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 has validated the HolyGrail 2.0 sorting prototype, achieving a 99% detection rate for packaging waste, following successful semi-industrial trials. This initiative, led by AIM and the Alliance to End Plastic Waste, aims to enhance recycling quality in the EU through digital watermarking technology. Sonoco's trials demonstrated that 96% of its rigid paper containers were correctly detected, positioning the company as a key player in sustainable packaging. With over 160 partners involved, this advancement may have significant global implications for recycling efficiency.
Sonoco has announced the election of Robert R. Hill, Jr. as Lead Independent Director, succeeding James M. Micali, who is retiring after 19 years of service. Hill brings over 27 years of experience at SouthState Corporation and has been on Sonoco's board since 2019. Micali, 74, had a notable career, including his role as President of Michelin North America. Hill's leadership is expected to enhance corporate governance and strategic oversight as he also chairs the Governance Committee and serves on other key committees.
On June 15, 2022, Sonoco (NYSE: SON) announced the appointment of Rob Dillard as Chief Financial Officer, effective July 1, 2022. Dillard, previously the Chief Strategy Officer, will oversee global finance functions including audit, financial reporting, and risk management. He has been with Sonoco since 2018, leading corporate strategy, including the $1.35 billion acquisition of Ball Metalpack. Dillard brings extensive experience from previous roles at Domtar and Stanley Black and Decker, as well as investment banking at UBS. The company generated approximately $5.6 billion in net sales in 2021.
Sonoco (NYSE: SON) announced the departure of CFO Julie Albrecht, effective June 30, 2022. Albrecht has been with Sonoco since 2017, serving as CFO since March 2019. During her tenure, she improved cash flow, managed pension plans, and facilitated over $2 billion in acquisitions. The company is currently searching for her successor. Albrecht holds over 30 years of finance experience and has notably contributed to Sonoco's finance and inclusion initiatives. Sonoco reported net sales of approximately $5.6 billion in 2021 and continues to be recognized for its sustainable practices.
Sonoco (NYSE: SON) announced favorable results from a collaboration with Sustana and Kellogg’s, confirming the recyclability of paper containers with steel bottoms. These findings enable Sonoco to enhance its sustainable packaging efforts, allowing paper products to be processed in the paper stream. The study validated that the fiber components of paper containers can be recycled into usable paperboard, supporting a circular economy. Sonoco aims to close the loop in recycling, particularly in food packaging, and continues to lead in sustainability practices.
Sonoco (NYSE: SON) announced a price increase of a minimum of 6% for all paperboard tubes and cores, effective June 10, 2022, in the U.S. and Canada. This decision comes in response to ongoing market tightness and inflationary pressures, particularly from rising paperboard prices and higher labor costs. Doug Schwartz, Division Vice President, emphasized the company's commitment to quality and service amidst these challenges. Sonoco is the largest producer in North America for these products, which cater to multiple industries including paper, plastic film, and textiles.
Sonoco (NYSE: SON) announced that its EnviroFlex™ PE packaging line has been pre-qualified for the How2Recycle® Store Drop-off label, enhancing its sustainability credentials. This suite includes recyclable solutions like the EnviroFlex™ PE Premade Pouches, Rollstock, and Cold Seal Flow Wrap. The initiative aligns with Sonoco's commitment to sustainable packaging through its EnviroSense® portfolio. President Russell Grissett emphasized the importance of this label in helping brands achieve their recyclability goals and enhancing consumer trust.
Sonoco (NYSE: SON) is raising prices by $50 per ton for all grades of uncoated recycled paperboard (URB) in the U.S. and Canada, effective May 30, 2022. The increase reflects ongoing tight market conditions and inflationary pressures impacting manufacturing costs, including energy and labor. Tim Davis, Division VP and General Manager, noted that challenges from 2021 persist, with strong demand and increasing backlogs. Sonoco recorded net sales of $5.6 billion in 2021 and continues to prioritize sustainability, ranking highly in several industry recognitions.
On April 25, 2022, Sonoco (NYSE: SON) announced Lisa Weeks as the new Vice President of Investor Relations, succeeding Roger Schrum, who is retiring after 16 years. Weeks brings extensive experience from Benchmark Electronics, where she was Senior VP and Chief Strategy Officer. Sonoco highlighted her strategic and operational skills will aid in communicating the company's vision to shareholders. Founded in 1899, Sonoco reported net sales of $5.6 billion in 2021 and is committed to sustainability and innovation in packaging.
Sonoco (NYSE: SON) reported record first-quarter 2022 net sales of $1.77 billion, up 30.9% from $1.35 billion in 2021, driven by price increases and the acquisition of Ball Metalpack. GAAP earnings were $1.17 per diluted share, an increase from $0.71 per share a year ago. Base earnings reached $1.85 per diluted share compared to $1.00 in the prior year. Full-year base earnings guidance improved to $5.25 to $5.45 per diluted share, up from $4.60 to $4.80. However, cash flow from operations decreased to $1.1 million from $138.7 million.
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