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) 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.
Sonoco (NYSE: SON) has declared a quarterly dividend of $0.49 per share, payable on March 10, 2023, to shareholders of record by February 22, 2023.
This marks the 391st consecutive quarter of dividend payments, a record dating back to 1925. The company has increased its dividend for 39 consecutive years, showcasing strong financial performance and commitment to returning value to shareholders. The last dividend increase occurred in March 2022, with further adjustments expected to be discussed in the April board meeting.
Sonoco Products Company (NYSE: SON) reported record financial results for the fourth quarter and full year 2022, highlighted by a 16% revenue increase in Q4 and a 30% annual growth in net sales, reaching $7.3 billion, driven by strategic pricing and successful acquisitions, including Metal Packaging. GAAP earnings per share (EPS) rose by 48% in Q4 to $0.98 and by 65% for the full year to $4.72. The company also reaffirmed its commitment to ESG initiatives. Although cash flow from operating activities improved, total debt rose significantly due to acquisition financing. Guidance for Q1 2023 estimates base EPS between $1.15 to $1.25.
Sonoco (NYSE: SON), a leading global sustainable packaging company, has announced significant upcoming investor events. The Fourth Quarter and Full Year 2022 Earnings Call is scheduled for February 9, 2023, with a press release set to be issued on February 8, 2023. Additionally, Sonoco will present at the Bank of America Global Agriculture & Materials Conference on March 1, 2023, and will engage in one-on-one meetings with investors. On March 14, 2023, Sonoco will participate in the NYSE Materials Virtual Investor Access Day, offering further one-on-one meeting opportunities.
Founded in 1899, Sonoco generated approximately $5.6 billion in net sales in 2021, emphasizing its commitment to sustainability.
Sonoco (NYSE: SON) has achieved a Gold Medal rating from EcoVadis for the second consecutive year, placing it in the top 5% of over 100,000 global organizations. The Vice President of Environmental Sustainability, Elizabeth Rhue, emphasized the importance of sustainable practices in today’s market. Sonoco has also been recognized on Barron's ‘100 Most Sustainable Companies’ list for four years and ranked first in the Packaging Sector on Fortune's World's Most Admired Companies list for 2022. The company reported net sales of approximately $5.6 billion in 2021.
Sonoco (NYSE: SON) has appointed Steven L. Boyd to its Board of Directors as of December 9, 2022. Boyd brings over 35 years of experience in the Consumer Packaged Goods sector, having held leadership roles at Tate & Lyle, The Coca-Cola Company, and The Dial Corporation. His expertise in sales innovation and consumer products is expected to enhance Sonoco's strategic direction. Boyd will serve on the Audit Committee and the Employee and Public Responsibility Committee, aligning with Sonoco's commitment to social impact and sustainability.
On November 22, 2022, Sonoco ThermoSafe, a unit of Sonoco (NYSE:SON), announced a global lease agreement with LATAM Cargo for the Pegasus ULD® temperature-controlled shipping container. This agreement allows pharmaceutical freight forwarders to access the Pegasus ULD® directly through LATAM Cargo. The Pegasus ULD® is the first FAA and EASA-approved passive bulk temperature-controlled container, designed for efficient and cost-effective air freight handling. It features advanced materials and an integrated telemetry system for real-time data monitoring.
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