Sonoco Reports Second Quarter 2020 Results
Net sales for the second quarter of 2020 were $1.25 billion, down 8.4 percent from last year's second quarter sales of $1.36 billion. The sales decline was driven by lower volume/mix, a stronger U.S. dollar and lower selling prices. These negative impacts were partially offset by increased sales from acquisitions. GAAP net income attributable to Sonoco in the second quarter was $55.2 million, compared with $81.2 million. Second-quarter GAAP earnings included net after-tax non-base charges totaling $24.9 million, $16.7 million of which were related to operational restructuring activities primarily related to capacity reductions in the Company's North America paper mill network. Gross profit was $248.0 million in the second quarter compared to $275.3 million in the same period in 2019.