Sonoco reports Q1 EPS $1.38, consensus $1.41

Reports Q1 revenue $1.71B, consensus $2.04B. “Our first quarter results demonstrated the strength of the new Sonoco (SON) as our global team achieved record top-line and adjusted EBITDA performance, growing 31% and 38%, respectively, while adjusted earnings per share rose 23% despite higher-than-expected interest expense, taxes and the negative impact of currency exchange rates,” said Howard Coker, President and Chief Executive Officer. “Consumer Packaging segment sales grew 83% and adjusted EBITDA jumped 127%. We completed the first phase of the integration of Eviosys as it has been rebranded Sonoco Metal Packaging EMEA and we drove strong synergies across the global Metal Packaging enterprise. In addition to the benefit of the Eviosys acquisition, our Metal Packaging U.S. business achieved approximately 10% growth in organic volume/mix in the quarter. Our Industrial Paper Packaging segment improved adjusted EBITDA by 6% and EBITDA margin by approximately 200 basis points driven by year-over-year improvement in price/cost and productivity.”