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 a fourth-quarter 2020 GAAP loss of $(0.12) per diluted share, down from $0.44 in 2019, and full-year GAAP earnings of $2.05 per share, compared to $2.88 in 2019. The fourth quarter included net after-tax charges of $0.94 per share, primarily from asset impairments and the sale of its Europe contract packaging business for $120 million. Net sales rose 5.2% to $1.38 billion, while full-year sales declined to $5.24 billion. Guidance for Q1 2021 estimates earnings between $0.80 and $0.90 per share, with full-year 2021 earnings projected between $3.40 and $3.60 per share.
Sonoco (NYSE: SON) has increased its quarterly dividend by approximately 5%, raising it to $0.45 per share from $0.43, effective March 10, 2021, for shareholders on record as of February 24, 2021. This change leads to an annual dividend payout of $1.80 per share, marking a 4.7% increase. This is the 383rd consecutive quarter the company has paid dividends, and the 38th consecutive year it has raised its dividend. The current dividend yield is approximately 3.0%, nearly double that of the S&P 500 Index, showcasing Sonoco's financial strength and commitment to shareholder value.
Sonoco has announced a 6% price increase for all paperboard tubes and cores, effective March 1, 2021, in the U.S. and Canada. This decision is driven by rising costs of uncoated recycled paperboard, its main raw material, attributed to high demand and limited supply. As the largest producer of paper-based tubes and cores in North America, Sonoco aims to maintain pricing competitiveness while addressing increasing operational costs. The company's ongoing commitment to sustainability underpins its operations, with annualized net sales of approximately $5.4 billion.
Sonoco (NYSE: SON) is increasing prices for all grades of uncoated recycled paperboard (URB) by $50 per ton, effective March 1, 2021, across the United States and Canada. This decision follows the ongoing challenges of extended order backlogs at its mills and rising input costs, notably freight. Sonoco, with annual sales of approximately $5.4 billion and a workforce of 23,000, emphasizes its commitment to sustainability and its position as a leader in the packaging sector.
Sonoco (NYSE: SON) has partnered with Integrated Systems, Inc. to enhance its advanced manufacturing automation strategy. This collaboration aims to improve the efficiency of Sonoco's global manufacturing operations by leveraging ISI's 25 years of automation experience.
ISI will support Sonoco in developing and executing its automation strategy, including designing, building, and programming custom robotics systems. The partnership reflects Sonoco's commitment to innovation, with annual capital dedicated to automation projects that will address complex production challenges.
Sonoco (NYSE:SON) announced a price increase of 8% on CPET and PP thermoformed plastic trays and bowls, effective February 22, 2021. The company cites ongoing inflation and rising costs as the primary reasons for this adjustment. Rolfe Olsen, Segment Vice President, emphasized that despite efforts to offset these costs through manufacturing productivity and supply chain optimization, the current economic conditions necessitate passing costs to customers.
Sonoco (NYSE: SON) has announced its schedule for upcoming investor conference calls to discuss quarterly financial results. The calls will occur on specific dates for each quarter in 2021, beginning with the Fourth Quarter 2020 results on February 11, 2021, at 11 a.m. ET. Following this, the First Quarter 2021 results will be discussed on April 22, 2021, with the same timing for subsequent quarters. The live webcasts will be available on their website, with replays accessible for seven days post-event.
Sonoco-Alcore S.a.r.l. has announced a 7% price increase for paper-based tubes and cores, effective from January 18, 2021. This decision aims to address rising costs that the company has absorbed through optimization efforts. Karsten Kemmerling, Director of Sales and Marketing, emphasized the necessity of this adjustment to secure materials and maintain a robust supply chain. Sonoco-Alcore operates 29 plants and 5 mills across Europe, contributing to Sonoco's overall operations.
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