Sonoco Reports Second Quarter 2023 Results
Summary *Strong performance and cash flows despite operating in a generally disruptive demand environment *Most of our businesses were at or above expectations for the quarter due to commercial and operational excellence, with particular strength in the flexible packaging and rigid paper container businesses, offset by weakness in the metal packaging and industrial North American region businesses *Inventory management and destocking trends among our customers as well as inflationary pricing pressures led to lower and increasingly uncertain demand which impacted operational efficiency in our metal and industrials businesses *Remained disciplined in managing working capital to generate $349 million of operating cash flow in the first six months of 2023