Sonoco Declared Robust Financial Results in Q3 2022

SEATTLE (Scrap Monster): Hartsville, S.C-headquartered leading global packaging company, Sonoco, announced strong financial results for its third          quarter ended October 2, 2022. The quarterly results exceeded the high end of guidance.

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The company’s operating profit surged higher by 44% from $127 million in Q3 2021 to $182 million. The net income attributable to the company too recorded 10% jump from $111 million to $122 million. The earnings per diluted share in Q3 was $1.24, compared with $1.12 in the corresponding quarter a year before. The net sales registered significant year-on-year surge by 34% from $1,415 million to $1,890 million.

The cash and cash equivalents at the end of Q3 stood at $182 million, as compared to $171 million at the end of 2021. The total debt increased to $1,529 million from end-2021. Also, the available liquidity totalled $647 million.

Commenting on the results, Howard Coker, President and CEO of Sonoco noted that the company delivered another strong quarter of results from stable consumer demand and improving supply conditions. The initial start-up of #10 URB machine in the Hartsville Mill Complex will improve its papermaking efficiency. The planned acquisition of Skjern Paper in Denmark will expand Sonoco’s paper production capability, he added.