Sonoco Consumer Packaging Segment Posted Record Results

SEATTLE (Scrap Monster): Sonoco reported financial results for the second quarter ended 28^th June, 2020. Also, the company provided an update on the impact of Covid-19 pandemic on the company’s performance.

The Q2 earnings per diluted share were $0.55, compared to $0.80 a year before. The base earnings for the quarter were $0.79 per diluted share, compared with $0.95 in 2019. The quarterly net sales totalled $1.25 billion, compared with $1.36 billion in the same quarter in 2019. Meantime, the cash flow from operations was $281.0 million in the first half of 2020, compared to $40.1 million in H1 2019.

The company predicted Q3 base earnings to be in the range of $0.73 to $0.83 per diluted share.

ALSO READ:

Sonoco Hikes Prices of Uncoated Recycled Paperboard

Prices of Recovered Paper Grades Shot Up in the U.S.

Howard Coker, President and CEO, Sonoco said that the bottom-line results for the quarter were in line with expectations. The Consumer Packaging segment produced record results during the quarter. The strong cash flow generation shows the resiliency of its business, Coker added.

Al of the company’s global operations is currently operating, serving the critical needs of customers. The company is beginning to see improved demand for more of its products and services. The company is closely monitoring the impacts of the virus and working with its customers to meet changing needs.