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) is raising prices by $50 per ton for all grades of uncoated recycled paperboard (URB) in the U.S. and Canada, effective May 30, 2022. The increase reflects ongoing tight market conditions and inflationary pressures impacting manufacturing costs, including energy and labor. Tim Davis, Division VP and General Manager, noted that challenges from 2021 persist, with strong demand and increasing backlogs. Sonoco recorded net sales of $5.6 billion in 2021 and continues to prioritize sustainability, ranking highly in several industry recognitions.
On April 25, 2022, Sonoco (NYSE: SON) announced Lisa Weeks as the new Vice President of Investor Relations, succeeding Roger Schrum, who is retiring after 16 years. Weeks brings extensive experience from Benchmark Electronics, where she was Senior VP and Chief Strategy Officer. Sonoco highlighted her strategic and operational skills will aid in communicating the company's vision to shareholders. Founded in 1899, Sonoco reported net sales of $5.6 billion in 2021 and is committed to sustainability and innovation in packaging.
Sonoco (NYSE: SON) reported record first-quarter 2022 net sales of $1.77 billion, up 30.9% from $1.35 billion in 2021, driven by price increases and the acquisition of Ball Metalpack. GAAP earnings were $1.17 per diluted share, an increase from $0.71 per share a year ago. Base earnings reached $1.85 per diluted share compared to $1.00 in the prior year. Full-year base earnings guidance improved to $5.25 to $5.45 per diluted share, up from $4.60 to $4.80. However, cash flow from operations decreased to $1.1 million from $138.7 million.
Sonoco reported record net sales of $1.77 billion for Q1 2022, up 30.9% from Q1 2021, and GAAP earnings per diluted share of $1.17, a 65% increase year-over-year. Base earnings reached a record $1.85 per diluted share. The company updated full-year base earnings guidance to $5.25 to $5.45 per share. Despite strong growth in Consumer and Industrial Paper Packaging segments, cash flow from operations fell to $1.1 million, down from $138.7 million last year. Total debt increased to $3.17 billion as of April 3, 2022, reflecting acquisition financing.
The Board of Directors of Sonoco (NYSE: SON) has announced a quarterly common stock dividend increase of approximately 9%, raising it to $0.49 per share from $0.45. This dividend will be paid on June 10, 2022, to shareholders of record as of May 10, 2022. The annual payout increases from $1.80 to $1.96 per share, reflecting an 8.9% rise. With this announcement, Sonoco marks its 388th consecutive quarter of dividends and 40th consecutive year of increases, providing a yield of around 3.0%, which is more than double that of the S&P 500 Index.
On April 11, 2022, Sonoco (NYSE: SON) announced significant promotions within its senior operational leadership to enhance efficiency. Rodger Fuller has been appointed Chief Operating Officer, focusing on centralization for integrated businesses. Sean Cairns and James Harrell were named Presidents of Global Rigid Paper and Closures and Global Industrial Paper Packaging, respectively. Jeff Tomaszewski will lead Diversified Businesses, while Ernest Haynes heads the new Metal Packaging division. Sonoco reported net sales of approximately $5.6 billion in 2021 and is committed to sustainable packaging solutions.
Sonoco (NYSE: SON) has successfully acquired the remaining one-third interest in its Brazilian joint venture, Sonoco do Brasil Participacoes, Ltda, from private investors. This acquisition marks a significant step since Sonoco initially acquired a two-thirds stake in 2015. The joint venture, which generated approximately $34 million in sales in 2021, is a prominent flexible packaging supplier in Brazil, servicing major multinational clients in various industries, including confectionery and pharmaceuticals. Sonoco aims to enhance its product offerings and market presence in the growing flexible packaging sector.
Sonoco (NYSE: SON) announced the appointment of Ernest Haynes as the new President of Sonoco Metal Packaging, effective March 29, 2022. Haynes, previously Division VP and General Manager of Rigid Paper Containers, will oversee the newly acquired Metal Packaging business, which is a major player in sustainable packaging and the largest aerosol can producer in North America. He succeeds Jim Peterson, who has led the business for over 15 years. Haynes brings 25 years of experience at Sonoco and aims to ensure seamless integration and operational success.
Sonoco (NYSE: SON) updated its earnings guidance for Q1 2022, expecting GAAP earnings per diluted share between $0.80 and $0.90. Base earnings are projected to range from $1.70 to $1.80, marking a 35% increase from previous guidance. The company attributes this improvement to strong price recovery and higher demand, particularly following the acquisition of Ball Metalpack. Sonoco will release its financial results on April 21, 2022, and host a conference call at 11 a.m. ET. The company generated approximately $5.6 billion in revenue in 2021, employing 20,500 people globally.
Sonoco (NYSE: SON) has announced its 2022 Annual Shareholders Meeting will be held on April 20, 2022, in Hartsville, S.C. The company released its 2021 Annual Report, detailing financial results and the acquisition of Ball Metalpack for $1.35 billion. Sonoco emphasizes its commitment to sustainable packaging solutions under the theme Better Than Ever. Shareholders can access the annual report and related documents via the company's website. The meeting will include a live webcast for those unable to attend in person.
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