News about Sonoco

Sonoco's third-quarter net sales were $2.0 billion, down 4.2% year over year mainly due to the ThermoSafe divestiture, and essentially flat excluding divestitures. The company reported a GAAP net loss of $732 million, or $7.36 per diluted share, driven by an $829 million non-cash goodwill impairment, while adjusted net income was $167 million ($1.67 per share) versus $191 million a year earlier. Operating cash flow was $285 million, and total debt fell $162 million after the company refinanced an $800 million term loan. CEO Howard Coker cited drought in Europe and the U.S. and higher inflation costs, while Industrial Paper Packaging posted URB trade ton sales up 10% and 94% mill utilization. Consumer Packaging volume/mix fell 3% on adverse weather and unfavorable price/cost dynamics.