HARTSVILLE, S.C., Oct. 31, 2024 - Sonoco Products Company (“Sonoco” or the “Company”) (NYSE: SON), one of the largest sustainable global packaging companies, today reported financial results for its third quarter ended September 29, 2024.
Summary:
- Achieved GAAP net income attributable to Sonoco of $51 million, Adjusted EBITDA of $281 million, diluted earnings per share of $0.51 and Adjusted diluted earnings per share of $1.49
- Generated productivity improvements of $39 million during the third quarter of 2024 and $141 million during the first nine months of 2024
- Generated $438 million of operating cash flow and $171 million of Free Cash Flow during the first nine months of 2024
- Entered into an agreement on June 24, 2024, to acquire Eviosys for approximately €3.6 billion (approximately $3.9 billion); on track to complete the acquisition in the fourth quarter of 2024
- Secured financing for the Eviosys acquisition by entering into new term loan agreements and completing a public offering of senior unsecured notes
- Announced strategic review of the Thermoformed and Flexible Packaging (“TFP”) business to accelerate portfolio simplification; review expected to be completed in the fourth quarter of 2024
- Reaffirms full year 2024 guidance for Adjusted EBITDA and operating cash flow (excluding effects of the pending Eviosys acquisition and potential divestitures)
Commenting on the Company’s outlook, Sonoco’s President and CEO, Howard Coker, said, “Our earnings and cash results year-to-date keep us on track to deliver within our annual guidance range for 2024. We are excited about the anticipated completion of the pending Eviosys acquisition, which we expect will bring incremental growth to our metal packaging business and continue the transformation and simplification of our portfolio.”
Source: Sonoco
