Sonoco Reports 4Q, Full Year 2022 Results

Sonoco Products Company reported financial results for its fourth quarter and full year, which ended

Net sales increased 30% year over year to $7.3 billion driven by strategic pricing performance and strong results from the Sonoco Metal Packaging acquisition. These increases were partially offset by lower volumes in industrial paper products and the impact of foreign currency exchange. Operating profit was $675 million, up 39%, while net income was $466 million, up from a loss of $85 million in 4Q 2021.

Net sales in 4Q 2022 were $1.68 billion, up 16%. Operating profit was $127 million, up 21%, while net income was $97 million, up 49%.

“2022 was a year of record performance and meaningful change at Sonoco. We are executing our focused portfolio strategy and are investing in our businesses to drive growth and profitability,” said Howard Coker, Sonoco’s president and CEO. ” Our talented teams executed well in dedication to our customers despite a challenging macro environment. We made further progress on our portfolio simplification strategy and invested in organic growth and accretive acquisitions in our larger, core businesses. This progress coupled with effective commercial excellence enabled a positive step change improvement in profitability for the company.”