Sonoco Reports Record First Quarter 2022 Results
First Quarter Highlights *First quarter 2022 net sales were a record $1.77 billion, compared with $1.35 billion in the same period in 2021. *First quarter 2022 GAAP earnings per diluted share were $1.17, compared with $0.71 in the same period in 2021. *Base net income attributable to Sonoco (base earnings) for the first quarter 2022 was a record $1.85 per diluted share, compared with $1.00 per diluted share in the same period of 2021. 2021 base results throughout the release have been revised to conform with the Company’s current Base Earnings definition which excludes amortization of acquisition intangibles. The Company recently provided updated first quarter guidance of $1.70 to $1.80 per diluted share. (See base earnings definition, explanation and reconciliation to GAAP earnings later in this release.) *Cash flow from operations was $1.1 million in the first quarter of 2022, compared to $138.7 million in the same period of 2021.