English
Français
Deutsch
Italiano
Português
Русский
Español
简体中文
日本語
By Brenda León
Sonoco Products posted a lower profit amid a slowdown in metal packaging as its customers continued to reduce inventory.
The Hartsville, S.C.-based industrial packaging company on Monday reported a profit of $115 million, or $1.16 a share, for the quarter ended July 2, compared with a profit of $132 million, or $1.33 a share, in the same quarter a year earlier.
Analysts polled by FactSet expected the company to post earnings of $1.44 a share.
Revenue fell to $1.7 billion from $1.9 billion, missing analyst’s estimates at $1.9 billion.
“In the second quarter, volume softness beyond our expectations negatively impacted consumer metal pacakaging and industrials,” said Chief Executive Howard Coker.
Write to Brenda León at [email protected]
Read the full article here
