Wednesday, March 23, 2022 1:00 pm
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HARTSVILLE, S.C. (News release) -- Sonoco, one of the largest global sustainable packaging companies, today provided updated first-quarter 2022 earnings guidance and announced its earnings release date and investor conference call information.
Sonoco Provides First-Quarter 2022 Financial Update
Based on year-to-date results and an updated forecast for the remainder of the first quarter, Sonoco expects first-quarter 2022 GAAP earnings to be in a range of $0.80 to $0.90 per diluted share. The first quarter GAAP earnings reflects the anticipated impact of estimated after-tax restructuring charges, acquisition-related expenses (including certain aspects of purchase accounting), intangibles amortization expense and other items. The Company also expects first-quarter 2022 base earnings to be in a range of $1.70 and $1.80 per diluted share which is approximately 35 percent above the Company's previously communicated guidance range of $1.25 and $1.35 per diluted share. Sonoco had base earnings of $1.00 per diluted share in the first quarter of 2021.
Sonoco expects operating results to be significantly better than previously expected due to strong price/cost recovery across most of its businesses. Operating results also are benefitting from its January 26, 2022, acquisition of Ball Metalpack, as well as stronger than expected demand in both its Consumer Packaging segment and All Other group of businesses.
Information on First Quarter Financial Release Date and Management Conference Call
Sonoco expects to report its first-quarter financial results before the NYSE opens for trading on Thursday, April 21, 2022. Management will host a conference call and webcast to review those results beginning at 11 a.m. ET on that day. The live conference call and a corresponding presentation will be made available via its Investor Relations website at https://investor.sonoco.com. A telephonic replay of the call will be available starting at 2 p.m. ET on Thursday, April 21, 2022, to U.S. callers at 855-859-2056 and international callers at +404-537-3406. The replay passcode for both U.S. and international calls is 5589135. The archived telephonic replay will be available through May 1, 2022.