Sonoco Products Company (“Sonoco” or the “Company”) (NYSE: SON), one of the largest sustainable global packaging companies, today reported financial results for its fourth quarter and full year, which ended December 31, 2022.
Fourth Quarter and 2022 Highlights
*Delivered progress on strategic priorities including portfolio simplification and structural transformation
*Achieved record fourth quarter and annual financial results. In the fourth quarter, revenue grew 16%. GAAP EPS grew by 48% and Base EPS grew by 28% year-over-year
*Successfully integrated the Metal Packaging acquisition to expand rigid packaging in North America
*Completed Skjern Paper acquisition in Denmark in the fourth quarter to expand sustainable paper packaging products in Europe
*Reaffirmed commitments to ESG initiatives as noted in our annual corporate responsibility report
“2022 was a year of record performance and meaningful change at Sonoco. We are executing our focused portfolio strategy and are investing in our businesses to drive growth and profitability,” said Sonoco’s President and CEO, Howard Coker. ” Our talented teams executed well in dedication to our customers despite a challenging macro environment. We made further progress on our portfolio simplification strategy and invested in organic growth and accretive acquisitions in our larger, core businesses. This progress coupled with effective commercial excellence enabled a positive step change improvement in profitability for the company.”
“We carry sustained momentum from our strategy and operating model into 2023 which we believe positions us well to navigate near term volatility. Our continued focus on portfolio optimization, improving price/cost through strategic pricing, and productivity positions us to expand profits and increase free cash flow, to increase long-term returns for our shareholders.”
details at: https://investor.sonoco.com/news-releases/news-release-details/sonoco-reports-fourth-quarter-and-full-year-2022-results