Third-quarter 2017 GAAP earnings per diluted share were $0.72, compared with $0.64 in 2016. Third-quarter 2017 net sales were a record $1.32 billion, up 9.6 percent, from $1.21 billion in 2016.
Commenting on the results, Sonoco President/CEO Jack Sanders says, “Sonoco's ‘Grow and Optimize’ strategy continues to gain momentum as we grew top-line results by nearly 10 % to an all-time quarterly record, while bottom-line results (base earnings per diluted share) were near the high end of our guidance. Our businesses were well managed during the quarter, as the Company benefited from strong improvements to total productivity and a positive price-cost relationship.
“In looking at the performance of our business segments, we were extremely pleased with the record sales and operating profit generated by our Consumer Packaging segment, particularly in a challenging consumer packaged food market. In addition, our Paper and Industrial Converted Products business registered a 27 percent improvement in operating profit, while producing its best third-quarter results in three years. Results in our Protective Solutions and Display and Packaging segments lagged last year’s quarter, but each registered sequential quarterly improvement as we continue to adjust these businesses to changing market conditions.”