Sonoco Products (SON) Warns for Q3

Sonoco Products Co. (NYSE: SON) lowers guidance. Sees Q3 EPS of $0.51-$0.53, versus prior guidance of $0.62-$0.66 and the consensus of $0.64.

The revision of third quarter estimates is primarily due to operating problems experienced at several of the Company's North American uncoated recycled paperboard mills which have led to unscheduled downtime and related excess costs. In addition, the Company is experiencing lower than anticipated volumes in many of its consumer and industrial packaging businesses.

As a result, Sonoco has removed its base earnings estimates for full-year 2012 and plans to provide updated guidance for the fourth quarter and 2012 when it releases third quarter results before the market opens on October 18, 2012.

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