Sonoco Reports Q2 Net Sales of $1.91 Billion

sonocoNet sales for Q2 2022 hit a record $1.91 billion, compared to last year’s Q2 sales of $1.38 billion. This growth was driven by strong price performance and continued good results from the acquisition of Metal Packaging. These positive factors were partially offset by the negative impact of currency translation.

2Q 2022 GAAP net income was $131.7 million, or $1.33 per diluted share, compared to a loss of ($334.1) million, or $(3.34) per diluted share, at 2Q 2021.

GAAP gross margin was $387.0 million in 2Q 2022, compared to $262.7 million in the same period of 2021. Quarterly gross margin as a percentage of sales was approximately 20%, compared to approximately 19 % in 2Q 2021.

For the first six months of 2022, net sales hit a record $3.68 billion, up $948.3 million from $2.74 billion in the first six months of 2021. Sales increased by around 35% in the first half of the year, thanks to a solid price performance and added sales from the acquisition of Metal Packaging. These positive factors were partially offset by the negative impact of exchange rates and the disposal in April 2021 of the display and packaging business in the United States.

Founded in 1899, Sonoco is a global supplier of consumer, industrial, healthcare and protective packaging.

Ann J. Cox