NEW YORK (TheStreet) -- Shares of Sonoco Products (SON) - Get Report were falling 5.09% to $41.56 on heavy trading volume Thursday, after the packaging company missed analysts' estimates for the second quarter.
Sonoco Products reported earnings of 66 cents a share for the second quarter, below analysts' estimates of 67 cents a share. Revenue was flat year over year at $1.25 billion, compared to analysts' estimates of $1.29 billion for the quarter.
The company said it expects to report earnings of 65 cents to 70 cents a share for the third quarter, below analysts' estimates of 72 cents a share.
Sonoco Products also lowered its full year 2015 earnings guidance to a range of $2.48 a share to $2.58 a share, down from a range of $2.60 a share to $2.70 a share. Analysts expect the company to report earnings of $2.64 a share for the year.
The company also announced that it is conducting a review of financial results for a contract packaging center in Mexico due to the discovery of overstatements to prior earnings reports. The review could result in changes to the company's financial statements dating back to the first quarter of 2012.
Separately, TheStreet Ratings team rates SONOCO PRODUCTS CO as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate SONOCO PRODUCTS CO (SON) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and reasonable valuation levels. We feel its strengths outweigh the fact that the company shows low profit margins."
You can view the full analysis from the report here: SON Ratings Report