- 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.
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