Sonoco Accomplished Solid Results in 2021, Despite Headwinds

SEATTLE (Scrap Monster): Sonoco announced publication of 2021 Annual Report. The report spotlights accomplishments made by the company during the challenging year. The company produced solid financial results, despite unprecedented headwinds.

Howard Coker, President and CEO, Sonoco noted that the company successfully implemented price hikes across its business to counter high raw material prices and inflationary pressures. It increased capital funding to fund more high-return projects, including the Project Horizon at its Hartsville, S.C., uncoated recycled paper board mill, Coker noted.

 Also, the company made several sustainability achievements during the year. Sonoco’s ‘Better Packaging, Better Life’ strategy has once again committed to creating sustainable packaging solutions.

The base earnings in 2021 surged higher by 3% to $355.7 million or $3.55 per diluted share. This compares with $345.5 million or $3.41 million per diluted share a year before. The 2021 gross profits totalled $1.1 billion, in comparison with $1.0 billion in 2020. The net sales during the year hit new record of $5.6 billion, significantly higher by 6.7%, when matched with $5.2 billion in 2020.

Also, the net capital expenditures increased from $181.2 million in 2020 to $242.9 million in 2021.

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