Last $41.09 USD
Change Today +0.29 / 0.71%
Volume 471.1K
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As of 8:04 PM 07/24/14 All times are local (Market data is delayed by at least 15 minutes).

sonoco products co (SON) Key Developments

Sonoco Products Co. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 29, 2014; Provides Earnings Guidance for the Third Quarter and Full Year 2014; Reports Asset Impairment Charges for the Second Quarter of 2014

Sonoco Products Co. reported unaudited consolidated earnings results for the second quarter and six months ended June 29, 2014. For the quarter, the company reported net sales were $1,247.38 million compared to $1,226.256 million a year ago. Income before interest and income taxes was $101.611 million compared to $92.038 million a year ago. Net income was $61.609 million compared to $55.046 million a year ago. Net income attributable to Sonoco was $61.484 million or $0.59 per diluted share compared to $54.988 million or $0.53 per diluted share a year ago. Net cash provided by operating activities was $60.068 million compared to $108.156 million a year ago. Purchase of property, plant and equipment, net was $46.88 million compared to $41.868 million a year ago. Net sales increase was driven by $12.6 million in sales from businesses acquired during the past twelve months along with higher selling prices, partially offset by the negative impact of foreign exchange. For the six months, the company reported net sales were $2,433.006 million compared to $2,405.469 million a year ago. Income before interest and income taxes was $188.172 million compared to $173.454 million a year ago. Net income was $113.834 million compared to $102.839 million a year ago. Net income attributable to Sonoco was $113.786 million or $1.10 per diluted share compared to $103.127 million or $1.00 per diluted share a year ago. Net cash provided by operating activities was $105.532 million compared to $244.48 million a year ago. Purchase of property, plant and equipment, net was $82.298 million compared to $97.161 million a year ago. Net sales increase was due to higher selling prices and acquisitions, partially offset by the negative impact of foreign exchange. The company expects base earnings for the third quarter of 2014 are estimated to be in the range of $0.66 to $0.70 per diluted share. Full-year 2014 base earnings guidance remains unchanged at $2.43 to $2.53 per diluted share and the company continues to target $2.51 per diluted share. 2014 free cash flow is projected to be approximately $110 million, with previous guidance of $130 million. The change is due primarily to the funding of a proposed settlement of environmental claims and litigation by a wholly-owned subsidiary. The Company's 2014 guidance reflects an expectation of a 33% effective tax rate for the year. The company reported asset impairment charges of $299,000 for the second quarter compared to $5,807,000 for the same period last year.

Sonoco Declares Regular Quarterly Common Stock Dividend, Payable on September 10, 2014

The Board of Directors of Sonoco declared a $0.32 per share quarterly common stock dividend. The dividend will be paid on Sept. 10, 2014, to shareholders of record as of Aug. 15, 2014.

Sonoco Products Co. Presents at Deutsche Bank 5th Annual Global Industrials & Basic Materials Conference, Jun-04-2014 09:20 AM

Sonoco Products Co. Presents at Deutsche Bank 5th Annual Global Industrials & Basic Materials Conference, Jun-04-2014 09:20 AM. Venue: The Westin Chicago River North, 320 North Dearborn Street, Chicago, IL 60654, United States. Speakers: Barry L. Saunders, Chief Financial Officer, Principal Accounting Officer and Vice President, M. Jack Sanders, Chief Executive Officer, President, Director and Member of Executive Committee.

Sonoco Products Co. Opens Display and Packaging Facility in Bentonville, Ark

Sonoco Products Co. opened its new Display and Packaging office in Bentonville, Ark., which will provide point-of-purchase displays and fulfillment services.

Sonoco Products Co. Presents at Oppenheimer 9th Annual Industrials Growth Conference, May-13-2014 01:45 PM

Sonoco Products Co. Presents at Oppenheimer 9th Annual Industrials Growth Conference, May-13-2014 01:45 PM. Venue: InterContinental The Barclay Hotel, 111 East 48(th) Street, New York, New York, United States. Speakers: Barry L. Saunders, Chief Financial Officer, Principal Accounting Officer and Vice President, M. Jack Sanders, Chief Executive Officer, President, Director and Member of Executive Committee.

 

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SON

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Valuation SON Industry Range
Price/Earnings 18.4x
Price/Sales 0.9x
Price/Book 2.4x
Price/Cash Flow 18.1x
TEV/Sales 0.6x
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