Sonoco 2018 Annual Report Boasts of Record Results Amidst Challenges

SEATTLE (Scrap Monster): Hartsville, South Carolina-headquartered diversified global packaging major Sonoco has announced publication of its 2018 Annual Report. The report titled “120 Years of Sonoco Strong: Building for the Next 120 Years” details the challenges faced by the company in 2018 and how it overcome those challenges successfully to end the year with record-setting results.

The company posted record net sales of $5.39 billion, surging higher by 7% from 2017, mainly on account of acquisitions. The higher selling prices also contributed to the notable sales jump. The net income attributable to Sonoco during 2018 at $3.10 per diluted share was considerably higher from $1.74 per diluted share in 2017. The gross profit too hit record highs of $1.04 billion in 2018. The cash generated from operations and free cash flow skyrocketed from $348.3 million and $11.5 million respectively in 2017 to $589.9 million and $260.2 million respectively in 2018.

Rob Tiede, President and CEO, Sonoco noted that the company produced extremely strong results in 2018, despite considerable headwinds including hurricanes, accelerating inflation, tariffs, escalating trade wars etc., The company’s strong, diversified portfolio has helped to weather storms on multiple fronts, he said. In 2018, the company achieved major sustainability goals and increased recyclability of its packaging, added Tiede.

Incidentally, Sonoco is celebrating its 120^th anniversary this year.