Sonoco, a global leader in packaging solutions, has posted stable financial results, the company reports with sales of €1.6 billion in the second quarter of 2024.
The company recently announced the acquisition of Eviosys, a move that will position Sonoco as one of the world’s leading manufacturers of food and aerosol can packaging. Despite declining sales of flexible packaging and metal packaging, Sonoco reaffirmed its full-year guidance and focused on productivity and disciplined capital allocation to increase shareholder value.
The aforementioned sales decline is expected to be temporary, and the company expects to improve these results in the next quarter. The company also plans to expand its divestment program to simplify its portfolio and improve financial results.
Operating cash flow for the second quarter was $109 million, and Sonoco remains committed to its full-year financial guidance.
Sonoco’s long-term goal is to achieve adjusted EBITDA (Earnings Before Interest Taxes Depreciation and Amortization) of $1.5 billion. The company is focused on disciplined capital allocation and improving return on invested capital (ROIC), currently above 11%.
Other positives for Sonoco include improved industrial volumes and significant productivity gains, with more than $100 million achieved in the first half of the year. The Eviosys acquisition is expected to generate considerable annual synergies and strengthen Sonoco’s market position. In addition, Sonoco’s North American paper equipment showed strong performance with high capacity utilization.
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