Sonoco Q1 GAAP EPS down 56% to $0.66; sells Protective Solutions for $82M, raises dividend

SONOCO PRODUCTS CO

2024-Q1 EPS reported $0.66 revenue$1,308,636,000

Net sales $1,638M (-5% YoY); GAAP operating profit $112M (-51%); GAAP net income $65M (-56%).
Adjusted EPS $1.12 (-20% YoY); Adjusted EBITDA $245M (-11%); productivity savings of $51M.
Completed sale of Protective Solutions on April 1 for $82M cash; proceeds used to reduce debt.
Quarterly dividend raised to $0.52/share (41st consecutive annual increase); reaffirmed operating cash flow guidance.
Revised adjusted EPS and EBITDA guidance downward to reflect the completed divestiture.

item 2.02 item 9.01

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 March 31, 2024 results: revenue $1,638 million, net income $65 million, EPS $0.66. Guidance reaffirmed.

Period: first quarter ended March 31, 2024
Revenue: $1,638 million
Net income: $65 million
EPS: $0.66
Guidance: reaffirmed
Result: reported results

Exact text from the filing

On April 30, 2024, Sonoco Products Company (the "Company") issued a news release reporting its financial results for the quarter ended March 31, 2024.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.7

SONOCO PRODUCTS CO updated its second quarter and full year 2024 guidance (reaffirmed).

Period: second quarter and full year 2024
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

The Company also provided guidance for the second quarter and full year 2024.

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379 earnings releases filed in the last 30 days. Browse all earnings releases →

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Source: SEC EDGAR

accession 0000091767-24-000026

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