Sonoco Announces Price Increase for Paperboard Tubes and Cores

Packaging Corporation of America reported fourth quarter 2022 net income of $212 million, or $2.31 per share, and net income of $215 million, or $2.35 per share, excluding special items. Fourth quarter net sales were $1.98 billion in 2022 and $2.04 billion in 2021. Full year 2022 net income was $1.03 billion, or $11.03 per share, and net income of $1.04 billion, or $11.14 per share, excluding special items. Full year net sales were $8.5 billion in 2022 and $7.7 billion in 2021. In the Packaging segment, shipments per day were down (8.7%) and total corrugated products shipments, with one less shipping day, were down (10.2%) versus last year’s fourth quarter. Containerboard production was 961,000 tons, and containerboard inventory was down 66,000 tons from the third quarter of 2022 and down 46,000 tons compared to the fourth quarter of 2021. In the Paper segment, sales volume was down 14,000 tons compared to the third quarter of 2022 and down 15,000 tons from the fourth quarter of 2021.

Pregis® introduces Pregis AirSpeed® Hybrid Cushioning (HC) Renew™ PCR, the only high-pressure air cushioning film made with 80 percent post-consumer recycled (PCR) content. This innovative product represents a significant advancement for companies seeking to improve the sustainability of their protective packaging without compromising on performance. With consumers becoming progressively environmentally conscious throughout each buying stage, there is a growing demand for sustainable packaging solutions. HC Renew PCR is an inside-the-box shipping solution that meets this need by providing the same level of protection and durability as traditional air cushions while reducing the environmental impact.

Net sales for the third quarter of 2020 were $1.31 billion, down 3.1 percent from last year's third quarter sales of $1.35 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 sales added from acquisitions. GAAP net income attributable to Sonoco in the third quarter was $83.4 million, or $0.82 per diluted share, a decrease of $8.6 million, compared with $92.1 million, or $0.91 per diluted share, in 2019. Gross profit was $257.0 million in the third quarter compared to $265.5 million in the same period in 2019. Quarterly gross profit as a percentage of sales was essentially flat year over year at 19.6 percent. Third-quarter selling, general and administrative expenses increased $5.8 million from the prior year to $126.1 million.