Double-Digit Improvement to Top-line and
Bottom-line Drives Record Quarter ResultsCompany
Increases 2018 Full-Year Guidance
Sonoco (NYSE:SON), one of the largest diversified global packaging
companies, today reported financial results for its second quarter,
ending July 1, 2018.
Second Quarter Highlights
- Second-quarter 2018 GAAP earnings per diluted share were $0.88,
compared with $0.43 in 2017.
- Second-quarter 2018 GAAP earnings included after-tax charges of
$4.4 million related to restructuring and acquisition-related
expenses. In the second quarter of 2017, GAAP results included
$28.7 million, after tax, in charges for lump-sum pension
settlement distributions, restructuring-related activities and
acquisition expenses.
- Base net income attributable to Sonoco (base earnings) for
second quarter 2018 was $0.93 per diluted share, compared with
$0.71 in 2017. (See base earnings definition, explanation and
reconciliation to GAAP earnings later in this release.) Sonoco
previously provided second-quarter 2018 base earnings guidance of
$0.83 to $0.89 per diluted share.
- Second-quarter 2018 net sales were $1.37 billion, up 10.1
percent from $1.24 billion in 2017.
- Cash flow from operations was $251.2 million in the first half
of 2018, compared with $103.2 million in 2017. Year-to-date free
cash flow was $88.8 million, compared with $(69.3) million in 2017.
(See free cash flow definition and reconciliation to cash flow from
operations later in this release.)
- On May 29, 2018, Sonoco signed a definitive agreement with
Texpack, Inc. to acquire its 70 percent interest in the Conitex
Sonoco joint venture and Texpack's composite can operation in Spain
for approximately $143 million in cash. Conitex Sonoco is a
vertically integrated global leader in the manufacturing of
paper-based cones and tubes used in the textile industry. The
transaction is subject to normal international regulatory reviews
and is expected to close early in the fourth quarter of 2018.
Conitex Sonoco will be included in our Paper and Industrial
Converted Products Segment and the Spanish composite can operation
in our Consumer Segment.
Third Quarter and Full-Year Guidance Update
- Base earnings for the third quarter of 2018 are estimated to be
in the range of $0.82 to $0.88 per diluted share, compared to $0.76
per diluted share in the third quarter of 2017.
- Full-year 2018 base earnings guidance has been raised to $3.27
to $3.37 per diluted share, from the previous guidance of $3.22 to
$3.32 per diluted share, to reflect the Company's strong second
quarter results and expected solid second half results despite
additional expenses anticipated from recently enacted tariffs on
steel, aluminum and other products along with higher than
previously expected freight and other non-material inflation. This
new guidance does not include possible benefit from the expected
completion of the Conitex Sonoco acquisition.
- Full-year 2018 operating cash flow and free cash flow guidance
has been raised to a range of $570 million to $590 million and $190
million and $210 million, respectively.
Note: Third-quarter and full-year 2018 GAAP guidance are not
provided in this release due to the likely occurrence of one or
more of the following, the timing and magnitude of which we are
unable to reliably forecast: possible gains or losses on the sale
of businesses or other assets, restructuring costs and
restructuring-related impairment charges, acquisition-related
costs, and the income tax effects of these items and/or other
income tax-related events. These items could have a
significant impact on the Company's future GAAP financial
results.
CEO CommentsCommenting on the Company’s
second-quarter GAAP and base results, President and Chief Executive
Officer Rob Tiede said, "Sonoco produced an outstanding quarter as
our growing diversified mix of global packaging businesses improved
both the top-line and bottom-line by double-digits over prior-year
consolidated results. Net sales grew by 10.1 percent, while
operating profit improved 25.4 percent and net income attributable
to Sonoco gained 107.3 percent compared to last year. Base
operating profit and base net income attributable to Sonoco
improved 16.9 percent and 30.6 percent, respectively.
Second-quarter GAAP and base operating profit benefitted from a
positive price/cost relationship and improvements to productivity,
which were partially offset by operating cost inflation and higher
management incentives. Overall volume/mix was modestly higher
compared to the prior-year quarter, with each business segment
showing improvement. The year-over-year improvement also reflects a
lower effective tax rate due to the 2017 Tax Cuts and Jobs Act.
GAAP operating profit was further aided by lower restructuring and
impairment charges compared to 2017. In addition, cash flow from
operations and free cash flow were extremely strong during the
first six months of 2018, with cash flow from operations improving
approximately $148.1 million over the prior year.
“Net sales in our Consumer Packaging segment grew 18.2 percent
over the prior year, while operating profit improved by
approximately 5.5 percent. A positive price/cost relationship,
solid productivity gains, the benefit of acquisitions and a slight
improvement in volume/mix drove the second quarter operating profit
increase and more than offset higher operating inflation.
“Our Paper and Industrial Converted Products segment achieved a
record second-quarter operating profit, improving 35.4 percent from
last year, while net sales grew 1.1 percent. The gain in segment
operating profit was primarily driven by a positive price/cost
relationship and better volume/mix, which more than offset higher
operating costs.
“Our Protective Solutions segment produced a solid turnaround,
with operating profit improving 23.7 percent from last year as a
positive price/cost relationship and productivity improvements
helped offset higher operating inflation. Finally, our Display and
Packaging segment operating profit declined as volume growth, a
positive price/cost relationship and productivity improvements were
more than offset by a negative mix of business and higher operating
costs driven by the continued ramp up of operations at our new pack
center in Atlanta.”
Second Quarter ReviewNet sales for the second
quarter were $1.37 billion, an increase of $125.7 million, or 10.1
percent, from last year’s quarter. The improvement reflects an
increase in sales added by acquisitions, volume growth, the
positive impact of foreign exchange and higher selling prices
implemented to recover rising freight and other operating
inflation.
GAAP net income attributable to Sonoco in the second quarter was
$89.4 million, or $0.88 per diluted share, an increase of $46.3
million, compared with $43.1 million, or $0.43 per diluted share,
in 2017. Second-quarter GAAP earnings included after-tax charges of
$4.4 million related to restructuring and acquisition-related
expenses. In the second quarter of 2017, GAAP earnings included
$28.7 million after tax, related to lump-sum pension settlement
distributions, restructuring costs from previously announced plant
closures and acquisition-related expenses. Adjusted for these
items, base earnings in the second quarter were $93.8 million, or
$0.93 per diluted share, an increase of $22.0 million compared with
$71.8 million, or $0.71 per diluted share, in 2017. Base earnings
and base earnings per diluted share are non-GAAP financial measures
adjusted to remove restructuring-related items, asset impairment
charges, acquisition expenses and certain income tax-related events
and other items, if any, the exclusion of which the Company
believes improves comparability and analysis of the ongoing
operating performance of the business. (See base earnings
definition, explanation and reconciliation to GAAP earnings later
in this release.)
Gross profits were a record $276.5 million in the second
quarter, an increase of $38.1 million or 16.0 percent, compared
with $238.4 million in the same period in 2017. Gross profit as a
percentage of sales increased to 20.2 percent, compared with 19.2
percent in the same period in 2017. The 100 basis point gross
profit percentage increase was primarily due to manufacturing and
procurement productivity, partially offset by higher operating
costs.Second-quarter selling, general and administrative expenses
increased $15.7 million from the prior year to $141.0 million. This
increase was driven by expenses related to acquired businesses,
wage inflation and higher management incentive accruals.
Segment ReviewSonoco reports its financial
results in four operating segments: Consumer Packaging, Display and
Packaging, Paper and Industrial Converted Products, and Protective
Solutions. Segment operating results do not include restructuring
and asset impairment charges, acquisition expenses, interest income
and expense, income taxes or certain other items, if any, the
exclusion of which the Company believes improves comparability and
analysis.
Consumer PackagingSonoco’s Consumer Packaging
segment includes the following products and services: round and
shaped rigid containers and trays (both composite and thermoformed
plastic); extruded and injection-molded plastic products; printed
flexible packaging; global brand artwork management; and metal and
peelable membrane ends and closures.
Second-quarter 2018 sales for the segment were $616 million,
compared with $521 million in 2017. Segment operating profit was
$63.7 million in the second quarter, compared with $60.4 million in
the same quarter of 2017.
Segment sales increased 18.2 percent compared to the prior-year
quarter due to sales added from acquisitions, the positive impact
from changes in foreign exchange rates, and higher selling prices.
Sales volume also increased as higher sales volume in flexible
packaging and European and Asian composite cans exceeded a decline
in plastic container sales volume. Segment operating profit grew
5.5 percent compared to the prior-year quarter due to a positive
price/cost relationship, solid productivity gains, and the benefit
of acquisitions which more than offset higher operating expenses
due to inflation and higher management incentives. Segment
operating margin declined to 10.3 percent in the quarter from 11.6
percent in 2017 due to changes in the mix of business, including
changes from acquisitions, and higher operating costs.
Display and PackagingThe Display and Packaging
segment includes the following products and services: designing,
manufacturing,assembling, packing and distributing temporary,
semi-permanent and permanent point-of-purchase displays; supply
chain management services, including contract packing, fulfillment
and scalable service centers; retail packaging, including printed
backer cards, thermoformed blisters and heat sealing equipment; and
paper amenities, such as coasters and glass covers.
Second-quarter 2018 sales for this segment were $143 million,
compared with $116 million in 2017. The segment reported an
operating loss of $(0.6) million in the current quarter, compared
with an operating profit of $1.5 million in the prior-year
quarter.
Sales increased 23.9 percent compared to last year’s quarter due
primarily to volume growth from a new pack center near Atlanta and
the positive impact of foreign exchange. Segment operating profit
declined $2.0 million largely due to inefficiencies and higher
operating costs associated with the start up of new production
lines at the Atlanta pack center. The Company is continuing to work
to resolve these and other operational issues to achieve efficiency
and cost levels in line with expectations.
Paper and Industrial Converted ProductsThe
Paper and Industrial Converted Products segment includes the
following products: paperboard tubes and cores; fiber-based
construction tubes; wooden, metal and composite wire and cable
reels and spools; and recycled paperboard, linerboard, corrugating
medium, recovered paper and material recycling services.
Second-quarter 2018 sales for the segment were $474 million, up
from $469 million in 2017. Segment operating profit was $61.5
million in the quarter, compared with $45.4 million in 2017.
Segment sales grew 1.1 percent from the prior-year quarter as
volume/mix growth and the positive impact of foreign exchange more
than offset lower selling prices associated with lower recovered
paper prices. Volume/mix gains in North American paper operations
as well as wire and cable reels were partially offset by declines
in North American and European tube and core volumes. Segment
operating profit improved 35.4 percent over the prior year driven
by a positive price/cost relationship across most of the segment,
excluding recycling operations. Segment operating margin improved
330 basis points to 13.0 percent.
Protective SolutionsThe Protective Solutions
segment includes the following products: custom-engineered,
paperboard-based and expanded foam protective packaging and
components; and temperature-assured packaging.
Second-quarter 2018 sales were $133 million, down slightly from
$135 million in 2017. Operating profit was $13.6 million, a 23.7
percent improvement from the second quarter of 2017.
This segment’s sales declined slightly year over year as the
negative impact of declining foreign exchange rates offset higher
selling prices. Volume/mix was essentially flat as continued
declines in the segment’s automotive components business was offset
by growth in temperature-assured packaging. Improvement in segment
operating profit for the quarter was driven by a positive
price/cost relationship and productivity improvements more than
offsetting higher operating inflation. Segment operating margin was
10.3 percent, an improvement of 210 basis points.
Corporate/TaxNet interest expense for the
second quarter of 2018 increased to $15.1 million, compared with
$12.8 million during the same period in 2017, primarily due to
higher borrowings in the current-year quarter stemming from
acquisitions. The 2018 second-quarter effective tax rates on GAAP
and base earnings were 26.1 percent and 26.7 percent, respectively,
compared with 29.6 percent and 32.0 percent, respectively, in the
prior year’s quarter. The 2017 U.S. Tax Cuts and Jobs Act (Tax Act)
lowered the year-over-year effective tax rate on both GAAP and base
earnings. The prior year's GAAP tax rate benefitted from a
favorable distribution of earnings between low and high tax
jurisdictions, primarily from the previously discussed pension
settlement expense occurring in the U.S. This lessened the
year-over-year change in the GAAP effective tax rate.
Note: In regards to the effect of the Tax Act, Sonoco has not
yet fully completed its accounting. For certain of the Tax Act's
provisions, the Company has made reasonable estimates and has
included any measurement period adjustments in its second quarter
and first six months earnings accordingly. In other cases, the
Company has not been able to make a reasonable estimate due either
to complexity or uncertainty and, as such, continues to account for
those items consistent with their pre-Tax Act accounting. The
Company believes any adjustments remaining to be made upon the
completion of its accounting will not have a material impact on the
Company's financial position.
Year-to-date ResultsFor the first six months of
2018 net sales were $2.67 billion, up $257.6 million compared with
$2.41 billion in the first six months of 2017. Sales grew 10.7
percent in the first half of the year due to acquisitions, the
positive impact of foreign exchange, volume growth and higher
selling prices implemented to recover higher freight and operating
inflation and certain rising material costs.
GAAP net income attributable to Sonoco for the first half of
2018 was $163.5 million or $1.62 per diluted share, compared with
$96.9 million or $0.96 per diluted share in the first half 2017.
Earnings in the first half of 2018 included after-tax charges
totaling $5.0 million largely related to restructuring charges,
acquisition costs and the effect of income tax rate changes on
deferred tax items. Earnings in the first half of 2017 included net
after-tax charges of $34.9 million primarily related to lump-sum
pension settlements, restructuring charges and acquisition-related
expenses.
Base earnings for the first six months of 2018 were $168.5
million, or $1.67 per diluted share, compared with $131.7 million,
or $1.31 per diluted share, in the same period in 2017, a 27.9
percent and 27.5 percent increase, respectively. (See base earnings
definition, explanation and reconciliation to GAAP earnings later
in this release.)
Current year-to-date gross profit was a record $527.1 million,
compared with $461.4 million in 2017. Gross profit as a percentage
of sales in 2018 was 19.7 percent, compared with 19.1 percent in
2017. Selling, general and administrative expenses increased
$28.0 million, driven by acquisitions and increased management
incentives. Non-Operating Pension costs decreased $37.9 million as
the previously disclosed 2017 settlement charges did not recur in
2018. Base operating profit for the first six months of 2018
increased 15.0 percent to $251.5 million due primarily to a
positive price/cost relationship and productivity improvements.
Cash Flow and Free Cash FlowFor the first half
of 2018, cash generated from operations was $251.2 million,
compared with $103.2 million in 2017, an increase of $148.1
million. This increase reflects the improvement in GAAP net income
of $66.6 million and the following described year-over-year
changes. In 2018, year-to-date net cash paid for taxes was $2.9
million less than reported tax expense while in 2017 it was $20.9
million more, a year-over-year benefit of $23.8 million. This
difference is largely due to the timing of taxes paid on the 2016
sale of our blowmolding plastics business and normal changes in
various deferred tax items. Pension and post-retirement plan
contributions, net of non-cash expenses, had a negative
year-over-year impact of $13.4 million. This change is composed of
a $24.4 million year-over-year decrease in cash contributions that
was more than offset by a $37.8 million decrease in non-cash
expense which was largely driven by 2017 non-base pension
settlement charges of $31.1 million which did not recur in 2018.
Year-to-date increases in working capital, driven largely by
seasonal changes in business activity, consumed cash in both
periods; however, this increase consumed $11.0 million less cash in
2018 due to improved collection efforts of trade accounts
receivables in the first six months of 2018. Operating cash flow
further benefited in the first six months of 2018 from collections
of various other items outstanding at December 31, 2017 and
increased accruals related to management incentives in 2018
compared to 2017. During the first six months of 2018, net capital
expenditures and cash dividends were $82.7 million and $79.8
million, respectively, compared with $96.8 million and $75.6
million, respectively, in 2017.
Free cash flow for first six months of 2018 was $88.8 million,
compared with a negative $69.3 million in the same period last
year, reflecting the items impacting cash flow from operations
discussed above. (See free cash flow description and reconciliation
later in this release. Free cash flow is defined as cash flow from
operations minus net capital expenditures and cash dividends. Net
capital expenditures are defined as capital expenditures minus
proceeds from, and/or plus costs incurred in, the disposition of
capital assets.)
As of July 1, 2018, total debt was approximately $1.45
billion, compared with $1.45 billion as of December 31, 2017. At
the end of the first half of 2018, the Company had a
total-debt-to-total-capital ratio of 44.8 percent, compared with
45.6 percent at December 31, 2017. Cash and cash equivalents were
$197.7 million as of July 1, 2018, compared with $254.9
million at December 31, 2017. The reduced cash balance reflects
repatriation of $110 million of offshore cash, which was then used
to repay short-term U.S. debt, helping offset borrowings to fund
the April 12, 2018 acquisition of Highland Packaging Solutions for
approximately $150 million, of which $8 million is deferred.
Third Quarter and Full-Year 2018 OutlookSonoco
expects third-quarter 2018 base earnings to be in the range of
$0.82 to $0.88 per diluted share. Base earnings in the third
quarter of 2017 were $0.76 per diluted share. Full-year 2018 base
earnings per diluted share are expected to be in a range of $3.27
to $3.37, which is an increase from the previous estimate of $3.22
to $3.32 per diluted share. This increase reflects the Company's
strong second quarter results and expected solid performance in the
second-half of the year despite additional expenses anticipated
from recently enacted tariffs on steel, aluminum and other products
along with higher than previously expected freight and other
non-material inflation. This new guidance reflects an expected 26
percent effective tax rate and does not include possible benefits
from the completion of the Conitex Sonoco acquisition. Operating
and free cash flow guidance for 2018 has been raised and is
expected to be in the range of $570 million to $590 million and
$190 million to $210 million, respectively.
Although the Company believes the assumptions reflected in the
range of guidance are reasonable, given uncertainty regarding the
impact of new and potential tariffs, the future performance of the
overall economy, potential changes in raw material prices and other
costs, potential changes in the estimated impact of the Tax Act on
the Company's effective tax rate, as well as other risks and
uncertainties, including those described further below, actual
results could vary substantially.
Commenting on the Company’s outlook, Tiede said, “Our team
achieved a great deal in the first half of 2018, including driving
record top-line and bottom-line consolidated results and producing
strong cash flow from operations and free cash flow. The
acquisition of Highland Packaging Solutions further enhances our
capabilities and opportunities for continued expansion in the
fast-growing, fresh-food perimeter of the supermarket. Looking
forward, we’re projecting year-over-year improvement in the second
half which, together with stronger than expected second quarter
results, led us to raise our 2018 guidance. Our growth and margin
improvement targets for 2018 remain on track, with sales up 10.7
percent and base operating margin up a solid 35 basis points from
the first half of last year. We are excited about the Conitex
Sonoco acquisition, which creates opportunities for us to further
grow our Paper/Industrial Converted Products segment, especially in
the fast-growing Asian markets.
“Like many companies, we are facing inflationary cost pressure
from higher freight, wages, energy and material costs, particularly
resins, along with uncertain headwinds from newly imposed or
threatened tariffs. This is requiring us to drive cost-recovery
through proactive price increases in many of our businesses.
Although recovered paper prices appear to have stabilized for the
time being, experts believe they could rise in the second half of
the year, in which case we would not enjoy the same price/cost
benefit we saw in the first half of the year. Overall, we remain
optimistic about general economic activity and believe the breadth
of our diversified consumer, industrial and protective operations
across a number of markets enhances our ability to produce
consistent earnings, improved returns and greater rewards for our
shareholders."
Conference Call WebcastManagement will host a
conference call and webcast to further discuss these results
beginning at 11 a.m. ET today. The live conference call and a
corresponding presentation can be accessed via the Internet at
www.sonoco.com, under the Investor Relations section, or at
http://investor.sonoco.com. A telephonic replay of the call will be
available starting at 2 p.m. ET, to U.S. callers at 855-859-2056
and international callers at +404-537-3406. The replay passcode for
both U.S. and international calls is 3274488. The archived call
will be available through July 29, 2018. The webcast call also will
be archived in the Investor Relations section of Sonoco’s
website.
About SonocoFounded in 1899, Sonoco 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 on
the Company, visit our website at www.sonoco.com.
Forward-looking StatementsStatements included
herein that are not historical in nature, are intended to be, and
are hereby identified as “forward-looking statements” for purposes
of the safe harbor provided by Section 21E of the Securities
Exchange Act of 1934, as amended. In addition, the Company and its
representatives may from time to time make other oral or written
statements that are also “forward-looking statements.” Words such
as “estimate,” “project,” “intend,” “expect,” “believe,”
“consider,” “plan,” “strategy,” “opportunity,” “commitment,”
“target,” “anticipate,” “objective,” “goal,” “guidance,” “outlook,”
“forecast,” “future,” “re-envision, ” “assume,” “will,”
“would,” “can,” “could,” “may,” “might,” “aspires,” “potential,” or
the negative thereof, and similar expressions identify
forward-looking statements.
Forward-looking statements include, but are not limited to,
statements regarding: availability and supply of raw materials, and
offsetting high raw material costs; improved productivity and cost
containment; improving margins and leveraging strong cash flow and
financial position; effects of acquisitions and dispositions;
realization of synergies resulting from acquisitions; costs, timing
and effects of restructuring activities; adequacy and anticipated
amounts and uses of cash flows; expected amounts of capital
spending; refinancing and repayment of debt; financial strategies
and the results expected of them; financial results for future
periods; producing improvements in earnings; profitable sales
growth and rates of growth; market leadership; research and
development spending; extent of, and adequacy of provisions for,
environmental liabilities; adequacy of income tax provisions,
realization of deferred tax assets, outcomes of uncertain tax
issues and tax rates; goodwill impairment charges and fair values
of reporting units; future asset impairment charges and fair values
of assets; anticipated contributions to pension and postretirement
benefit plans, fair values of plan assets, long-term rates of
return on plan assets, and projected benefit obligations and
payments; creation of long-term value and returns for shareholders;
continued payment of dividends; and planned stock repurchases.
Such forward-looking statements are based on current
expectations, estimates and projections about our industry,
management's beliefs and certain assumptions made by management.
Such information includes, without limitation, discussions as to
guidance and other estimates, perceived opportunities,
expectations, beliefs, plans, strategies, goals and objectives
concerning our future financial and operating performance. These
statements are not guarantees of future performance and are subject
to certain risks, uncertainties and assumptions that are difficult
to predict.
Therefore, actual results may differ materially from those
expressed or forecasted in such forward-looking statements. The
risks, uncertainties and assumptions include, without
limitation:
- availability and pricing of raw materials, energy and
transportation, and the Company's ability to pass raw material,
energy and transportation price increases and surcharges through to
customers or otherwise manage these commodity pricing risks;
- costs of labor;
- work stoppages due to labor disputes;
- success of new product development, introduction and
sales;
- consumer demand for products and changing consumer
preferences;
- ability to be the low-cost global leader in customer-preferred
packaging solutions within targeted segments;
- competitive pressures, including new product development,
industry overcapacity, and changes in competitors’ pricing for
products;
- ability to maintain or increase productivity levels, contain or
reduce costs, and maintain positive price/cost relationships;
- ability to negotiate or retain contracts with customers,
including in segments with concentration of sales volume;
- ability to improve margins and leverage cash flows and
financial position;
- continued strength of our paperboard-based tubes and cores and
composite can operations;
- ability to manage the mix of business to take advantage of
growing markets while reducing cyclical effects of some of the
Company’s existing businesses on operating results;
- ability to maintain innovative technological market leadership
and a reputation for quality;
- ability to profitably maintain and grow existing domestic and
international business and market share;
- ability to expand geographically and win profitable new
business;
- ability to identify and successfully close suitable
acquisitions at the levels needed to meet growth targets, and
successfully integrate newly acquired businesses into the Company’s
operations;
- the costs, timing and results of restructuring activities;
- availability of credit to us, our customers and suppliers in
needed amounts and on reasonable terms;
- effects of our indebtedness on our cash flow and business
activities;
- fluctuations in obligations and earnings of pension and
postretirement benefit plans;
- accuracy of assumptions underlying projections of benefit plan
obligations and payments, valuation of plan assets, and projections
of long-term rates of return;
- cost of employee and retiree medical, health and life insurance
benefits;
- resolution of income tax contingencies;
- foreign currency exchange rate fluctuations, interest rate and
commodity price risk and the effectiveness of related hedges;
- changes in U.S. and foreign tariffs, tax rates, and tax laws,
regulations and interpretations thereof;
- accuracy in valuation of deferred tax assets;
- accuracy of assumptions underlying projections related to
goodwill impairment testing, and accuracy of management’s
assessment of goodwill impairment;
- accuracy of assumptions underlying fair value measurements,
accuracy of management’s assessments of fair value and fluctuations
in fair value;
- liability for and anticipated costs of environmental
remediation actions;
- effects of environmental laws and regulations;
- operational disruptions at our major facilities;
- failure or disruptions in our information technologies;
- loss of consumer or investor confidence;
- ability to protect our intellectual property rights;
- actions of domestic or foreign government agencies and changes
in laws and regulations affecting the Company;
- international, national and local economic and market
conditions and levels of unemployment; and
- economic disruptions resulting from terrorist activities and
natural disasters.
The Company undertakes no obligation to publicly update or
revise forward-looking statements, whether as a result of new
information, future events or otherwise. In light of these risks,
uncertainties and assumptions, the forward-looking events discussed
herein might not occur.
Additional information concerning some of the factors that could
cause materially different results is included in the Company’s
reports on forms 10-K, 10-Q and 8-K filed with the Securities and
Exchange Commission. Such reports are available from the Securities
and Exchange Commission’s public reference facilities and its
website, sec.gov, and from the Company’s investor relations
department and the Company’s website, www.sonoco.com.
References to our Website AddressReferences to
our website address and domain names throughout this release are
for informational purposes only, or to fulfill specific disclosure
requirements of the Securities and Exchange Commission’s rules or
the New York Stock Exchange Listing Standards. These references are
not intended to, and do not, incorporate the contents of our
website by reference into this release.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) |
(Dollars and shares in thousands except per
share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
July 1, 2018 |
|
July 2, 2017 |
|
July 1, 2018 |
|
July 2, 2017 |
|
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
1,366,373 |
|
|
$ |
1,240,674 |
|
|
$ |
2,670,560 |
|
|
$ |
2,412,998 |
|
Cost of
sales |
|
1,089,913 |
|
|
1,002,289 |
|
|
2,143,498 |
|
|
1,951,634 |
|
Gross
profit |
|
276,460 |
|
|
238,385 |
|
|
527,062 |
|
|
461,364 |
|
Selling,
general and administrative expenses |
|
141,031 |
|
|
125,308 |
|
|
278,472 |
|
|
250,517 |
|
Restructuring/Asset impairment charges |
|
3,567 |
|
|
7,897 |
|
|
6,630 |
|
|
12,008 |
|
Operating
profit |
|
$ |
131,862 |
|
|
$ |
105,180 |
|
|
$ |
241,960 |
|
|
$ |
198,839 |
|
Non-operating pension cost |
|
513 |
|
|
34,410 |
|
|
222 |
|
|
38,096 |
|
Net
interest expense |
|
15,127 |
|
|
12,792 |
|
|
28,482 |
|
|
24,850 |
|
Income
before income taxes |
|
116,222 |
|
|
57,978 |
|
|
213,256 |
|
|
135,893 |
|
Provision
for income taxes |
|
30,293 |
|
|
17,167 |
|
|
53,649 |
|
|
42,706 |
|
Income
before equity in earnings of affiliates |
|
85,929 |
|
|
40,811 |
|
|
159,607 |
|
|
93,187 |
|
Equity in
earnings of affiliates, net of tax |
|
3,716 |
|
|
2,845 |
|
|
4,963 |
|
|
4,799 |
|
Net
income |
|
89,645 |
|
|
43,656 |
|
|
164,570 |
|
|
97,986 |
|
Net income
attributable to noncontrolling interests |
|
(233 |
) |
|
(531 |
) |
|
(1,103 |
) |
|
(1,128 |
) |
Net income
attributable to Sonoco |
|
$ |
89,412 |
|
|
$ |
43,125 |
|
|
$ |
163,467 |
|
|
$ |
96,858 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding – diluted |
|
101,040 |
|
|
100,717 |
|
|
100,965 |
|
|
100,849 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per common share |
|
$ |
0.88 |
|
|
$ |
0.43 |
|
|
$ |
1.62 |
|
|
$ |
0.96 |
|
Dividends
per common share |
|
$ |
0.41 |
|
|
$ |
0.39 |
|
|
$ |
0.80 |
|
|
$ |
0.76 |
|
FINANCIAL SEGMENT INFORMATION
(Unaudited) |
(Dollars in thousands) |
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
July 1, 2018 |
|
July 2, 2017 |
|
July 1, 2018 |
|
July 2, 2017 |
Net
sales |
|
|
|
|
|
|
|
|
Consumer
Packaging |
$ |
616,062 |
|
|
$ |
521,262 |
|
|
$ |
1,185,914 |
|
|
$ |
1,003,443 |
|
|
Display and
Packaging |
143,260 |
|
|
115,612 |
|
|
285,918 |
|
|
230,247 |
|
|
Paper and
Industrial Converted Products |
474,137 |
|
|
469,197 |
|
|
934,790 |
|
|
911,699 |
|
|
Protective
Solutions |
132,914 |
|
|
134,603 |
|
|
263,938 |
|
|
267,609 |
|
|
Consolidated |
$ |
1,366,373 |
|
|
$ |
1,240,674 |
|
|
$ |
2,670,560 |
|
|
$ |
2,412,998 |
|
|
|
|
|
|
|
|
|
|
|
Operating
profit: |
|
|
|
|
|
|
|
Segment operating profit: |
|
|
|
|
|
|
|
|
Consumer Packaging |
$ |
63,670 |
|
|
$ |
60,376 |
|
|
$ |
124,758 |
|
|
$ |
119,836 |
|
|
Display and Packaging |
(570 |
) |
|
1,479 |
|
|
1,162 |
|
|
4,701 |
|
|
Paper and Industrial Converted Products |
61,542 |
|
|
45,437 |
|
|
101,323 |
|
|
72,287 |
|
|
Protective Solutions |
13,626 |
|
|
11,016 |
|
|
24,306 |
|
|
21,947 |
|
|
Restructuring/Asset impairment charges |
(3,567 |
) |
|
(7,897 |
) |
|
(6,630 |
) |
|
(12,008 |
) |
|
Other, net |
(2,839 |
) |
|
(5,231 |
) |
|
(2,959 |
) |
|
(7,924 |
) |
|
Consolidated |
$ |
131,862 |
|
|
$ |
105,180 |
|
|
$ |
241,960 |
|
|
$ |
198,839 |
|
|
|
|
|
|
|
|
|
|
|
-more-
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited) |
(Dollars in thousands) |
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
July 1, 2018 |
|
July 2, 2017 |
Net
income |
$ |
164,570 |
|
|
$ |
97,986 |
|
Asset
impairment charges/losses on disposition of assets |
(700 |
) |
|
1,771 |
|
Depreciation, depletion and amortization |
120,402 |
|
|
103,649 |
|
Net pension
and postretirement plan expenses/(contributions) |
(6,738 |
) |
|
6,649 |
|
Changes in
working capital |
(45,057 |
) |
|
(56,049 |
) |
Changes in
tax accounts |
2,895 |
|
|
(20,917 |
) |
Other
operating activity |
15,876 |
|
|
(29,911 |
) |
Net cash provided by operating
activities |
251,248 |
|
|
103,178 |
|
|
|
|
|
|
|
Purchase of
property, plant and equipment, net |
(82,688 |
) |
|
(96,846 |
) |
Cost of
acquisitions, net of cash acquired |
(141,305 |
) |
|
(217,489 |
) |
Net debt
proceeds |
10,708 |
|
|
232,902 |
|
Cash
dividends |
(79,801 |
) |
|
(75,604 |
) |
Other,
including effects of exchange rates on cash |
(15,383 |
) |
|
4,224 |
|
|
|
|
|
|
|
Net
decrease in cash and cash equivalents |
(57,221 |
) |
|
(49,635 |
) |
Cash and
cash equivalents at beginning of period |
$ |
254,912 |
|
|
$ |
257,226 |
|
Cash and
cash equivalents at end of period |
$ |
197,691 |
|
|
$ |
207,591 |
|
Prior-year
results have been recast to reflect a change in the classification
of insurance proceeds and to conform certain items to the current
year’s presentation. |
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) |
(Dollars in thousands) |
|
|
|
July 1, 2018 |
|
December 31, 2017 |
Assets |
|
|
|
Current
Assets: |
|
|
|
|
Cash and
cash equivalents |
$ |
197,691 |
|
|
$ |
254,912 |
|
|
Trade
accounts receivable, net of allowances |
768,338 |
|
|
725,251 |
|
|
Other
receivables |
90,954 |
|
|
64,561 |
|
|
Inventories |
471,448 |
|
|
474,063 |
|
|
Prepaid
expenses and deferred income taxes |
46,537 |
|
|
44,849 |
|
|
|
|
1,574,968 |
|
|
1,563,636 |
|
Property,
plant and equipment, net |
1,167,665 |
|
|
1,169,377 |
|
Goodwill |
1,287,839 |
|
|
1,241,875 |
|
Other
intangible assets, net |
350,415 |
|
|
331,295 |
|
Other
assets |
242,081 |
|
|
251,538 |
|
|
|
|
$ |
4,622,968 |
|
|
$ |
4,557,721 |
|
Liabilities and Shareholders’ Equity |
|
|
|
Current
Liabilities: |
|
|
|
|
Payable to
suppliers and other payables |
$ |
841,615 |
|
|
$ |
831,664 |
|
|
Notes
payable and current portion of long-term debt |
177,645 |
|
|
159,327 |
|
|
Income
taxes payable |
10,812 |
|
|
8,979 |
|
|
|
|
1,030,072 |
|
|
999,970 |
|
Long-term
debt, net of current portion |
1,274,325 |
|
|
1,288,002 |
|
Pension and
other postretirement benefits |
340,602 |
|
|
355,187 |
|
Deferred
income taxes and other |
187,704 |
|
|
184,502 |
|
Total
equity |
1,790,265 |
|
|
1,730,060 |
|
|
|
|
$ |
4,622,968 |
|
|
$ |
4,557,721 |
|
-more-
Definition and Reconciliation of Non-GAAP Financial
Measures
The Company’s results determined in accordance with U.S.
generally accepted accounting principles (GAAP) are referred to as
“as reported” or "GAAP" results. Some of the information presented
in this press release reflects the Company’s “as reported” or
"GAAP" results adjusted to exclude amounts; including the
associated tax effects, relating to restructuring initiatives,
asset impairment charges, environmental charges,
acquisition-related costs, gains or losses from the disposition of
businesses, excess property insurance recoveries, pension
settlement charges, and certain other items, if any, including
other income tax-related adjustments and/or events, the exclusion
of which management believes improves comparability and analysis of
the ongoing operating performance of the business. These
adjustments, which are referred to as "non-base", result in the
non-GAAP financial measures referred to in this press release as
“Base Earnings” and “Base Earnings per Diluted Share.”
These non-GAAP measures are not in accordance with, or an
alternative for, generally accepted accounting principles and may
be different from non-GAAP measures used by other companies. In
addition, these non-GAAP measures are not based on any
comprehensive set of accounting rules or principles. Sonoco
continues to provide all information required by GAAP, but it
believes that evaluating its ongoing operating results may not be
as useful if an investor or other user is limited to reviewing only
GAAP financial measures. Sonoco uses these non-GAAP financial
measures for internal planning and forecasting purposes, to
evaluate its ongoing operations, and to evaluate the ultimate
performance of each business unit against plan/forecast all the way
up through the evaluation of the Chief Executive Officer’s
performance by the Board of Directors. In addition, these same
non-GAAP measures are used in determining incentive compensation
for the entire management team and in providing earnings guidance
to the investing community.
Sonoco management does not, nor does it suggest that investors
should, consider these non-GAAP financial measures in isolation
from, or as a substitute for, financial information prepared in
accordance with GAAP. Sonoco presents these non-GAAP financial
measures to provide users information to evaluate Sonoco’s
operating results in a manner similar to how management evaluates
business performance. Material limitations associated with the use
of such measures are that they do not reflect all period costs
included in operating expenses and may not reflect financial
results that are comparable to financial results of other companies
that present similar costs differently. Furthermore, the
calculations of these non-GAAP measures are based on subjective
determinations of management regarding the nature and
classification of events and circumstances that the investor may
find material and view differently.
To compensate for these limitations, management believes that it
is useful in understanding and analyzing the results of the
business to review both GAAP information which includes all of the
items impacting financial results and the non-GAAP measures that
exclude certain elements, as described above. Whenever Sonoco uses
a non-GAAP financial measure, except with respect to guidance, it
provides a reconciliation of the non-GAAP financial measure to the
most closely applicable GAAP financial measure. Whenever reviewing
a non-GAAP financial measure, investors are encouraged to fully
review and consider the related reconciliation as detailed below.
Second-quarter and full-year 2018 GAAP guidance are not provided in
this release due to the likely occurrence of one or more of the
following, the timing and magnitude of which we are unable to
reliably forecast: possible gains or losses on the sale of
businesses or other assets, restructuring costs and
restructuring-related impairment charges, acquisition related
costs, and the tax effect of these items and/or other income
tax-related events. These items could have a significant impact on
the Company's future GAAP financial results.
-more-
|
|
|
|
|
Non-GAAP Adjustments |
|
Three Months Ended July 1, 2018 |
GAAP |
|
Restructuring / Asset Impairment Charges(1) |
|
Other Adjustments(2) |
|
Base |
|
|
|
|
|
|
|
|
|
|
Operating
profit |
$ |
131,862 |
|
|
$ |
3,567 |
|
|
$ |
2,839 |
|
|
$ |
138,268 |
|
Non-operating pension costs/(income) |
513 |
|
|
— |
|
|
(645 |
) |
|
(132 |
) |
Interest
expense, net |
15,127 |
|
|
— |
|
|
— |
|
|
15,127 |
|
Income
before income taxes |
116,222 |
|
|
3,567 |
|
|
3,484 |
|
|
123,273 |
|
Provision
for income taxes |
30,293 |
|
|
1,046 |
|
|
1,586 |
|
|
32,925 |
|
Income
before equity in earnings of affiliates |
85,929 |
|
|
2,521 |
|
|
1,898 |
|
|
90,348 |
|
Equity in
earnings of affiliates, net of taxes |
3,716 |
|
|
— |
|
|
— |
|
|
3,716 |
|
Net
income |
89,645 |
|
|
2,521 |
|
|
1,898 |
|
|
94,064 |
|
Net
(income) attributable to noncontrolling interests |
(233 |
) |
|
(15 |
) |
|
— |
|
|
(248 |
) |
Net income
attributable to Sonoco |
$ |
89,412 |
|
|
$ |
2,506 |
|
|
$ |
1,898 |
|
|
$ |
93,816 |
|
|
|
|
|
|
|
|
|
|
|
Per Diluted
Share* |
$ |
0.88 |
|
|
$ |
0.02 |
|
|
$ |
0.02 |
|
|
$ |
0.93 |
|
*Due to
rounding individual items may not sum across |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments |
|
|
Three Months Ended July 2, 2017 |
GAAP |
|
Restructuring / Asset Impairment Charges(1) |
|
Other Adjustments(3) |
|
Base |
|
|
|
|
|
|
|
|
|
|
Operating
profit |
$ |
105,180 |
|
|
$ |
7,897 |
|
|
$ |
5,231 |
|
|
$ |
118,308 |
|
Non-operating pension costs/(income) |
34,410 |
|
|
— |
|
|
(31,074 |
) |
|
3,336 |
|
Interest
expense, net |
12,792 |
|
|
— |
|
|
— |
|
|
12,792 |
|
Income
before income taxes |
57,978 |
|
|
7,897 |
|
|
36,305 |
|
|
102,180 |
|
Provision
for income taxes |
17,167 |
|
|
2,338 |
|
|
13,147 |
|
|
32,652 |
|
Income
before equity in earnings of affiliates |
40,811 |
|
|
5,559 |
|
|
23,158 |
|
|
69,528 |
|
Equity in
earnings of affiliates, net of taxes |
2,845 |
|
|
— |
|
|
— |
|
|
2,845 |
|
Net
income |
43,656 |
|
|
5,559 |
|
|
23,158 |
|
|
72,373 |
|
Net
(income) attributable to noncontrolling interests |
(531 |
) |
|
(12 |
) |
|
— |
|
|
(543 |
) |
Net income
attributable to Sonoco |
$ |
43,125 |
|
|
$ |
5,547 |
|
|
$ |
23,158 |
|
|
$ |
71,830 |
|
|
|
|
|
|
|
|
|
|
|
Per Diluted
Share* |
$ |
0.43 |
|
|
$ |
0.06 |
|
|
$ |
0.23 |
|
|
$ |
0.71 |
|
*Due to
rounding individual items may not sum across |
|
|
|
|
|
|
|
(1)
Restructuring/Asset impairment charges are a recurring item as
Sonoco’s restructuring programs usually require several years to
fully implement and the Company is continually seeking to take
actions that could enhance its efficiency. Although recurring,
these charges are subject to significant fluctuations from period
to period due to the varying levels of restructuring activity and
the inherent imprecision in the estimates used to recognize the
impairment of assets and the wide variety of costs and taxes
associated with severance and termination benefits in the countries
in which the restructuring actions occur. |
|
|
|
|
|
|
|
|
|
|
(2)These
amounts include costs related to acquisitions and potential
acquisitions partially offset by a small gain from a casualty loss
insurance settlement. Also included are charges for lump sum
settlements related to the Company's Canadian pension plan and the
effect of the change in the US corporate tax rate on deferred tax
adjustments totaling a gain of $799. |
|
|
|
|
|
|
|
|
|
|
(3)Consists primarily of pension settlement charges of $31,074 and
costs related to acquisitions and potential acquisitions which were
partially offset by insurance settlement gains. |
|
|
|
|
|
|
|
|
|
|
|
-more-
|
|
|
|
|
Non-GAAP Adjustments |
|
Six
Months Ended July 1, 2018 |
GAAP |
|
Restructuring / Asset Impairment Charges(1) |
|
Other Adjustments(2) |
|
Base |
|
|
|
|
|
|
|
|
|
|
Operating
profit |
$ |
241,960 |
|
|
$ |
6,630 |
|
|
$ |
2,959 |
|
|
$ |
251,549 |
|
Non-operating pension costs/(income) |
222 |
|
|
— |
|
|
(645 |
) |
|
(423 |
) |
Interest
expense, net |
28,482 |
|
|
— |
|
|
— |
|
|
28,482 |
|
Income
before income taxes |
213,256 |
|
|
6,630 |
|
|
3,604 |
|
|
223,490 |
|
Provision
for income taxes |
53,649 |
|
|
1,731 |
|
|
3,498 |
|
|
58,878 |
|
Income
before equity in earnings of affiliates |
159,607 |
|
|
4,899 |
|
|
106 |
|
|
164,612 |
|
Equity in
earnings of affiliates, net of taxes |
4,963 |
|
|
— |
|
|
— |
|
|
4,963 |
|
Net
income |
164,570 |
|
|
4,899 |
|
|
106 |
|
|
169,575 |
|
Net
(income) attributable to noncontrolling interests |
(1,103 |
) |
|
(20 |
) |
|
— |
|
|
(1,123 |
) |
Net income
attributable to Sonoco |
$ |
163,467 |
|
|
$ |
4,879 |
|
|
$ |
106 |
|
|
$ |
168,452 |
|
|
|
|
|
|
|
|
|
|
|
Per Diluted
Share* |
$ |
1.62 |
|
|
$ |
0.05 |
|
|
$ |
— |
|
|
$ |
1.67 |
|
*Due to
rounding individual items may not sum across |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments |
|
|
Six
Months Ended July 2, 2017 |
GAAP |
|
Restructuring / Asset Impairment Charges(1) |
|
Other Adjustments(3) |
|
Base |
|
|
|
|
|
|
|
|
|
|
Operating
profit |
$ |
198,839 |
|
|
$ |
12,008 |
|
|
$ |
7,924 |
|
|
$ |
218,771 |
|
Non-operating pension costs/(income) |
38,096 |
|
|
— |
|
|
(31,074 |
) |
|
7,022 |
|
Interest
expense, net |
24,850 |
|
|
— |
|
|
— |
|
|
24,850 |
|
Income
before income taxes |
135,893 |
|
|
12,008 |
|
|
38,998 |
|
|
186,899 |
|
Provision
for income taxes |
42,706 |
|
|
3,636 |
|
|
12,506 |
|
|
58,848 |
|
Income
before equity in earnings of affiliates |
93,187 |
|
|
8,372 |
|
|
26,492 |
|
|
128,051 |
|
Equity in
earnings of affiliates, net of taxes |
4,799 |
|
|
— |
|
|
— |
|
|
4,799 |
|
Net
income |
97,986 |
|
|
8,372 |
|
|
26,492 |
|
|
132,850 |
|
Net
(income) attributable to noncontrolling interests |
(1,128 |
) |
|
(14 |
) |
|
— |
|
|
(1,142 |
) |
Net income
attributable to Sonoco |
$ |
96,858 |
|
|
$ |
8,358 |
|
|
$ |
26,492 |
|
|
$ |
131,708 |
|
|
|
|
|
|
|
|
|
|
|
Per Diluted
Share* |
$ |
0.96 |
|
|
$ |
0.08 |
|
|
$ |
0.26 |
|
|
$ |
1.31 |
|
*Due to
rounding individual items may not sum across |
|
|
|
|
|
|
|
(1)
Restructuring/Asset impairment charges are a recurring item as
Sonoco’s restructuring programs usually require several years to
fully implement and the Company is continually seeking to take
actions that could enhance its efficiency. Although recurring,
these charges are subject to significant fluctuations from period
to period due to the varying levels of restructuring activity and
the inherent imprecision in the estimates used to recognize the
impairment of assets and the wide variety of costs and taxes
associated with severance and termination benefits in the countries
in which the restructuring actions occur. |
|
|
|
|
|
|
|
|
|
|
(2)
Consists primarily of costs related to acquisitions and potential
acquisitions. Additionally, includes the effect of the change in
the US corporate tax rate on deferred tax adjustments totaling and
other non-base tax charges of $2,788. |
|
|
|
|
|
|
|
|
|
|
(3)
Consists primarily of pension settlement charges of $31,074 and
costs related to acquisitions and potential acquisitions which were
partially offset by insurance settlement gains. Additionally,
includes non-base tax gains of $1,138 related to business
dispositions and non-base tax charges totaling $2,160 primarily
related to the settlement of a tax audit in Canada. |
|
|
|
|
|
|
|
|
|
|
|
-more-
|
|
|
Six Months Ended |
|
|
FREE CASH FLOW* |
July 1, 2018 |
|
July 2, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities |
$ |
251,248 |
|
|
$ |
103,178 |
|
|
|
|
|
Purchase of
property, plant and equipment, net |
(82,688 |
) |
|
(96,846 |
) |
|
|
|
|
Cash
dividends |
(79,801 |
) |
|
(75,604 |
) |
|
|
|
|
Free Cash
Flow |
$ |
88,759 |
|
|
$ |
(69,272 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
Estimated Low End |
|
Estimated High End |
|
Actual |
|
|
FREE CASH FLOW* |
December 31, 2018 |
|
December 31, 2018 |
|
December 31, 2017 |
|
|
Net cash
provided by operating activities |
$ |
570,000 |
|
|
$ |
590,000 |
|
|
$ |
349,358 |
|
|
|
Purchase of
property, plant and equipment, net |
(220,000 |
) |
|
(220,000 |
) |
|
(183,642 |
) |
|
|
Cash
dividends |
(160,000 |
) |
|
(160,000 |
) |
|
(153,137 |
) |
|
|
Free Cash
Flow |
$ |
190,000 |
|
|
$ |
210,000 |
|
|
$ |
12,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Free
Cash Flow is a non-GAAP measure that does not imply the amount of
residual cash flow available for discretionary expenditures, as it
excludes mandatory debt service requirements and other
non-discretionary expenditures. |
Contact: Roger Schrum
+843-339-6018
roger.schrum@sonoco.com
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