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) has appointed Shawn Munday as Vice President of Global Mergers and Acquisitions, reporting to CFO Rob Dillard. Munday brings over 20 years of experience from investment banking and financial consulting, previously serving as an award-winning Professor of Finance at UNC. His role will focus on leading Sonoco's business development strategies, including M&A and divestitures, aimed at optimizing the company's portfolio and driving value for customers and shareholders. Sonoco reported annualized net sales of approximately $5.2 billion and is recognized for its sustainable practices.
Sonoco ThermoSafe, a unit of Sonoco (NYSE:SON), has entered a global partnership with American Airlines Cargo to lease the Pegasus ULD® passive temperature-controlled bulk shipping container. This innovative container, made from composite materials, is lightweight and damage-resistant. It is the first FAA and EASA-approved bulk temperature-controlled container for pharmaceuticals and includes real-time tracking and temperature monitoring capabilities. The partnership aims to enhance transportation for time-sensitive shipments in the healthcare sector, leveraging American Airlines' extensive cold-chain network.
On August 31, 2022, Sonoco (NYSE: SON) announced the immediate resignation of board member Sundaram Nagarajan. Nagarajan, who has served on the board since 2015, cited personal reasons for his departure. He is also the President and CEO of Nordson Corporation (NASDAQ: NDSN). Sonoco's Chairman, John R. Haley, praised Nagarajan for his contributions and insights during his tenure.
Founded in 1899, Sonoco is a major provider of sustainable packaging solutions, reporting net sales of approximately $5.6 billion in 2021 and operating in over 32 countries.
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.
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