Sonoco Reports Strong Second Quarter 2022 Results

Sonoco (NYSE: SON), one of the largest sustainable global packaging companies, today reported financial results for its second quarter ended July 3, 2022.

CEO Comments
Commenting on the Company’s performance, Howard Coker, President and Chief Executive Officer, said, “Our Sonoco team delivered strong second-quarter results which exceeded the high-end of our raised guidance. Our current-quarter performance represents a step-change improvement year-over-year and resulted in record sales and record net income driven by continued strong execution in our Consumer Packaging and Industrial Paper Packaging segments. Overall, the Company’s second-quarter earnings primarily benefited from continued strong strategic pricing performance across most of our businesses, continued strong results from the Sonoco Metal Packaging (“Metal Packaging”) acquisition and productivity gains. These positive factors were partially offset by the impact of foreign currency translation.

“Our Consumer Packaging segment achieved record sales while operating profit grew approximately 114 percent versus the prior-year period primarily due to continued strong performance from Metal Packaging and Global Rigid Paper Containers, continued solid price/cost performance and improved productivity despite continued supply chain disruptions. Our Industrial Paper Packaging segment also produced record sales and operating profit, which improved approximately 57 percent versus the prior year period primarily from continued strong price/cost performance. Finally, our All Other group of businesses showed improvement during the quarter with operating profit up approximately 6 percent over the same period in the prior year due to positive price/cost performance and productivity.”

Net sales for the second quarter of 2022 were a record $1.91 billion, compared with last year’s second quarter sales of $1.38 billion.

GAAP net income attributable to Sonoco in the second quarter of 2022 was $131.7 million, or $1.33 per diluted share, compared with a loss of $(334.1) million, or $(3.34) per diluted share, in the second quarter of 2021.

GAAP gross profit was $387.0 million in the second quarter of 2022 compared to $262.7 million in the same period of 2021. Quarterly gross profit as a percentage of sales was approximately 20 percent compared to approximately 19 percent in the second quarter of 2021.
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