Sonoco CEO reports on second quarter

Photo: Sonoco (Harris E. DeLoach) [4]

Sonoco, a global industrial packaging company, recently reported strong second quarter 2010 results and raised full-year 2010 base earnings per share guidance for the third time this year.

Commenting on the Company's performance in the second quarter, Chairman, President and Chief Executive Officer Harris E. DeLoach Jr. said, "For the third consecutive quarter, Sonoco produced significantly improved year-over-year earnings as we continued to see a steady recovery in global economic conditions in nearly all of our consumer and industrial businesses, leading to improved volumes and higher productivity. Our second quarter base earnings were three cents per share above the high side of our guidance and above First Call consensus of $.56 per diluted share due to a combination of volume, productivity and price/cost."

"Our Consumer Packaging segment recorded year-over-year gains in operating profits for the tenth consecutive quarter on volume growth and strong productivity. In addition, our Packaging Services segment produced better year-over-year results due to the continuation of special contract packing, higher fulfillment activity and productivity improvements."

"On our Industrial side, the Tubes and Cores/Paper segment experienced significant global volume growth and continued strong productivity, which led to an 82 percent improvement in year-over-year segment operating profits. Finally, our businesses which constitute All Other Sonoco experienced stronger volumes and productivity gains."