Packaging company Sonoco Products co. SON, -1.12% raised its first-quarter guidance on Tuesday to reflect strong price and cost recovery across most of its businesses. The company said it expects per-share earnings of 80 cents to 90 cents, including after- tax restructuring charges and acquisition costs and other one-time items. Adjusted to remove those items, the company expects EPS of $1.70 to $1.80, well ahead of its previous guidance of $1.25 to $1.35. “Operating results also are benefitting from its January 26, 2022, acquisition of Ball Metalpack, as well as stronger than expected demand in both its Consumer Packaging segment and All Other group of businesses,” the company said in a statement. Sonoco will report first-quarter earnings on April 21. Shares rose 3% remarket, but have fallen 7.6% in the last 12 months through Monday’s close, while the S&P 500 SPX, -0.04% has gained 13%.
