Sonoco Products Company reported financial results for its Q3 ended September 29, 2024. Achieved GAAP net income was $51 million, Adjusted EBITDA was $281 million.
Q3 2024 Adjusted net income increased to $148 million, resulting in Adjusted diluted EPS of $1.49.
Q3 2024 net sales of $1.7 billion reflect the Protective Solutions (“Protexic”) divestiture, the closure of a thermoformed food packaging plant, the treatment of recycling operations as a procurement function beginning January 1, 2024 and lower selling prices; overall volumes were positive and up low single digits including the impact of acquisitions.
Adjusted operating profit and Adjusted EBITDA were $211 million and $281 million, respectively.
“Our Q3 results were within expectations from seasonally higher Consumer Packaging demand and continued strong productivity,” said Sonoco’s President and CEO, Howard Coker. “Consumer and Industrial volumes were higher year-over-year and price/cost headwinds were persistent across both segments. Overall, we achieved strong profit margin and operating cash flow in the quarter from the solid execution of our global team.”
Founded in 1899, Sonoco is a global provider of packaging products. With net sales of approximately $6.8 billion in 2023, Sonoco has approximately 21,000 employees working in more than 300 operations around the world.
