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Sonoco Products Company reported first quarter 2024 financial results, including $166 million of operating cash flow and $80 million of Free Cash Flow. They achieved net income of $65 million, Adjusted EBITDA of $245 million, and increased their quarterly dividend. Sonoco revised Adjusted EPS and EBITDA guidance due to the sale of Protective Solutions, entered a Virtual Power Purchase Agreement, and released their 2023 Corporate Sustainability Report.
Net sales decreased 5% to $1.6 billion, with lower pricing and the treatment of recycling operations impacting results. Operating profit and net income attributable to Sonoco also decreased. Adjusted operating profit and EBITDA were lower due to volume decreases and unfavorable price/cost in segments. The company's President and CEO emphasized the progress made in portfolio alignment and strategic initiatives.
In segment results, the Consumer Packaging and Industrial Paper Packaging segments saw declines in net sales and operating profit. The All Other segment also experienced lower net sales, operating profit, and Adjusted EBITDA. Cash flow highlights showed an increase in operating cash flow, higher capital expenditures, and an increase in dividends paid.
Sonoco provided guidance for the second quarter and full year 2024, aiming for adjusted EPS of $1.25 to $1.35 for Q2 and $5.00 to $5.30 for the full year. The Company remains focused on portfolio simplification, financial discipline, and capital return to shareholders.
Sonoco (SON) is implementing a 6% price increase for tubes and cores in Mexico due to inflationary pressures and increased raw material costs, effective May 2024. The decision was made to support high-quality goods and services for customers despite market conditions.
