WASHINGTON (dpa-AFX) - Sonoco (SON) said its first-quarter 2012 GAAP net income attributable to the company slid to $43.1 million, or $0.42 per share from $57.4 million, or $0.56 per share in 2011. Quarterly base earnings were $53.8 million, or $0.52 per share, lower than last year's $58.6 million, or $0.57 per share. On average, 13 analysts polled by Thomson Reuters expected earnings per share of $0.49 for the quarter. Analysts' estimates typically exclude one-time items.
However, net sales were $1.21 billion, compared with $1.12 billion a year ago, up 8.5 percent, due mainly to $114 million in sales from the Tegrant acquisition and higher selling prices, partially offset by an $18 million negative impact of foreign currency translation. Analysts estimated revenues of $1.18 billion for the quarter.
Sonoco expects second-quarter 2012 base earnings in the range of $0.55 - $0.60 per share, while 13 analysts estimate earnings of $0.59 per share for the same quarter.
For 2012, base earnings are now projected to be in the range of $2.34 - $2.44 per share versus its previous range of $2.32 - $2.42 per share. Fifteen analysts anticipate earnings of $2.36 per share for the year.
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