Sonoco Reports Third Quarter 2023 Results

*Sonoco achieved fully diluted earnings per share of $1.32 and Adjusted earnings per share (diluted) of $1.46
*Generated sequential growth in Sales, Net Income, and Adjusted EBITDA and improved Net Income Margin and Adjusted EBITDA Margin to 7.6% and 16.4%, respectively.
*Continued near record results in the flexible packaging and the rigid paper container businesses in the Consumer Packaging (“Consumer”) and Industrial Paper Packaging (“Industrial”) segments
*Inflationary pricing pressures continue to impact year-over-year demand in the Consumer segment
*Generated $617 million of operating cash flow in the first nine months of 2023 due to strong GAAP Net Income and disciplined working capital management
*Raised full-year Adjusted EPS and Adjusted EBITDA guidance based on improved productivity and cost controls
*Lowered full-year operating cash flow and free cash flow guidance based on lowered operating cash flow and lower capital expenses
*Closed the previously announced acquisitions of the remaining equity interest in RTS Packaging LLC (“RTS Packaging”) and a paper mill in Chattanooga, Tennessee and integration is well underway

“Our third-quarter results benefited from seasonally higher demand as well as better than expected productivity and cost management from our global team,” said Sonoco’s President and CEO, Howard Coker. “Consumer volumes were lower year over year, but were sequentially higher across the segment with the exception of metal aerosol cans, which were below our forecasts on persistent end market demand softness. In the Industrial segment, volumes were generally as expected. We closed the RTS Packaging and Chattanooga mill acquisitions, and integration has progressed to plan. Despite the continued weak macroeconomic backdrop, we achieved strong profit margin and operating cash flow in the quarter.”
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