Sonoco Posted Record First Quarter 2022 Results

SEATTLE (Scrap Monster): Leading sustainable packaging company Sonoco reported record results during the first quarter of 2022.

Sonoco reported record net sales of $1.77 billion during the quarter. This compares with $1.35 million in the same quarter in 2021. The earnings per diluted share too edged higher from $0.71 to $1.17 over the year. The base earnings for Q1 2022 were a record $1.85 per diluted share, compared with $1.00 per diluted share in the corresponding period last year. The cash flow from operations was $1.1 million, compared with $137.8 million in Q1 2021, said the company press release.

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The company expects the Q2 2022 base earnings to be in a range of $1.20 to $1.30 per diluted share. It must be noted that the base earnings in Q2 2021 were $0.93 per diluted share. Sonoco updated its full-year base earnings forecast to $5.25-$5.45 per diluted share. The full year guidance for cash provided from operations has been kept unchanged at $690-$740 million. Also, it maintained the free cash flow guidance to $365-$415 million.

The exceptional top-line and bottom-line results during the first quarter exceeded the high end of its recently increased guidance, noted Howard Coker, President and Chief Executive Officer, Sonoco. The Consumer Packaging segment achieved record sales, with operating profits recording year-on-year surge by over 113%, he added.