Printer Friendly

SONOCO REPORTS FIRST QUARTER RESULTS

 SONOCO REPORTS FIRST QUARTER RESULTS
 HARTSVILLE, S.C., April 7 /PRNewswire/ -- Sonoco Products Company's


(NASDAQ-NMS: SONO) earnings from ongoing operations were up 24 percent over the first quarter of 1991, on a sales increase of 5.4 percent, according to figures released by the company today (April 7).
 Sonoco reported sales for the first quarter of $429.8 million compared with 1991 first quarter sales of $407.7 million. Net income for the quarter was $22.8 million, or $.53 per share, compared with net income of $22.9 million, or $.53 per share, in the first quarter of 1991. The 1991 results included an after-tax gain of $.10 per share from the sale of Sonoco's 40 percent interest in Sonoco Graham. Excluding this gain, earnings from ongoing operations in 1991 were $18.4 million, or $.43 per share.
 "We are pleased these results were in line with our expectations. This performance reflects the slowly improving U.S. economy and the benefits of some of the smaller acquisitions we have made recently," said C.W. Coker, chairman and chief executive officer. "In addition, we are seeing the results from cost containment, restructuring and other initiatives that have been developed over the past 18 months," he said.
 "We anticipate continued improvement as the year goes on," concluded Coker.
 As a convenience to the financial community, we offer the following table:
 THREE MONTHS ENDED
 (Dollars in thousands except per share)
 03/29/92 03/31/91 (A)
 Sales $429,793 $407,661
 Income from operations
 before income taxes $ 38,217 $ 38,045
 Income tax provision (15,700) (16,300)
 Equity in earnings
 of affiliates 236 1,115
 Net income $ 22,753 $ 22,860
 Net income per share $.53 $.53
 Average shares outstanding 43,238,222 43,060,161
 (A) Includes a gain of $8.5 million pre-tax, $4.5 million after-tax or $.10 per share from the sale of the Company's 40 percent interest in Sonoco Graham Company.
 -0- 4/7/92
 /CONTACT: Dick Puffer, Sonoco Products Company, 803-383-7425/
 (SONO) CO: Sonoco Products Company ST: South Carolina IN: PAP SU: ERN


JZ -- CH002 -- 5778 04/07/92 11:05 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 7, 1992
Words:358
Previous Article:CONCOURSE REPORTS FIRST QUARTER EARNINGS
Next Article:AMERICAN RESIDENTIAL MORTGAGE CORP. ELECTS SAMUEL A. ALWARD, FORMER FANNIE MAE EXECUTIVE, A DIRECTOR


Related Articles
SONOCO REPORTS SECOND QUARTER RESULTS
SONOCO REPORTS THIRD QUARTER RESULTS
SONOCO PRODUCTS REPORTS INCREASED EARNINGS
SONOCO REPORTS FIRST QUARTER RESULTS
SONOCO ANNOUNCES FIRST QUARTER RESULTS
SONOCO (NYSE: SON) REPORTS SECOND QUARTER, FIRST HALF RESULTS AND ANNOUNCES STOCK REPURCHASE PROGRAM BOARD DECLARES REGULAR QUARTERLY DIVIDEND
Sonoco Reports First Quarter Results
Sonoco Reports First Quarter Results
/C O R R E C T I O N -- Sonoco/.
Sonoco to File Form 10-Q.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters