Sonoco Products Company SONrecently reported first-quarter 2018 results, wherein adjusted earnings increased 25% year over year to 74 cents per share and came close to the higher end of management’s guided range of 69-75 cents. Earnings also beat the Zacks Consensus Estimate of 72 cents.
On a reported basis, including one-time items, earnings per share came in at 73 cents compared with 53 cents recorded in the prior-year quarter.
Sonoco’s net sales grew 11% year on year to $1.30 billion. The revenue figure came in line with the Zacks Consensus Estimate. The uptick in sales was driven by higher selling prices to counter elevated freight, wages and operating inflation, as well as solid sales from acquisitions, modest volume growth and the positive impact of foreign exchange.