Welcome to our dedicated page for Sonoco Products news (Ticker: SON), a resource for investors and traders seeking the latest updates and insights on Sonoco Products stock.
Sonoco Products Company reports recurring developments tied to its global packaging operations, including Consumer Packaging and Industrial Paper Packaging. News commonly covers quarterly and annual results, guidance, segment performance, portfolio simplification, capital allocation and common-stock dividends.
Company updates also address pricing for uncoated recycled paperboard, tubes, cores and converted paperboard products in North America and EMEA, along with capacity investments such as paper can production and nailed wood reel manufacturing. Sonoco news frequently connects these actions to demand in food, beverage, household, personal care, pharmaceutical, industrial and infrastructure-related packaging markets.
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Sonoco (NYSE: SON) reported a fourth-quarter 2020 GAAP loss of $(0.12) per diluted share, down from $0.44 in 2019, and full-year GAAP earnings of $2.05 per share, compared to $2.88 in 2019. The fourth quarter included net after-tax charges of $0.94 per share, primarily from asset impairments and the sale of its Europe contract packaging business for $120 million. Net sales rose 5.2% to $1.38 billion, while full-year sales declined to $5.24 billion. Guidance for Q1 2021 estimates earnings between $0.80 and $0.90 per share, with full-year 2021 earnings projected between $3.40 and $3.60 per share.
Sonoco (NYSE: SON) has increased its quarterly dividend by approximately 5%, raising it to $0.45 per share from $0.43, effective March 10, 2021, for shareholders on record as of February 24, 2021. This change leads to an annual dividend payout of $1.80 per share, marking a 4.7% increase. This is the 383rd consecutive quarter the company has paid dividends, and the 38th consecutive year it has raised its dividend. The current dividend yield is approximately 3.0%, nearly double that of the S&P 500 Index, showcasing Sonoco's financial strength and commitment to shareholder value.
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Sonoco has announced a 6% price increase for all paperboard tubes and cores, effective March 1, 2021, in the U.S. and Canada. This decision is driven by rising costs of uncoated recycled paperboard, its main raw material, attributed to high demand and limited supply. As the largest producer of paper-based tubes and cores in North America, Sonoco aims to maintain pricing competitiveness while addressing increasing operational costs. The company's ongoing commitment to sustainability underpins its operations, with annualized net sales of approximately $5.4 billion.
Sonoco (NYSE: SON) is increasing prices for all grades of uncoated recycled paperboard (URB) by $50 per ton, effective March 1, 2021, across the United States and Canada. This decision follows the ongoing challenges of extended order backlogs at its mills and rising input costs, notably freight. Sonoco, with annual sales of approximately $5.4 billion and a workforce of 23,000, emphasizes its commitment to sustainability and its position as a leader in the packaging sector.
Sonoco (NYSE: SON) has partnered with Integrated Systems, Inc. to enhance its advanced manufacturing automation strategy. This collaboration aims to improve the efficiency of Sonoco's global manufacturing operations by leveraging ISI's 25 years of automation experience.
ISI will support Sonoco in developing and executing its automation strategy, including designing, building, and programming custom robotics systems. The partnership reflects Sonoco's commitment to innovation, with annual capital dedicated to automation projects that will address complex production challenges.
Sonoco (NYSE:SON) announced a price increase of 8% on CPET and PP thermoformed plastic trays and bowls, effective February 22, 2021. The company cites ongoing inflation and rising costs as the primary reasons for this adjustment. Rolfe Olsen, Segment Vice President, emphasized that despite efforts to offset these costs through manufacturing productivity and supply chain optimization, the current economic conditions necessitate passing costs to customers.
Sonoco (NYSE: SON) has announced its schedule for upcoming investor conference calls to discuss quarterly financial results. The calls will occur on specific dates for each quarter in 2021, beginning with the Fourth Quarter 2020 results on February 11, 2021, at 11 a.m. ET. Following this, the First Quarter 2021 results will be discussed on April 22, 2021, with the same timing for subsequent quarters. The live webcasts will be available on their website, with replays accessible for seven days post-event.
Sonoco-Alcore S.a.r.l. has announced a 7% price increase for paper-based tubes and cores, effective from January 18, 2021. This decision aims to address rising costs that the company has absorbed through optimization efforts. Karsten Kemmerling, Director of Sales and Marketing, emphasized the necessity of this adjustment to secure materials and maintain a robust supply chain. Sonoco-Alcore operates 29 plants and 5 mills across Europe, contributing to Sonoco's overall operations.