Sonoco Products beats by $0.05, misses on revs; guides Q3 EPS in-line; guides FY16 EPS in-line
- Reports Q2 (Jun) earnings of $0.73 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.68; revenues fell 3.4% year/year to $1.21 bln vs the $1.26 bln Capital IQ Consensus.
- Co issues in-line guidance for Q3, sees EPS of $0.65-0.70, excluding non-recurring items, vs. $0.70 Capital IQ Consensus Estimate.
- Co issues in-line guidance for FY16, sees EPS of $2.68-2.74 (Prior $2.64-2.74), excluding non-recurring items, vs. $2.71 Capital IQ Consensus Estimate.
- Free cash flow in 2016 is projected to be approximately $140 million, reflecting expected operating cash flow of $490 million. Expected free cash flow for the year is unchanged from previously communicated guidance