Sonoco Issues 2018 Annual Report Annual Shareholders Meeting to be held April 17
March 18 2019 - 8:55AM
Sonoco (NYSE: SON), one of the largest diversified global packaging
companies, has issued its 2018 Annual Report to Shareholders at
investor.sonoco.com. The report, entitled 120 Years of Sonoco
Strong: Building for the Next 120 Years, details the challenges the
Company faced in 2018 and its success in overcoming them –
ultimately reporting record sales, GAAP net income, gross profit,
base earnings and cash generated from operations and free cash
flow.
“2018 was a year that tested the strength and resolve of our
Company both figuratively and literally,” Sonoco President and CEO
Rob Tiede said. “We faced hurricanes, accelerating inflation,
tariffs, the threat of escalating trade wars, and the impact of
economic and social change in countries around the world. Despite
those considerable headwinds, our Company produced extremely strong
results in 2018, including record top-line, bottom-line and cash
flow results, while further strengthening our balance sheet. We
believe this performance serves to demonstrate how Sonoco’s strong,
diversified portfolio has allowed us to weather storms on multiple
fronts, while continuing to produce consistent earnings improvement
and delivering value to our shareholders over the past several
years.”
2018 net sales were a record $5.39 billion, up $354.3 million –
growing 7 percent for the year due to acquisitions; higher selling
prices implemented to recover rising material, freight and
operating costs; and modest volume/mix growth. GAAP net income
attributable to Sonoco was a record $313.6 million or $3.10
per diluted share, compared with $175.3 million or $1.74 per
diluted share in 2017. Base earnings in 2018 were a record $340.6
million, or $3.37 per diluted share, compared with $281.8 million,
or $2.79 per diluted share, in 2017. 2018 gross profit was a record
$1.04 billion, compared with $958.7 million in 2017. For 2018, cash
generated from operations and free cash flow, after dividends, were
a record $589.9 million and $260.2 million, respectively, compared
with $348.3 million and $11.5 million, respectively, in 2017.
During 2018, Sonoco returned $176.0 million in cash to
shareholders, primarily through dividends.
In 2018, Sonoco also committed to achieving more sustainable use
and increased recyclability of its packaging. The report details
the five sustainability commitments the company plans to achieve by
2025, in support of its corporate purpose of Better Packaging.
Better Life.
“Sonoco celebrates our 120th anniversary this year, and we
remain confident that our people, products and portfolio have us
well-positioned to compete in an environment that is changing
rapidly,” Tiede said. “Looking to 2019, we remain confident in our
strategy of capitalizing on the growth of trends around fresh and
natural products, convenience, on-the-go snacking, portion control
and e-commerce. In our Paper and Industrial Converted Products
segment, we will continue to build upon the success we achieved in
2018 by expanding our already successful operating and commercial
excellence initiatives around the globe.”
To learn more about Sonoco’s record-setting results in 2018, as
well as its forward-looking sustainability commitments and business
strategy, access the report at investor.sonoco.com.
Annual Meeting and Proxy Information Sonoco has
mailed the 2018 Annual Report, Form 10-K and proxy statement to its
shareholders in advance of its annual meeting, which will be held
on Wednesday, April 17, 2019, 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 telephonic
replay will be available at (855) 859-2056, Conference #3178207,
from April 17 at 2 p.m. EDT through April
27 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 $5.4 billion, the Company has 23,000 employees
working in approximately 300 operations in 36 countries, serving
some of the world’s best known brands in some 85 nations. Sonoco is
committed to creating sustainable products, services and programs
for our customers, employees and communities that support our
corporate purpose of Better Packaging. Better Life. The Company
ranked first in the Packaging sector on Fortune’s World’s Most
Admired Companies for 2019. For more information, visit
www.sonoco.com.
Contact: Roger Schrum
+843-339-6018
roger.schrum@sonoco.com
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