Packaging firm Sonoco has reported a net income of $89.6m for the second quarter of 2018, or $0.88 diluted earnings per share, $43.65m, or $0.43 diluted earnings per share, for the same period in 2017.

Sonoco said net sales were $1.37bn for the quarter ending 1 July 2018, up 10.1% from $1.24bn in 2017.

Sonoco president and CEO Rob Tiede said: “Sonoco produced an outstanding quarter as our growing diversified mix of global packaging businesses improved both the top-line and bottom-line by double-digits over prior-year consolidated results.

“The year-over-year improvement also reflects a lower effective tax rate due to the 2017 Tax Cuts and Jobs Act. GAAP operating profit was further aided by lower restructuring and impairment charges compared to 2017.”

Sales for the consumer packaging segment were $616m, compared with $521m in 2017. The display and packaging segment reported sales of $143m, compared with $116m in 2017.

Second-quarter 2018 sales for the paper and industrial converted products segment were $474m, up from $469m in 2017.

The protective solutions segment’s Q2 sales were slightly from $135m in 2017 to $133m.

The company expects third-quarter 2018 base earnings to be in the range of $0.82 to $0.88 per diluted share.

In May 2018, Sonoco signed an agreement with Texpack to acquire its 70% stake in the Conitex Sonoco joint venture and Texpack’s composite can operation in Spain for about $143m in cash.

Conitex Sonoco manufactures paper-based cones and tubes used in the textile industry. The transaction is expected to close early in the fourth quarter of 2018.

Conitex Sonoco will be included in its paper and industrial converted products segment and the Spanish composite can operation in its consumer segment.

Tiede said: “Overall, we remain optimistic about general economic activity and believe the breadth of our diversified consumer, industrial and protective operations across a number of markets enhances our ability to produce consistent earnings, improved returns and greater rewards for our shareholders.”

With annualized net sales of about $5bn, Sonoco employs 21,000 people working in over 300 operations in 33 countries.