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Packaging firm Sonoco’s net sales increases in third quarter of 2017

Packaging firm Sonoco has reported an increase of 9.6% in its net sales in this year’s third quarter compared to the same quarter in the last year.

The sales have been increased due to higher selling prices, as well as sales added from acquisitions, net of divestitures and the positive impact of foreign exchange.

Sonoco has reported the results in four segments, including consumer packaging, display and packaging, paper and industrial converted products and protective solutions.

The company has recorded around $566m sales in this year’s third quarter compared to $520m in 2016. Segment operating profit was around $67.9m in this year’s third quarter compared to $63.8m in the same quarter of 2016.

Sonoco has recorded $136m sales in display and packaging segment in Q3, compared to $132m in 2016.

The company has recorded $566m sales in consumer packaging segment in this year’s third quarter compare to $520m in 2016.

Sonoco has reported sales of around $483m in paper and industrial converted products in this year’s third quarter compared to $425m in 2016.

The company’s protective solutions segment has generated sales of around $140m in this year’s third quarter compared to $132m in 2016.

Sonoco president and CEO Jack Sanders said: “Sonoco's ‘Grow and Optimize’ strategy continues to gain momentum as we grew top line results by nearly 10 percent to an all-time quarterly record, while bottom line results (base earnings per diluted share) were near the high end of our guidance.

“Our businesses were well managed during the quarter, as the Company benefited from strong improvements to total productivity and a positive price-cost relationship.”