Sonoco Reports Fourth Quarter and Full Year 2022 Results

Sonoco Products Company (“Sonoco” or the “Company”) (NYSE: SON), one of the largest sustainable global packaging companies, today reported financial results for its fourth quarter and full year, which ended December 31, 2022.

Fourth Quarter and 2022 Highlights
*Delivered progress on strategic priorities including portfolio simplification and structural transformation
*Achieved record fourth quarter and annual financial results. In the fourth quarter, revenue grew 16%. GAAP EPS grew by 48% and Base EPS grew by 28% year-over-year
*Successfully integrated the Metal Packaging acquisition to expand rigid packaging in North America
*Completed Skjern Paper acquisition in Denmark in the fourth quarter to expand sustainable paper packaging products in Europe
*Reaffirmed commitments to ESG initiatives as noted in our annual corporate responsibility report

“2022 was a year of record performance and meaningful change at Sonoco. We are executing our focused portfolio strategy and are investing in our businesses to drive growth and profitability,” said Sonoco’s President and CEO, Howard Coker. ” Our talented teams executed well in dedication to our customers despite a challenging macro environment. We made further progress on our portfolio simplification strategy and invested in organic growth and accretive acquisitions in our larger, core businesses. This progress coupled with effective commercial excellence enabled a positive step change improvement in profitability for the company.”

“We carry sustained momentum from our strategy and operating model into 2023 which we believe positions us well to navigate near term volatility. Our continued focus on portfolio optimization, improving price/cost through strategic pricing, and productivity positions us to expand profits and increase free cash flow, to increase long-term returns for our shareholders.”
details at: https://investor.sonoco.com/news-releases/news-release-details/sonoco-reports-fourth-quarter-and-full-year-2022-results

Related Posts

Berry Announces Third Quarter 2023 Results

*GAAP: Net sales of $3.2 billion; Operating income of $267 million; Earnings per share of $1.18 *Non-GAAP: Operating EBITDA of $522 million; Adjusted earnings per share of $1.90 *Returned $115 million to shareholders in the quarter ($83 million via share repurchases and $32 million in dividends)

Amcor launches 30%-recycled content packaging for Huggies Eco Protect diapers

Amcor together with Kimberly Clark, has launched packaging for its Eco Protect diapers with 30% recycled materials in Peru. The bags contain post-consumer recycled content and provide a more sustainable packaging solution for the hypoallergenic diapers made with certified, plant-based fibers. The new Huggies Eco Protect diapers packaging is designed and produced by Amcor for Kimberly Clark with a shared goal of contributing to a circular economy. The bag has been developed using recycled plastic film that has been processed to be reused as a raw material maintaining performance and minimizing impact on visual appeal.

O-I Reports Second Quarter 2020 Results

Net sales in the second quarter of 2020 were $1.4 billion, compared to $1.8 billion in the second quarter of 2019. Average selling prices improved approximately 1 percent and increased revenue $18 million. However, lower shipments due to the pandemic negatively impacted sales by $255 million. Unfavorable foreign currency translation reduced net sales by $88 million. Segment operating profit1 was $95 million in the quarter, compared with $236 million in the same period of 2019. Current year profits were impacted $6 million by unfavorable foreign currency translation. The benefit of higher selling prices more than offset incremental cost inflation by $1 million. Reflecting the impact of the pandemic, sales volume in tons declined approximately 15 percent from the prior year quarter and negatively impacted segment operating profit by $84 million. Segment operating profit was negatively impacted by $52 million as lower production levels were partially offset by improved operating performance and cost control efforts. Production levels were down approximately 20 percent from the second quarter of 2019 reflecting required curtailment to comply with government decrees to manage the pandemic, including disruptive lock downs in Mexico and the Andean countries, as well as the company’s effort to align supply with lower demand and manage inventory.
Back To Top
×Close search
Search