Sonoco Prod Stock Price, News & Analysis

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.

Sonoco reported record net sales of $1.77 billion for Q1 2022, up 30.9% from Q1 2021, and GAAP earnings per diluted share of $1.17, a 65% increase year-over-year. Base earnings reached a record $1.85 per diluted share. The company updated full-year base earnings guidance to $5.25 to $5.45 per share. Despite strong growth in Consumer and Industrial Paper Packaging segments, cash flow from operations fell to $1.1 million, down from $138.7 million last year. Total debt increased to $3.17 billion as of April 3, 2022, reflecting acquisition financing.

The Board of Directors of Sonoco (NYSE: SON) has announced a quarterly common stock dividend increase of approximately 9%, raising it to $0.49 per share from $0.45. This dividend will be paid on June 10, 2022, to shareholders of record as of May 10, 2022. The annual payout increases from $1.80 to $1.96 per share, reflecting an 8.9% rise. With this announcement, Sonoco marks its 388th consecutive quarter of dividends and 40th consecutive year of increases, providing a yield of around 3.0%, which is more than double that of the S&P 500 Index.