Sonoco 1Q profit rises 18 percent |
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Fri, 20 Apr 2007 17:55
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HARTSVILLE, S.C. (AP) - Packaging maker Sonoco Products Co. said Friday its first-quarter profit rose 18 percent and topped Wall Street's expectations, aided by a longer quarter this year and acquisitions.Sonoco also boosted its full-year profit outlook, helping its shares to surge to a new 52-week high. The stock rose $3.41, or 8.6 percent, to $43.14 in afternoon trading on the New York Stock Exchange. Earlier in the session, it climbed as high as $43.69, surpassing its prior 52-week high of $40.46.Quarterly earnings grew to $53.1 million, or 52 cents per share, from $45.1 million, or 44 cents per share, in the prior-year period. Excluding restructuring charges and other items, Sonoco said per-share income rose to 57 cents.Wall Street, on average expected quarterly earnings of 49 cents per share, according to a Thomson Financial analyst survey.Sales rose to $955.7 million from $818.8 million in the prior-year quarter, topping analysts' expectations of $894.1 million.Chairman, President and Chief Executive Harris E. DeLoach Jr. said in a statement that the longer quarter -- this year's had six more days than the prior year's -- accounted for about half the sales growth. He also credited acquisitions for adding $32 million in revenue.Higher selling prices also helped to boost results, he said.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Sonoco Products raises product prices 