International Paper Makes Leadership Announcement

Second Quarter 2022 U.S. GAAP Summary: Net sales of $1.4 billion increased 7% as reported, with the Americas increasing 13%, EMEA decreasing 4%, and APAC decreasing 3%. Net earnings were $114 million, or $0.77 per diluted share, as compared to net earnings of $109 million, or $0.71 per diluted share. The current period results were impacted by pre-tax losses including a $16 million impairment of an equity investment and an $11 million loss on debt redemption. Income tax expense was $43 million, resulting in an effective tax rate of 27.2% in second quarter 2022. This compares to an income tax expense of $46 million in the prior year, or an effective tax rate of 29.7%, which was unfavorably impacted by legislative changes to foreign statutes.

First Quarter Highlights *First quarter 2021 GAAP earnings per diluted share were $0.71, compared with $0.80 in 2020. *First quarter 2021 GAAP earnings included net after-tax charges of $19.4 million related to restructuring activity, asset impairments, acquisition and divestiture transaction costs, loss on a business divestiture and non-operating pension costs which were partially offset by insurance proceeds. In the first quarter of 2020, GAAP earnings included net after-tax charges of $14.8 million related mostly to restructuring actions and non-operating pension costs. *Base net income attributable to Sonoco (base earnings) for first quarter 2021 was $0.90 per diluted share, compared with $0.94 in 2020. (See base earnings definition, explanation and reconciliation to GAAP earnings later in this release.) Sonoco previously provided first quarter 2021 base earnings guidance of $0.80 to $0.90 per diluted share. *First quarter 2021 net sales were $1.35 billion, compared with $1.30 billion in 2020. *Cash flow from operations was $138.7 million in the first three months of 2021, compared to $87.7 million in 2020. Free cash flow was $99.4 million in the first three months of 2021, compared with $57.1 million in the first three months of 2020. *On April 4, 2021, Sonoco completed the sale of its U.S. Display and Packaging business to Hood Container Corporation for approximately $80 million in cash, the proceeds of which were received subsequent to the period's end.

Delhaize Belgium, the leading supermarket chain, has optimized its packaging process to meet the increased demand for home deliveries in partnership with DS Smith, the leading sustainable packaging provider. By creating its new Direct Box, the retailer could reduce the CO2 emissions with more than 87 tons. Nico Buelens, Project Manager Ecommerce Operations of Delhaize explains: "The new Direct Box is an innovative reusable corrugated tray. It incorporates built-in reinforcement on the handles, thisensures an extra strong Direct Box.