Sonoco Products (SON) - Get Sonoco Products Company Report expects third-quarter earnings to be flat or slightly below year-ago earnings of 44 cents a share. The paper and plastics packaging company also anticipates fourth-quarter earnings to be between 44 and 47 cents a share, down from last year's 50 cents.
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survey of nine analysts expects the company to report earnings of 49 cents a share for the third quarter, and a survey of seven analysts predicted the company would earn 53 cents for the fourth quarter. Nine analysts predicted the company would earn $1.94 a share for the current year.
The company blamed slower business volume, in addition to fewer billing days, for the lower third- and fourth-quarter earnings estimates.
Sonoco shares were down $2.75, or 13.4%, to $17.75.