Scrap Monster
Vulcan
Paper Recycling February 18, 2020 03:30:43 PM

Sonoco Achieved Solid Results Despite Challenging Market Conditions

Paul Ploumis
ScrapMonster Author
The company base earnings for the initial quarter of 2020 to range between $0.83 and $0.89 per diluted share.

Sonoco Achieved Solid Results Despite Challenging Market Conditions

SEATTLE (Scrap Monster): Hartsville, S.C.-based packaging major, Sonoco delivered solid results for the fourth quarter and full-year 2019, amidst challenging market conditions.

During Q4 ’19, the company reported net sales of $1.3 billion, which is down by 3.4% from the previous year quarter. The net income too reduced from $77.7 million or $0.77 per diluted share in Q4 ’18 to $44.9 million or $0.44 per diluted share. The gross profits recorded 2.9% year-on-year decline to $246.9 million.

Meantime, Sonoco’s net sales at $5.37 billion in 2019, was down from $5.39 billion in 2018. The net income in 2019 was $291.8 million or $2.88 per diluted share. This compares with $313.6million or $3.10 per diluted share in 2018. The yearly gross profits hit record highs of $1,057.8 million.

ALSO READ:

Sonoco Completes Acquisition of TEQ

Sonoco Announces Latest Addition to New EnviroFlex Packaging Solutions

The company base earnings for the initial quarter of 2020 to range between $0.83 and $0.89 per diluted share. The full year 2020 base earnings are likely to be in the range $3.60 to $3.70 per diluted share. The cash flow from operations are projected to range between $625 million to $645 million.

Commenting on the results, Howard Coker, President and Chief Executive Officer, Sonoco noted that it achieved better than the mid-point of its base earnings guidance in Q4 ’19.  However, the company managed to deliver solid results in 2019, he added.

SM Newsletter
Subscribe to SM mailing list and get updates to your inbox
Facebook Twitter Linkedin Instagram