Sonoco Prod Stock Price, News & Analysis

Sonoco-Alcore S.a.r.l., a subsidiary of Sonoco (NYSE:SON), announced a price increase of €50 per tonne on all recycled paperboard grades in the EMEA regions effective September 1, 2021. This decision is attributed to ongoing inflationary pressures affecting costs related to energy, waste paper, chemicals, packaging, and freight. Division Vice President Phil Woolley noted that despite efforts to mitigate these costs, they must now be passed on to the market. Further price increases may be considered before year-end as market conditions evolve.

Sonoco ThermoSafe, part of Sonoco (NYSE:SON), has forged a global partnership with Korean Air to lease the Pegasus ULD® temperature-controlled shipping container. This agreement allows pharmaceutical freight forwarders direct access to Pegasus ULDs through Korean Air, enhancing logistical efficiency. The Pegasus ULD® is the first FAA and EASA-approved passive bulk container for pharmaceuticals, designed for rapid international shipping. The partnership will incorporate the ICN airport into Sonoco ThermoSafe's network, providing support services through collaboration with Unilode.

Sonoco (NYSE: SON) announced a price increase of at least 8% for all paperboard tubes and cores in the U.S. and Canada, effective September 10, 2021. This decision is driven by significant market tightness and inflationary cost pressures on primary raw materials, including uncoated recycled paperboard and adhesives. Doug Schwartz, Division Vice President, emphasized the company's commitment to quality and service despite these challenges. Sonoco is the largest producer of paper-based tubes and cores in North America, serving various industries.

Cascades Sonoco has achieved SQF certification for its Birmingham facility, a significant milestone confirming adherence to the Safe Quality Food standards recognized globally for food safety. This certification enhances the company's ability to assure customers about the safety and reliability of their products across the food supply chain, including food manufacturing and animal feed production.

Jeff Stacy, Market Segment Manager, emphasized the importance of this certification in demonstrating their commitment to food safety and operational excellence.

Sonoco (NYSE: SON) announced a $70 per ton price increase for all grades of uncoated recycled paperboard (URB) in the U.S. and Canada, effective September 7, 2021. This decision responds to strong demand within the company’s mill network, resulting in historic order backlogs, and ongoing inflationary pressures affecting papermaking costs. Founded in 1899, Sonoco serves global brands with approximately $5.2 billion in annual net sales and a workforce of 19,000 employees across 34 countries.

Sonoco (NYSE: SON) released its 2020-21 Corporate Responsibility Report, outlining 2030 commitments to enhance sustainability by reducing energy, greenhouse gas emissions, water usage, and waste. The report emphasizes ambitious emissions reduction targets approved by the Science Based Targets initiative. Key initiatives include an investment of $115 million in Project Horizon, aimed at becoming the lowest-cost producer of uncoated recycled paperboard with a capacity of 180,000 tons and significant environmental benefits. Elizabeth Rhue will lead sustainability initiatives.

Sonoco (NYSE: SON) reported a GAAP net loss of $(3.34) per diluted share for Q2 2021, compared to earnings of $0.55 in the same period last year. The loss included $418.7 million in after-tax charges, primarily due to a non-cash pension settlement charge. However, base earnings increased to $0.84 per diluted share from $0.79. Q2 net sales rose 11% to $1.38 billion. The company expects Q3 base earnings between $0.87 and $0.93 and full-year earnings at $3.50 to $3.60 per share, maintaining previous guidance. Sonoco also committed to significant greenhouse gas emissions reductions by 2030.

The Board of Directors of Sonoco (NYSE: SON) declared a quarterly dividend of $0.45 per share, payable on September 10, 2021, to shareholders of record as of August 10, 2021. This marks the 385th consecutive quarter of dividend payments, dating back to 1925, and the company has raised dividends for 38 consecutive years. The dividend yield stands at 2.73%, significantly higher than the S&P 500 Index. Sonoco, a leading provider of packaging solutions, reported annualized net sales of approximately $5.2 billion.

Sonoco (NYSE: SON) has announced its commitment to reduce greenhouse gas emissions as part of its environmental initiative, aligning with the Paris Climate Agreement. The company aims to cut absolute scope 1 and 2 emissions by 25% by 2030 from a 2020 base year and scope 3 emissions by 13.5% from a 2019 base year. Sonoco is also pursuing a goal of achieving net-zero emissions by 2050. The initiative is backed by the Science Based Targets initiative (SBTi) and will involve sustainability metrics integrated into business strategies.