SON 8-K: Sonoco Q1 adjusted EPS $1.40 (-24% YoY); raises FY23 guidance, dividend $0.51

Sonoco Q1 adjusted EPS $1.40 (-24% YoY); raises FY23 guidance, dividend $0.51

SONOCO PRODUCTS CO

2023-Q1 EPS reported $1.50 revenue$1,386,972,000

GAAP EPS $1.50 (up 28% YoY) on net sales $1.73B (-2%); GAAP operating profit $230M (+36%).

Full-year 2023 guidance raised, citing strength of operating model.

Quarterly dividend increased to $0.51 per share; 40th straight annual increase.

Adjusted EPS $1.40 (-24% YoY); adjusted EBITDA $276M (-13%).

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SONOCO PRODUCTS CO reported first quarter ended April 2, 2023 results: revenue $ 1,730, net income $ 148, EPS $ 1.50. Guidance raised.

Period: first quarter ended April 2, 2023
Revenue: $ 1,730
Net income: $ 148
EPS: $ 1.50
Guidance: raised
Result: reported results

Exact text from the filing

May 1, 2023 Sonoco Reports Strong First Quarter Results: Raises Full Year 2023 Guidance Hartsville, S.C., U.S. - Sonoco Products Company (“Sonoco” or the “Company”) (NYSE: SON), one of the largest sustainable global packaging companies, today reported financial results for its first quarter ended April 2, 2023. Highlights • First-quarter results met the high end of the previously provided quarterly guidance • Raising full year guidance based on strength of operating model • Continued progress on strategic priorities including portfolio optimization • Increased quarterly cash dividend to $0.51 per share; 40 th straight year of annual dividend increases • Released annual Corporate Responsibility Report, which highlighted commitments to ESG initiatives First Quarter 2023 Consolidated Financial Results (Dollars in millions except per share data) Three Months Ended GAAP Results April 2, 2023 April 3, 2022 Change Net sales $ 1,730 $ 1,771 (2) % Operating profit $ 230 $ 169 36 % Net income at

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