Sonoco Q3 GAAP EPS $0.51, Adj EPS $1.49; Eviosys acquisition on track, TFP review ongoing

SONOCO PRODUCTS CO

2024-Q3 EPS reported $2.09 revenue$1,354,652,000

GAAP net income $51M ($0.51 EPS), down 61% YoY; adjusted net income $148M ($1.49 EPS), up 2%.
Revenue $1,676M (-2% YoY); operating profit $128M (-21% vs. prior year).
Productivity savings of $39M in Q3 and $141M year-to-date; generated $438M operating cash flow YTD.
Eviosys acquisition (~$3.9B) on track for Q4 close; financing secured via term loans and note offering.
Strategic review of Thermoformed & Flexible Packaging business underway; full-year Adj. EBITDA and cash flow guidance reaffirmed.

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