Sonoco Products Company reported financial results for its Q1 ended April 2, 2023. Net sales decreased 2% year-over-year to $1.7 billion as strong pricing was offset by lower overall volume.
Adjusted operating profit and Adjusted EBITDA declined 18% and 13%, respectively, due to lower price cost and lower overall volume and mix.
“Sonoco delivered a strong Q1, highlighted by commercial pricing benefits in industrials, improving productivity, and sales growth across most consumer businesses,” said Sonoco’s President and CEO, Howard Coker. “Our portfolio continues to be resilient in the current volatile economic environment due to the dedicated efforts and execution of the Sonoco team in support of our strategic initiatives.”
Founded in 1899, Sonoco is a global provider of packaging products.
