04.28.22
Sonoco reported financial results for its first quarter ended April 3, 2022.
First quarter 2022 net sales were a record $1.77 billion, compared with $1.35 billion in the same period in 2021. First quarter 2022 GAAP earnings per diluted share were $1.17, compared with $0.71 in the same period in 2021.
Base net income attributable to Sonoco (base earnings) for the first quarter 2022 was a record $1.85 per diluted share, compared with $1.00 per diluted share in the same period of 2021.
Cash flow from operations was $1.1 million in the first quarter of 2022, compared to $138.7 million in the same period of 2021. Free cash flow was a use of $66.3 million in the first quarter of 2022, compared with $99.4 million generated in the same period of 2021.
“Our Sonoco team delivered exceptional top-line and bottom-line results during the first quarter which exceeded the high end of our recently increased guidance and were driven by record performances in our Consumer Packaging and Industrial Paper Packaging segments,” Howard Coker, president and CEO, said. “We welcomed Ball Metalpack (Metal Packaging) to the Sonoco family on January 26, 2022, and were very pleased with their better-than-expected first-quarter results.
"Our Consumer Packaging segment achieved record sales and operating profit grew over 113% versus the prior-year period due primarily to the earnings added by Metal Packaging, a positive price/cost relationship, productivity improvements and solid gains in volume/mix,” added Coker. “Our Industrial Paper Packaging segment also produced record sales and operating profit, which improved almost 39% over the prior year period due primarily to positive price/cost recovery. Finally, despite strong volumes and solid price/cost results, the All Other group of businesses experienced a 23% decline in operating profit due mostly to the 2021 divestiture of the US display and packaging business."
First quarter 2022 net sales were a record $1.77 billion, compared with $1.35 billion in the same period in 2021. First quarter 2022 GAAP earnings per diluted share were $1.17, compared with $0.71 in the same period in 2021.
Base net income attributable to Sonoco (base earnings) for the first quarter 2022 was a record $1.85 per diluted share, compared with $1.00 per diluted share in the same period of 2021.
Cash flow from operations was $1.1 million in the first quarter of 2022, compared to $138.7 million in the same period of 2021. Free cash flow was a use of $66.3 million in the first quarter of 2022, compared with $99.4 million generated in the same period of 2021.
“Our Sonoco team delivered exceptional top-line and bottom-line results during the first quarter which exceeded the high end of our recently increased guidance and were driven by record performances in our Consumer Packaging and Industrial Paper Packaging segments,” Howard Coker, president and CEO, said. “We welcomed Ball Metalpack (Metal Packaging) to the Sonoco family on January 26, 2022, and were very pleased with their better-than-expected first-quarter results.
"Our Consumer Packaging segment achieved record sales and operating profit grew over 113% versus the prior-year period due primarily to the earnings added by Metal Packaging, a positive price/cost relationship, productivity improvements and solid gains in volume/mix,” added Coker. “Our Industrial Paper Packaging segment also produced record sales and operating profit, which improved almost 39% over the prior year period due primarily to positive price/cost recovery. Finally, despite strong volumes and solid price/cost results, the All Other group of businesses experienced a 23% decline in operating profit due mostly to the 2021 divestiture of the US display and packaging business."