Oct 18, 2012. /Lesprom Network/. Sonoco (SON), one of the largest diversified global packaging companies, reported financial results for its 2012 third quarter, ending September 30, 2012, as the company said in the press release received by Lesprom Network. Third quarter 2012 GAAP earnings per diluted share were $.57, compared with $.76 in 2011. Third quarter 2012 GAAP results include a $.02 per diluted share net benefit stemming from gains on the sale of previously closed facilities and insurance recoveries, partially offset by charges related to previously announced restructuring activities. Third quarter 2011 GAAP results included a $.10 per diluted share gain from a net release of valuation allowances on deferred tax assets, partially offset by restructuring charges and acquisition expenses. Base net income attributable to Sonoco (base earnings) for third quarter 2012 was $.55 per diluted share, compared with $.66 in 2011. (See base earnings definition and reconciliation later in this release.) Sonoco previously provided reduced third quarter base earnings guidance of $.51 to $.53 per diluted share. Third quarter 2012 net sales were a record $1.20 billion, up 6 percent, compared with $1.12 billion in 2011. Third quarter 2012 cash flow from operations increased to $152 million, compared with $100 million in 2011. Guidance for full-year 2012 base earnings is revised to $2.17 to $2.21 per diluted share. 2012 free cash flow estimates are raised to $90 million from the previous estimate of $70 million. (Free cash flow is cash flow from operations minus net capital expenditures and dividends.) Commenting on the Company's third quarter results, Chairman and Chief Executive Officer Harris E. DeLoach, Jr. said, "Although better than our revised guidance, we were disappointed with third quarter results as base earnings declined 16 percent from prior year results and base earnings before interest and taxes (EBIT) was off 6 percent. While base earnings benefitted from acquisitions, modest productivity gains and a positive price/cost relationship, these positive factors were more than offset by a negative change in the mix of business, higher maintenance, labor, pension, interest and other expenses along with the negative impact of a strong dollar."