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News Breaks | | | | September 10, 2012 | | 17:53 EDT |  | SON | Sonoco Products lowers Q3 EPS estimates
The company expects third quarter 2012 base earnings per diluted share to be 51c-53c, compared with previously announced guidance of 62c-66c per diluted share. Q3 consensus is 64c. The company reported base earnings of 66c per diluted share in the third quarter of 2011. Base earnings and base earnings per diluted share are non-GAAP financial measures adjusted to remove restructuring charges, asset impairment charges and other items, if any, the exclusion of which the company believes improves comparability and analysis of the underlying financial performance of the business. The revision of third quarter estimates is primarily due to operating problems experienced at several of the company's North American uncoated recycled paperboard mills which have led to unscheduled downtime and related excess costs. In addition, the company is experiencing lower than anticipated volumes in many of its consumer and industrial packaging businesses. As a result, Sonoco has removed its base earnings estimates for full-year 2012 and plans to provide updated guidance for the fourth quarter and 2012 when it releases third quarter results before the market opens on October 18. Sonoco's third quarter is not yet completed and as a result the financial estimates provided in this release are subject to change based on actual results through the end of the third quarter, the closing of Sonoco's books and determination of actual financial results. | |
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