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.
On August 30, 2022, Sonoco-Alcore S.a.r.l. announced a price increase of 70 EUR/ton for tube and core grades in its EMEA regions, effective September 1, 2022. This decision was driven by ongoing inflationary pressures, including surging costs for gas and electricity, which the company can no longer absorb. Division VP Karsten Kemmerling emphasized the need to cover these costs to maintain operational stability, while ensuring supply security and quality. No shortages are anticipated at this time.
Sonoco, a leader in sustainable packaging, has announced a series of upcoming investor events. Key highlights include:
- Presentation at the Bank of America Sustainability Conference on September 1, 2022, at 9:30 AM ET.
- Investor tour at the Elk Grove facility on September 7, 2022, at 2:15 PM ET.
- 3rd Quarter Earnings Call on November 1, 2022, at 8:30 AM ET, with a new schedule for earnings releases.
- Presentations at the Global Baird Industrials Conference on November 10, and Citi Basic Materials Conference on November 30, 2022.
Sonoco-Alcore S.a.r.l. announced a price increase of €70 per tonne on all recycled paperboard grades in its EMEA regions, effective from September 1, 2022. This decision is driven by escalating energy costs and uncertainty in the market as winter approaches. Vice President Phil Woolley noted that the company may need to implement further increases or surcharges depending on the evolving energy situation. Sonoco, which operates 24 tube and core plants and five paperboard mills in Europe, is wholly owned by Sonoco (NYSE:SON), a global packaging provider with 2021 net sales of approximately $5.6 billion.
Sonoco Products Company (NYSE: SON) has promoted Aditya Gandhi to Chief Accounting Officer, effective immediately. He will oversee accounting and SEC reporting functions and partner with senior leaders to improve efficiency and effectiveness within the company. Gandhi brings nearly two decades of experience, having held significant roles at Westrock and Deloitte. Sonoco, with net sales of approximately $5.6 billion in 2021 and a workforce of about 22,000 across 32 countries, continues to focus on sustainable packaging solutions and maintaining its reputation as a leader in the industry.
Sonoco (NYSE: SON) reported record net sales of $1.91 billion for Q2 2022, a 38% increase from $1.38 billion in Q2 2021. GAAP net income was $131.7 million, or $1.33 per diluted share, compared to a loss of $(334.1) million in 2021. Base net income reached $173.8 million, up 85% year-over-year. The company expects Q3 base earnings between $1.35 and $1.45 per diluted share, with full-year guidance raised to $6.20-$6.30. Cash flow from operations is forecasted at $690-$740 million. CEO Howard Coker praised the strong performance despite foreign currency impacts.
Sonoco (NYSE: SON) has declared a quarterly dividend of $0.49 per share, payable on September 9, 2022, to shareholders of record as of August 10, 2022. This marks the 389th consecutive quarter of dividend payments, dating back to 1925. The dividend offers an approximate yield of 3.3%, significantly higher than the S&P 500 Index. In 2021, Sonoco reported net sales of $5.6 billion and continues its commitment to sustainability, ranking first in its sector on Fortune's list of the World’s Most Admired Companies for 2022.
Sonoco ThermoSafe has partnered with Turkish Airlines to lease the Pegasus ULD®, a temperature-controlled bulk shipping container designed for pharmaceutical transport. This partnership grants freight forwarders direct access to the Pegasus ULD® through Turkish Cargo, enhancing their cold chain services. The Pegasus ULD® is notable for being the first FAA and EASA-approved passive bulk container, which reduces freight costs and accelerates customs handling. Built with composite materials, it is lightweight and damage-resistant, featuring an integrated telemetry system for real-time monitoring.
Sonoco expands its paper cup recycling capabilities at its Hartsville, SC mill, adding to the acceptance of EnviroCan containers in residential mixed paper bales. This initiative follows prior validation across all U.S. paper mills for rigid paper cans. The goal is to enhance recycling processes and contribute to sustainability efforts. The company aims to recycle polycoated fiber-based containers, furthering its commitment to responsible material sourcing and creating a circular economy within the packaging industry.
Sonoco (NYSE: SON) announced an update for its second-quarter 2022 financial guidance, projecting net income per diluted share between $1.27 and $1.37, a strong improvement compared to a loss of ($3.34) in the same quarter last year.
Base net income is estimated to be between $1.60 and $1.70, over 70% higher than the previous year's $0.93. This optimistic outlook is attributed to robust customer demand, especially in the Consumer Packaging sector, and effective price recovery initiatives.
The company will announce its financial results on July 21, 2022, followed by an investor conference call.
FAQ
What is the current stock price of Sonoco Products Company (SON)?
What is the market cap of Sonoco Products Company (SON)?
What does Sonoco Products Company specialize in?
When was Sonoco Products Company founded?
How many employees does Sonoco Products Company have?
What recent sustainability initiatives has Sonoco undertaken?
What is the financial performance of Sonoco Products Company?
How does Sonoco engage with its investors?
What awards has Sonoco received?
What types of products does Sonoco manufacture?
Where can I find more information about Sonoco Products Company?
What brands does Sonoco serve?
