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.
The Board of Directors of Sonoco (NYSE: SON) has announced a quarterly dividend increase of approximately 4%, raising the payout from $0.49 to $0.51 per share. This dividend is set to be paid on June 9, 2023, to shareholders on record as of May 10, 2023. With this increment, the annual dividend payout rises to $2.04 per share, up from $1.96. This marks the 392nd consecutive quarter of dividend payments since 1925 and the 40th consecutive year of dividend increases. The current dividend yield is approximately 3.3%, which is double that of the S&P 500 Index. Sonoco reported net sales of around $7.3 billion in 2022 and remains committed to sustainable practices.
Sonoco (NYSE: SON) has achieved How2Recycle® pre-qualification for its EnviroFlex® Paper Ultimate (ULT) 1.0, meeting the Fibre Box Association's recycling standards. This innovative, paper-based packaging offers superior protection against oxygen, moisture, and grease, making it ideal for perishable items like baked goods and snacks. Created without harmful chemicals like PFAS, EnviroFlex Paper ULT 1.0 reflects Sonoco's commitment to sustainability. This recognition will help expand its market reach while promoting responsible packaging practices. Sonoco reported net sales of approximately $7.3 billion in 2022, emphasizing its growth in sustainable solutions.
Sonoco Products Company (NYSE: SON) has sold approximately 55,000 acres of timberlands in South Carolina for $72 million in cash to Manulife Investment Management. This strategic divestiture allows Sonoco to maximize shareholder value while ensuring sustainable management of the lands. CEO Howard Coker confirmed that the company now exclusively produces paper from recycled fibers, eliminating the need for natural tree fiber. In 2022, Sonoco reported net sales of about $7.3 billion and received recognition as a leader in sustainability in the packaging sector.
Sonoco (NYSE: SON) announced a significant upgrade to its Hartsville wastewater treatment facility aimed at reducing carbon emissions. The treatment process, initiated in the 1950s, now includes new biogas equipment developed in partnership with GreenGasUSA, converting methane into pipeline-quality renewable natural gas. This initiative is expected to cut greenhouse gas emissions by 8,000 metric tons annually and provide renewable energy to South Carolina. With a commitment to sustainability, Sonoco aims to reduce absolute scope 1 and 2 emissions by 25% by 2030, aligning with the Paris Climate Agreement.
Sonoco Products Company (NYSE: SON) has updated its first-quarter 2023 earnings guidance, forecasting base earnings of $1.30 to $1.40 per diluted share, exceeding previous estimates of $1.15 to $1.25. This positive revision is attributed to improved productivity, lower input costs, and higher demand in certain markets. Sonoco will release detailed financial results on May 1, 2023, followed by a conference call on May 2, 2023, at 8:30 a.m. ET. Founded in 1899, Sonoco reported net sales of approximately $7.3 billion in 2022 and is recognized for its commitment to sustainable packaging solutions.
Sonoco (NYSE: SON) announces that Elizabeth Rhue, Vice President of Global Environmental, Sustainability, & Technical Services, has been recognized in Waste360's 2023 40 Under 40 awards. This accolade highlights her contributions in sustainability and waste management over her 18-year tenure at Sonoco. Rhue has been instrumental in advancing the company’s sustainability strategies, including zero landfill initiatives. Sonoco emphasizes its commitment to global sustainable packaging and recognizes her leadership as crucial for achieving sustainability goals. The awards ceremony will be held at WasteExpo, May 1-4, 2023, in New Orleans.
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