Yahoo Finance Sonoco (SON) Opens Technical & Engineering Facility in Ohio
Sonoco Products Company SON announced that it opened a multimillion-dollar Metal Packaging Technical & Engineering Center in Columbus, OH. The move marks yet another milestone in the company's quest of excellence and dedication to high-quality, precision-manufactured metal packaging.
The new state-of-the-art center is located at 2850 Charter Street. This offers a concentrated center for providing design support, process development, technical services, engineering, and training. The 11,000-square-foot center includes laboratories, prototyping equipment, training areas and collaborative spaces. The company currency has 12 manufacturing operations across the United States.
Sonoco aims to improve collaboration and productivity in a unified workspace with the help of this new facility. It looks to bring together can manufacturers, brand owners, industry suppliers, and scientific partners to use cutting-edge technology and provide higher value to its customers.
SON reported adjusted earnings per share of $1.12 in the first quarter of 2024, beating the Zacks Consensus Estimate of $1.08. The figure was within the company’s guidance of $1.05-$1.15. The bottom line fell 20% from the prior-year quarter.
Sonoco’s net sales were $1.64 billion, missing the Zacks Consensus Estimate of $1.69 billion. The top line fell 5% year over year on lower pricing. Overall volumes remained flat as lower volumes offset the gains from acquisitions.
Price Performance
SON shares have gained 3.3% in the past year compared with the industry’s growth of 17.9%.
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Zacks Rank & Stocks to Consider
Sonoco currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks from the Industrial Products sector are Intellicheck, Inc. IDN, Applied Industrial Technologies AIT and ACCO Brands Corporation ACCO. IDN currently sports a Zacks Rank #1 (Strong Buy), and AIT and ACCO carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Intellicheck’s 2024 earnings is pegged at 2 cents per share. The consensus estimate for 2024 earnings has been unchanged in the past 60 days. The company has a trailing four-quarter average earnings surprise of 28.9%. IDN shares have gained 15.2% in the past year.
Applied Industrial has an average trailing four-quarter earnings surprise of 8.2%. The Zacks Consensus Estimate for AIT’s 2024 earnings is pinned at $9.62 per share, which indicates year-over-year growth of 9.9%. Estimates have moved north by 2% in the past 60 days. The company’s shares have gained 51.2% in the past year.
The Zacks Consensus Estimate for ACCO Brands’ 2024 earnings is pegged at $1.07 per share. The consensus estimate for 2024 earnings has been unchanged in the past 60 days. The company has a trailing four-quarter average earnings surprise of 25.9%. ACCO shares have gained 6.6% in the past year.
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Sonoco Products Company (SON) : Free Stock Analysis Report
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