Analysts’ estimates typically exclude special items. The President and Chief Executive Officer Jack Sanders and members of the Company’s senior leadership team today provided the investment community in New York with an overview of the Company’s financial guidance and strategic priorities. The company said it estimates 2017 base earnings per share to be in the range of $2.68 to $2.78, with a projected midpoint target of $2.73 per share. Free cash flow and cash proceeds could potentially be used to make strategic acquisitions or purchase shares. If acquisitions do not materialize, the company estimates that if such proceeds were used for share repurchases, the impact would be equal to approximately $0.10 per share, increasing the previously mentioned 2017 base earnings guidance to $2.78 to $2.88 per share. Analysts expect annual earnings of $2.87 per share. For 2017, Sonoco is projecting cash from operations to be approximately $470 million and free cash flow to be about $126 million, after spending $190 million in capital investments and payment of dividends. The Company expects free cash flow to be lower in 2017 due to increased pension contributions, higher cash taxes and the historic practice of increasing cash dividends to shareholders. Saunders said the Company’s 2017 capital deployment strategy is expected to be weighted toward investments to grow its existing businesses while looking to make targeted acquisitions. He pointed out the Company has a 92-year tradition of returning substantial amounts of cash to shareholders in the form of dividends and share repurchases, including nearly $1.75 billion in the past decade and approximately $245 million in 2016. Sanders announced Sonoco will invest $20 million in the development of a new packaging center to support Duracell’s new North America battery packaging operation.
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A resignation agreement with Temple gives Theobald a years sabbatical at full salary $725,000, according to the Philadelphia Inquirer . That package includes base pay and what would have been deferred compensation, plus benefits like health insurance although the payout would be reduced if Theobald lands another job, according to the Inquirer report. Theobald, while at Temple, also took heat for not coming out more strongly against Bill Cosby, who previously served on the Temple board of trustees and has an honorary degree from the school but has been battling allegations of sexual assault for more than a year. Temple faculty at one point passed a resolution calling on Theobald to revoke Cosbys degree. no datawebpageTheobald, through a spokesman, said he doesnt have the power to strip recipients of degrees, according to media reports. Theobald is one of three UNI presidential finalists scheduled to visit the Cedar Falls campus this week. A 21-member presidential search committee narrowed a pool of 46 applicants to seven semifinalists six of whom participated in off-site interviews earlier this month. From those six, the search committee chose four finalists. One withdrew from the process, according to board spokesman Josh Lehman.
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