Sonoco's net sales for the 3Q 2018 were $1.36 billion, an increase of $40.1 million, or 3%, from last year’s quarter. The improvement reflects an increase in sales added by acquisitions; higher volumes, particularly in its Display and Packaging businesses; and higher selling prices implemented to recover rising freight and other operating cost inflation, as the company says in the press release received by Lesprom Network.
GAAP net income attributable to Sonoco in the 3Q was $72.4 million, or $0.72 per diluted share, a decrease of $0.4 million, compared with $72.8 million, or $0.72 per diluted share, in 2017.
3Q GAAP earnings included after-tax charges of $15 million related to the previously mentioned exit of a packaging center contract and restructuring and impairment charges associated with plant closures and non-base tax related gains.
Gross profits were $259.6 million in the 3Q, an increase of $6.8 million or 2.7%, compared with $252.9 million in the same period in 2017. Gross profit as a percentage of sales was 19%, compared with 19.1% in the same period in 2017.
3Q selling, general and administrative expenses increased $6.9 million from the prior year to $136 million. This increase was driven by expenses related to acquired businesses, wage inflation and higher management incentives.
Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services.
