Wednesday's Winners & Losers: Sonoco Products
Shares of Sonoco Products (SON) were among the NYSE's winners Wednesday, jumping 10% after the packaging company posted better-than-expected second-quarter earnings and projected third-quarter earnings above Wall Street's forecast.
For the second quarter, the company earned $49.3 million, or 49 cents a share, on revenue of $917 million. Excluding items, Sonoco earned $50.9 million, or 51 cents a share. Analysts polled by Thomson First Call expected earnings of 47 cents a share on revenue of $920.2 million. A year earlier, the company recorded adjusted earnings of $45.8 million, or 45 cents a share, on revenue of $878.2 million.
Sonoco projects third-quarter earnings of 54 cents to 57 cents a share. Analysts anticipate earnings of 52 cents a share. Shares were trading up $3.20 to $34.
CDW (CDWC) climbed 9% after the computer products seller posted second-quarter earnings that easily topped forecasts. The company earned $73.1 million, or 91 cents a share, on revenue of $1.63 billion. Analysts expected earnings of 79 cents a share and revenue of $1.65 billion. During the year-earlier period, CDW earned $67.1 million, or 80 cents a share, on revenue of $1.54 billion. Shares were trading up $4.75 to $57.18.Shares of Packaging Corp. of America (PKG) rose 9% after the packaging products company posted blowout second-quarter results and projected third-quarter earnings well above expectations. The company's second-quarter profit rose to $32.2 million, or 31 cents a share, from $27.8 million, or 26 cents a share, a year earlier. Analysts expected earnings of 23 cents a share. Revenue increased to $551.1 million from $519.3 million, surpassing analysts' forecast of $532.7 million. Looking ahead, Packaging Corp. forecast third-quarter earnings of 42 cents a share. Analysts, on average, project earnings of 37 cents a share. Shares were trading up $1.90 to $22.91. Jakks Pacific (JAKK) fell 10% after the toymaker posted weaker-than-expected second-quarter results and slashed its full-year forecast. The company reported second-quarter earnings of $6.4 million, or 22 cents a share, on revenue of $124 million. Analysts expected earnings of 35 cents a share and revenue of $146.5 million. Last year, the company earned $11.6 million, or 38 cents a share, on revenue of $127.1 million, in the second quarter.
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