Sonoco's net sales for the 1Q 2020 were $1.30 billion, down 3.6% from last year's 1Q sales of $1.35 billion. The sales decline was driven by lower volume/mix, reduced selling prices and a stronger U.S. dollar. These negative impacts were somewhat offset by increased sales from acquisitions.
Gross profit was $266.6 million in the 1Q 2020 compared to $270.1 million in the same period in 2019. Gross profit as a percentage of sales was 20.5%, an improvement from 20% in the same period in 2019.
1Q 2020 selling, general and administrative expenses decreased $18.7 million from the prior year to $123.9 million. This decrease was driven by a significant focus across the business on reducing controllable costs, which were partially offset by the addition of expenses from acquisitions.
Founded in 1899, Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services.
