of $20.3 million comparted to $53.7 million, or 53 cents per diluted share, in 2017. First-quarter base earnings were $74.6 million, or 74 cents per share, compared to $59.9 million, or 59 cents per share, last year.

First-quarter earnings included after-tax charges of $2.4 million related to restructuring and acquisition expenses. Last week, Sonoco completed its acquisition of Highland Packaging Solutions, a Florida-based manufacturer of thermoformed packaging, for approximately $150 million in cash.

“Sonoco’s growing diversified mix of consumer- and industrial-related packaging businesses achieved record consolidated top-line and bottom-line results in the first quarter, with each improving by double-digits over prior-year consolidated results,” Sonoco president and CEO Rob Tiede said in a statement. “Net sales grew by 11.2%, while operating profit improved 17.6% and net income attributable to Sonoco gained 37.8% compared to last year.”

First-quarter cash flow from operations was $119.8 million, compared with $69.4 million last year.

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