Sonoco Q2 net sales down 11% to $1.71B; adjusted EPS $1.38 misses; full-year guidance lowered

SONOCO PRODUCTS CO

2023-Q2 EPS reported $2.66 revenue$1,337,589,000

Net sales $1,705M (-11% YoY); GAAP EPS diluted $1.16 (-13%); adjusted EPS $1.38 (-22%).
Adjusted EBITDA $275M, down 12% from $312M in Q2 2022.
Operating cash flow $349M in first six months; disciplined working capital management.
Full-year adjusted EPS and EBITDA guidance lowered due to customer destocking and weaker price/cost in Industrial.
Flexible packaging and rigid paper containers outperformed; metal packaging and industrial North America underperformed.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SONOCO PRODUCTS CO reported second quarter ended July 2, 2023 results: revenue $ 1,705, net income $ 115, EPS $ 1.16. Guidance lowered.

Period: second quarter ended July 2, 2023
Revenue: $ 1,705
Net income: $ 115
EPS: $ 1.16
Guidance: lowered
Result: reported results

Exact text from the filing

Second Quarter 2023 Consolidated Financial Results (Dollars in millions except per share data) Three Months Ended GAAP Results July 2, 2023 July 3, 2022 Change Net sales $ 1,705 $ 1,913 (11) % Operating profit $ 188 $ 197 (5) % Net income attributable to Sonoco $ 115 $ 132 (13) % EPS (diluted) $ 1.16 $ 1.33 (13) % Three Months Ended Non-GAAP Results (1)

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Source: SEC EDGAR

accession 0000091767-23-000038

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