Apr 19, 2012. /Lesprom Network/. Sonoco reported financial results for its 1Q 2012, ending April 1, 2012. Commenting on the Company's 1Q results, Chairman and CEO Harris E. DeLoach, Jr. said, "Overall, our results in the 1Q were good with base earnings per diluted share exceeding the high end of our guidance and consensus First Call estimates. Gross profits increased 12% year over year while base earnings before interest and taxes (EBIT) improved by 3%. Operating results benefitted during the quarter from much improved productivity and a positive price/cost relationship. Partially offsetting these positive factors were lower volumes, a negative mix of business, higher pension and interest expenses and income taxes. "Our Consumer Packaging segment's 1Q operating profits were 5% higher when compared with the 4Q 2011, but down 2% from the 1Q of last year. Year-over-year results were impacted by lower volumes, negative mix and higher pension expenses, partially offset by productivity improvements and a positive price/cost relationship. Operating profits from our Packaging Services segment improved 183% from the 4Q 2011, but were down 25% from the 1Q 2011. Year-over-year results were negatively impacted by the previously announced loss of a large contract packaging customer. "In our Paper and Industrial Converted Products segment, 1Q operating profits were up 10% from the 4Q and 7% from the 1Q of last year. Year-over-year results benefitted from strong productivity and a positive price/cost relationship, partially offset by negative volumes and mix in most of the segment's businesses along with higher pension, labor and other expenses. "Our new Protective Packaging segment reported its first full quarter results since the acquisition of Tegrant Holding Corporation was completed in November 2011. Operating profits for this segment more than doubled year over year due to the acquisition and improved results from our legacy protective packaging business stemming from productivity improvements and a positive price/cost relationship. We continue to make progress with our integration efforts and are optimistic about achieving our goal of realizing $12 million in annualized synergies by year end." GAAP net income attributable to Sonoco in the 1Q was $43.1 million, or $.42 per diluted share, compared with $57.4 million, or $.56 per diluted share, in 2011. Base earnings were $53.8 million, or $.52 per diluted share, in the 1Q, compared with $58.6 million, or $.57 per diluted share, in 2011. Net sales for the 1Q were $1.21 billion, compared with $1.12 billion in the same period in 2011. This 8.5% increase was due primarily 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. Sonoco expects 2Q 2012 base earnings to be in the range of $.55 to $.60 per diluted share. Base earnings in the 2Q 2011 were $.60 per diluted share. For the full-year 2012, base earnings are projected to be in the range of $2.34 to $2.44 per diluted share. The Company had previously provided full-year guidance of $2.32 to $2.42 per diluted share. Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging and packaging supply chain services.