Sonoco Revises 2012 Third Quarter Base Earnings Estimates

Sonoco SON today announced revised base earnings guidance for the third quarter ending September 30, 2012. The Company expects third quarter 2012 base earnings per diluted share to be $.51 to $.53, compared with previously announced guidance of $.62 to $.66 per diluted share. The Company reported base earnings of $.66 per diluted share in the third quarter of 2011. Base earnings and base earnings per diluted share are non-GAAP financial measures adjusted to remove restructuring charges, asset impairment charges and other items, if any, the exclusion of which the Company believes improves comparability and analysis of the underlying financial performance of the business. The revision of third quarter estimates is primarily due to operating problems experienced at several of the Company's North American uncoated recycled paperboard mills which have led to unscheduled downtime and related excess costs. In addition, the Company is experiencing lower than anticipated volumes in many of its consumer and industrial packaging businesses. As a result, Sonoco has removed its base earnings estimates for full-year 2012 and plans to provide updated guidance for the fourth quarter and 2012 when See full press release