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SONOCO REPORTS THIRD QUARTER RESULTS

 SONOCO REPORTS THIRD QUARTER RESULTS
 HARTSVILLE, S.C., Oct. 7 /PRNewswire/ -- Sales and earnings for


Sonoco Products Company's (NASDAQ: SONO) third quarter continued to improve over last year, according to the results released today (Oct. 7).
 Sales for the third quarter of 1992 were $462.6 million, compared with $420.8 million in the same period of 1991. Net income for the recently ended Quarter was $27.8 million or $.64 per share, a 10 percent increase compared with $25.1 million or $.58 per share in last year's third quarter.
 Sales for the first three quarters of this year were $1,354 million compared with $1,251 million for the same period last year. Net income for the first nine months was $80.1 million or $1.85 per share, a 13 percent increase compared with $70.4 million or $1.63 per share for the same time frame in 1991. The 1991 year-to-date figures included an after-tax gain of $.10 per share from the sale of Sonoco's 40 percent interest in Sonoco Graham.
 "We are pleased with our continuing improvement in operating efficiencies and earnings and continue to believe 1992 will be a record year for the company," said C.W. Coker, chairman and chief executive officer. "Sales in most of our operating units were less than we had expected, reflecting the uncertainty that continues to plague many economies around the world," he added.
 As a convenience to the financial community, we offer the following table:
 Three Months Ended Nine Months Ended
 (Dollars in thousands except per share)
 9/27/92 9/29/91 9/27/92 9/29/91(A)
 Sales $462,603 $420,766 $1,353,969 $1,250,662
 Income from
 operations before
 income taxes $ 45,441 $ 41,878 $ 131,065 $ 116,824
 Income tax
 provision (18,100) (17,000) (52,400) (48,400)
 Equity in earnings
 of affiliates 440 230 1,447 1,929
 Net income $ 27,781 $ 25,108 $ 80,112 $ 70,353
 Net income per
 share $.64 $.58 $1.85 $1.63
 Average shares
 outstanding 43,308,546 43,129,402
 (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- 10/7/92
 /CONTACT: Dick Puffer, 803-383-7425, or C.J. Hupfer, 803-383-7179, both of Sonoco Products/
 (SONO) CO: Sonoco Products Company ST: South Carolina IN: PAP SU: ERN


CM -- CH001 -- 7349 10/07/92 09:22 EDT
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Publication:PR Newswire
Date:Oct 7, 1992
Words:417
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