Sonoco Reports First Quarter 2024 Results

Summary:
*Generated $166 million of operating cash flow and $80 million of Free Cash Flow
*Achieved net income attributable to Sonoco of $65 million, Adjusted EBITDA of $245 million, diluted earnings per share of $0.66 and diluted Adjusted earnings per share of $1.12; higher productivity of $51 million partially offset price/cost pressures and lower volumes
*Completed the sale of Protective Solutions on April 1, 2024, as part of our strategy to simplify our portfolio and used the majority of the $82 million cash proceeds to pay down debt
*Revised Adjusted EPS and Adjusted EBITDA guidance to reflect the completed sale of Protective Solutions and reaffirmed operating cash flow guidance
*Increased the quarterly dividend on April 17, 2024 for the 41st consecutive year to $0.52 per share
*Entered a Virtual Power Purchase Agreement (“VPPA”) to contract a significant portion of Sonoco’s expected U.S. electricity consumption in 2025 and support Sonoco’s emissions reduction goals
*Released our 2023 Corporate Sustainability Report detailing progress on sustainability initiatives

“Sonoco delivered first quarter results in line with our expectations”, said Sonoco’s President and CEO, Howard Coker. “While the overall demand environment remains muted and price/cost headwinds persist, focused execution and operating discipline delivered $51 million of productivity from value creating capital investments and business simplification initiatives over the past several years. On the strategic front, we continued to make notable progress on portfolio alignment with the sale of our Protective Solutions business, integration of our flexibles and thermoformed businesses, and strengthening our strategic pipeline of both organic and inorganic investment opportunities.”
details at: https://investor.sonoco.com/news-releases/news-release-details/sonoco-reports-first-quarter-2024-results

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