- Sonoco Products Co (NYSE:SON) reported second-quarter FY22 sales of 38% year-on-year to $1.91 billion, beating the consensus of $1.87 billion.
- Consumer Packaging sales rose 65.6% Y/Y to $990 million, and Industrial Paper Packaging sales gained 19.5% to $727.4 million.
- Gross profit rose 47.3% to $387 million. The gross margin expanded 120 basis points to 20.2%.
- Selling, general and administrative expenses rose 38.8% Y/Y to $178.9 million.
- The operating margin was 10.3%, and the operating income was $197.5 million.
- The company held $174.9 million in cash and equivalents as of July 3, 2022. Cash generated from operations for six months was $184.5 million, and free cash flow was a provision of $40.3 million.
- Base EPS of $1.76 beat the analyst consensus of $1.68.
- Dividend: Sonoco declared a $0.49 per share quarterly dividend, payable on September 9, 2022, to shareholders of record as of August 10, 2022.
- Outlook: Sonoco sees Q3 EPS of $1.35 – $1.45, versus the consensus of $1.17.
- SON raised the FY22 Base EPS outlook to $6.20 – $6.30 (prior view $5.25 – $5.45), against the consensus of $5.71.
- Price Action: SON shares traded higher by 3.08% at $61.33 on the last check Thursday.
- Photo Via Company
GXO Logistics Continues To Write New Chapters In Its Evolving Story
On Oct. 12, 2021, GXO Logistics Chief Investment Officer Mark Manduca laid out the argument for why the Greenwich, Connecticut-based firm represented a new breed of logistics company."This is a hard business to wrap your head around. There is no company out there that is scalable contract logistics," he told a virtual audience during a Deutsche Bank forum.
