Welcome to our dedicated page for Sonoco Prod news (Ticker: SON), a resource for investors and traders seeking the latest updates and insights on Sonoco Prod stock.
Sonoco Products Company (NYSE: SON) is a global packaging company focused on value-added, sustainable metal and fiber consumer and industrial packaging. As a long-established issuer with stock listed on the New York Stock Exchange, Sonoco regularly publishes news that is relevant to investors, analysts and stakeholders following SON shares.
News about Sonoco often centers on quarterly and annual financial results, where the company reports net sales, operating profit, adjusted operating profit, adjusted EBITDA and segment performance for its Consumer Packaging and Industrial Paper Packaging businesses. These releases frequently include management commentary on price/cost dynamics, productivity initiatives, acquisitions such as the Metal Packaging EMEA (Eviosys) business, and divestitures of non-core operations.
Another recurring theme in Sonoco’s news flow is its portfolio transformation. The company has issued announcements about the sale of its Thermoformed and Flexibles Packaging and global Trident businesses and the agreement and completion of the sale of its ThermoSafe temperature-assured packaging unit to an affiliate of Arsenal Capital Partners. These items explain how Sonoco is simplifying its portfolio into two core global segments and using net proceeds to reduce debt and leverage.
Sonoco also issues dividend declarations, highlighting its 100-year history of dividend payments and decades of consecutive annual dividend increases. Additional releases cover capital investments, such as expanding production capacity in the adhesives and sealants market, and organizational updates, including changes to the Consumer Packaging structure and leadership appointments in EMEA/APAC and the Americas.
Investors and observers can use Sonoco’s news stream to follow developments in its global metal and fiber packaging operations, track progress on its transformation strategy, and understand how management views market conditions and future priorities.
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.
Sonoco (NYSE: SON) announced significant advancements in its Project Horizon, investing $115 million to convert its corrugated medium machine in Hartsville, S.C. to an uncoated recycled paperboard (URB) operation, with a target annual capacity of 180,000 tons. The transition is expected to be completed by Q2 2022 and will include upgrades to the infrastructure. The project aims for $30 million in annual cost savings by 2023, while exiting the corrugated medium market and shutting down two URB machines, reducing capacity by 70,000 tons. Sonoco operates 11 mills and expects URB capacity to stabilize at 1.2 million tons.
On June 30, 2021, Sonoco (NYSE: SON) announced a new five-year $750 million revolving credit facility, replacing its previous $500 million line established in 2017. The Credit Agreement enhances financial flexibility and features similar terms. This facility will support Sonoco’s $500 million commercial paper program, with a borrowing margin of 125 basis points based on current credit ratings. The banking syndicate includes notable institutions like BofA Securities and JPMorgan Chase. Sonoco, founded in 1899, reported approximately $5.2 billion in annual net sales.