Welcome to our dedicated page for Sonoco Products Company news (Ticker: SON), a resource for investors and traders seeking the latest updates and insights on Sonoco Products Company stock.
Sonoco Products Company (NYSE: SON), founded in 1899, is a global leader in providing consumer and industrial packaging solutions. With annualized net sales of approximately $4.8 billion, Sonoco operates in more than 300 facilities across 33 countries, employing around 20,000 people. The company is distinguished by its diverse range of packaging products and services, including paperboard containers, tubes and cores, convenience closures, thermoformed plastic packaging, and engineered molded and extruded plastic products. Sonoco also offers protective, temperature, and retail assurance packaging, serving some of the world’s most recognizable brands in 85 nations.
Recent Achievements and Projects: Over its 100-year-plus history, Sonoco has built a broad portfolio of industrial and consumer packaging solutions, including flexible and rigid plastics, reels and spools, pallets, and composite cans. The company has consistently raised its dividend each year for more than three decades, underscoring its financial stability and commitment to shareholders.
Notable Financial Performance: Sonoco reports its financial results in two primary segments: Consumer and Industrial. The company’s robust financial health is often highlighted in its quarterly and annual reports, showcasing its ability to adapt and thrive in varying market conditions.
Strategic Partnerships: A recent notable partnership includes a Virtual Power Purchase Agreement (VPPA) with ENGIE North America for the Big Sampson Wind Project in Texas. This agreement aims to supply approximately 140 megawatts of electricity per year, meeting about 48% of Sonoco’s U.S. electricity needs by 2025. This move aligns with Sonoco’s commitment to reducing global Scope 1 and Scope 2 emissions by 25% by 2030 from a 2020 baseline.
Awards and Recognitions: Sonoco’s commitment to corporate citizenship and sustainability has earned it numerous accolades, including being listed on the Dow Jones Sustainability Index and named one of America’s Most Responsible Companies by Newsweek. The company was also ranked first in the Packaging sector on Fortune’s World’s Most Admired Companies list for 2022 and included in Barron’s 100 Most Sustainable Companies for the fourth consecutive year.
Investor Relations: Sonoco actively engages with its investors and stakeholders through events like Investor Day, where detailed presentations and Q&A sessions with the executive leadership team offer insights into the company’s strategic direction and financial outlook. A live audio webcast and supporting materials are typically made available on the company’s Investor Relations website.
For more information about Sonoco, visit their official site at www.sonoco.com.
Sonoco (NYSE: SON) reported Q3 2024 financial results with net sales of $1.7 billion, GAAP net income of $51 million, and Adjusted EBITDA of $281 million. The company achieved diluted EPS of $0.51 and Adjusted diluted EPS of $1.49. Key highlights include $39 million in productivity improvements and $438 million operating cash flow for the first nine months. Sonoco announced the pending acquisition of Eviosys for €3.6 billion, secured financing through term loans and senior notes, and initiated strategic reviews of its TFP and ThermoSafe businesses. The company reaffirmed its full-year 2024 guidance with Adjusted EPS of $5.05-$5.25 and operating cash flow of $650-750 million.
Sonoco Products Company (NYSE: SON), a global sustainable packaging company, has scheduled its third quarter 2024 earnings release for Thursday, October 31, 2024, after market close. The company will host a conference call to discuss the results on Friday, November 1, 2024, at 8:30 a.m. Eastern Time. A live audio webcast with supporting materials will be available on Sonoco's Investor Relations website, with a replay accessible for at least 30 days following the call. Interested participants can register in advance for telephone access.
Sonoco (NYSE: SON) has declared a $0.52 per share quarterly common stock dividend, payable on December 10, 2024, to shareholders of record as of November 8, 2024. This marks the 398th consecutive quarter and 99th year of dividend payments by the company, dating back to 1925. It also represents the 41st consecutive year of increased annualized dividends.
President and CEO Howard Coker highlighted that based on the closing price of Sonoco's common stock on October 14, 2024, the dividend provides an approximate 3.8% yield. This yield is more than double that of the S&P 500 Index, demonstrating Sonoco's commitment to shareholder value.
Sonoco Products Company (NYSE: SON) has announced the pricing of $1.8 billion in senior unsecured notes. The offering includes three tranches: $500 million at 4.450% due 2026, $600 million at 4.600% due 2029, and $700 million at 5.000% due 2034. The closing is expected on September 19, 2024. Sonoco plans to use the net proceeds, along with borrowings from acquisition term loan facilities and possibly cash on hand or additional credit facility borrowings, to fund the cash consideration for its pending acquisition of Eviosys and related expenses. The offering is being managed by J.P. Morgan Securities, Morgan Stanley & Co., BofA Securities, and Wells Fargo Securities.
Sonoco Products Company (NYSE: SON) has announced a strategic review of its Thermoformed & Flexible Packaging (TFP) business, part of its Consumer Packaging segment. This move aims to accelerate portfolio simplification, improve pro forma leverage, and increase shareholder value. The TFP business, a market leader in thermoformed and flexible packaging, generated $1.3 billion in revenue in 2023.
As a result of this expanded divestiture plan, Sonoco has modified its financing strategy for the pending Eviosys acquisition. The company now plans to use a combination of prepayable debt, longer-term bond financing, and/or cash on hand, eliminating the need for equity issuance. Sonoco expects to complete the strategic review of TFP in the fourth quarter of 2024.
Sonoco Products Company (NYSE: SON) reported its Q2 2024 financial results. Key highlights include:
- GAAP net income of $91 million, down 21% year-over-year
- Adjusted EBITDA of $262 million, down 5%
- Diluted EPS of $0.92, down 21%
- Adjusted EPS of $1.28, down 7%
- Net sales decreased 5% to $1.6 billion
- Strong productivity of $51 million in Q2, $102 million in H1 2024
- Free Cash Flow of $96 million in H1 2024
Sonoco announced an agreement to acquire Eviosys for $3.9 billion, expected to close in Q4 2024. The company reaffirmed its full-year 2024 guidance for Adjusted EBITDA, Adjusted EPS, and operating cash flow, excluding the Eviosys acquisition impact.
Paired Power has installed its PairTree EV charger for Sonoco (NYSE: SON), a global packaging manufacturer, in South Carolina. The PairTree is an off-grid solar electric vehicle charger that combines battery storage with solar power for day and night charging. It can provide emergency backup power during grid outages and reduce grid dependence.
Key features of PairTree include:
- U.S.-made solar canopy
- Quick installation (less than a day)
- Wind-rated up to 130 mph
- Fits standard 9x18 foot parking space
- No moving parts or ongoing maintenance
- One or two Level 2 EV charging ports
This installation aligns with Sonoco's commitment to sustainability and provides resilient, clean energy for employees with electric vehicles.
Sonoco Products Company (NYSE: SON), a leading global sustainable packaging company, has announced that it will release its second quarter 2024 financial results on Wednesday, July 31, 2024, after the market closes. The company will host a conference call to discuss these results on Thursday, August 1, 2024, at 9:30 a.m. Eastern Time.
Investors and analysts can access the live audio webcast of the call, along with supporting materials, on the Sonoco Investor Relations website. A replay of the webcast will be available for at least 30 days following the call. To participate via telephone, interested parties must register in advance to receive the dial-in number and a unique PIN for access.
Sonoco (NYSE: SON) has declared a $0.52 per share quarterly common stock dividend, payable on September 10, 2024, to shareholders of record as of August 9, 2024. This marks the 397th consecutive quarter and 99th year of dividend payments, dating back to 1925. It's also the 41st consecutive year of increased annualized dividends. Based on the July 16, 2024 closing price, Sonoco's dividend yield is approximately 3.6%, which is more than double the S&P 500 Index's dividend yield. This consistent dividend history demonstrates Sonoco's commitment to shareholder returns and financial stability.
KPS Capital Partners announced it will sell Eviosys to Sonoco Products Company for €3.615 billion (~$3.9 billion). Sonoco may pay up to $200 million in stock. The deal, expected to close by the end of 2024, requires regulatory approvals and other conditions. Eviosys, a leading metal packaging supplier in EMEA, employs 6,300 people across 44 facilities in 17 countries. It specializes in sustainable, infinitely recyclable metal packaging. KPS acquired Eviosys from Crown Holdings in 2021, boosting its profitability by 50% through strategic investments and transformation. Eviosys achieved significant sustainability milestones, including an EcoVadis Platinum rating. The sale reflects KPS' strategy of enhancing business value and is expected to benefit customers, employees, and investors of both Eviosys and Sonoco.
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