Wells Fargo Lowers Sonoco Products Estimates

At its analyst day this morning, Sonoco Products SON provided further clarity on its 2014 growth strategy, current operational improvement programs, announced a 2MM share repurchase program, and provided initial 2011 guidance, Wells Fargo reports. “On higher than anticipated OCC price trends in the quarter, we are lowering our Q4 2010E and 2010E by $0.04 to $.59 and $2.34, respectively,” Wells Fargo writes. “The company expects 2011 earnings per share in the range of $2.52-2.62 driven primarily by 3-5% yr/yr organic volume growth.” Sonoco Products currently trades at $33.05.