UPDATE: Sonoco Reports 9.4% Drop In Q2 Earnings, Lowers 2011 Earnings Forecast

Sonoco Products Co SON reported a 9.4% drop in its second-quarter earnings and lowered its earnings forecast for the year. Sonoco reported its quarterly profit at $53.4 million, or $0.52 per share, down from $59 million, or $0.58 per share, in the year-ago period. Excluding restructuring and other charges, Sonoco's earnings came in at $0.60 per share. The company in April expected earnings of $0.61 to $0.65 per share. Its revenue climbed 12% to $1.13 billion. Sonoco lowered its earnings forecast by $0.06 per share to $2.46 to $2.54 per share. For the current quarter, Sonoco projected earnings of $0.64 to $0.68 per share, versus analysts' estimates of $0.71 per share. Sonoco shares closed at $33.69 yesterday.