Sonoco Issues 2017 Annual Report to Shareholders
March 19 2018 - 6:50AM
Sonoco (NYSE:SON), one of the largest diversified global packaging
companies, announced today that its 2017 Annual Report to
Shareholders is now available on the Company's website at
investor.sonoco.com. The report, entitled A New Vision Leads to
Fresh Thinking, reviews Sonoco's 2017 financial performance and
details Sonoco’s entry into new “fresh and natural” markets along
the perimeter of the store.
“We achieved improved top-line and bottom-line results in 2017,
including record net sales, gross profits and base net income
attributable to Sonoco,” said Sonoco President and CEO Jack
Sanders.
2017 consolidated net sales were a record $5.04 billion, up
approximately $254 million. GAAP net income attributed to Sonoco
was $175.3 million or $1.74 per diluted share, reflecting net
after-tax charges totaling $106.4 million, or $1.05 per diluted
share consisting of pension settlement charges, tax charges related
to the implementation of the U.S. Tax Cuts and Jobs Act,
restructuring/asset impairment charges, and acquisition costs,
partially offset by insurance settlement gains. Base earnings for
2017 were $281.8 million or $2.79 per diluted share, compared with
$277.2 million or $2.72 per diluted share in 2016. Gross profit was
a record $949.4 million and base earnings before interest and taxes
increased 3 percent to $450 million.
In the report, Sonoco introduced its new 20/20 Vision targets,
which are focused on growing annual revenue to greater than $6
billion and improving current EBITDA (earnings before interest
taxes, depreciation and amortization over net sales) to
approximately 16 percent over the next three years.
“The world is changing, markets are changing, and technology is
changing, and we need to continue to evolve as a company if we are
going to remain a leader,” said Sanders. “Key to our growth
strategy is aligning our businesses with markets and trends poised
for gains. As we look to the future, this includes capitalizing on
emerging market growth, and on emerging trends in the supermarket.
One of the biggest consumer trends is emerging on the Perimeter of
the Store due to increasing demand for fresh foods, and we’ve been
thoughtfully reconfiguring our business to capitalize on this shift
through both acquisitions and organic growth.”
To learn more about Sonoco’s 2017 performance, 20/20 Vision and
growth in the fresh market, access the full report at
investor.sonoco.com.
Annual Meeting and Proxy InformationSonoco has
mailed the 2017 Annual Report, Form 10-K and proxy statement to its
shareholders in advance of its annual meeting, which will be held
on Wednesday, April 18, 2017, at the Center Theater, 212 North
Fifth Street, Hartsville, S.C., beginning at 11 a.m. ET.
Shareholders who are unable to attend the meeting in person can
still access a live webcast via investor.sonoco.com, under the
Webcasts section. Those planning to listen should connect to the
live webcast at least 10 minutes prior to the start. The meeting
webcast also will be archived on the Investor Relations section of
Sonoco's website, and a replay will be available at (855) 859-2056,
Conference #3295667, from April 18 at 2 p.m. EDT through April 28
at 2 p.m. EDT.
About SonocoFounded in 1899, Sonoco (NYSE:SON)
is a global provider of a variety of consumer packaging, industrial
products, protective packaging, and displays and packaging supply
chain services. With annualized net sales of approximately $5
billion, the Company has 21,000 employees working in more than 300
operations in 33 countries, serving some of the world’s best known
brands in some 85 nations. Sonoco is committed to Better Packaging.
Better Life., and ranked first in the Packaging sector on Fortune’s
World’s Most Admired Companies 2018 list. For more information
visit www.sonoco.com.
Contact:
Roger Schrum
+843-339-6018
roger.schrum@sonoco.com
Sonoco Products (NYSE:SON)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sonoco Products (NYSE:SON)
Historical Stock Chart
From Apr 2023 to Apr 2024