Sonoco Products Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Sonoco Products Co. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

SONOCO PRODUCTS CO (SON) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Sonoco Products Co. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. Sonoco Products Co. is incorporated in South Carolina. The company's principal business address is in Hartsville, SC.

Why It Matters

For investors and stakeholders tracking SONOCO PRODUCTS CO, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Sonoco Products Co. during the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: medium — SONOCO PRODUCTS CO shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial health but does not contain significant new strategic information or dramatic performance shifts that would indicate immediate high risk or reward.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to identify any emerging trends or specific performance drivers.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-01 — Filing Date (Filed as of date)
• 2024 — Fiscal Year (Fiscal year)
• Q1 — Quarter (Quarter)

Key Players & Entities

• SONOCO PRODUCTS CO (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-01 (date) — Filed as of date
• SC (location) — State of incorporation
• 1231 (date) — Fiscal year end
• 8433837000 (phone) — Business phone

FAQ

Industry Context

Sonoco Products Co. operates in the paper and packaging industry, specifically focusing on paperboard containers and boxes.

Regulatory Implications

The filing is a 10-Q, a quarterly report required by the Securities and Exchange Commission (SEC) for publicly traded companies in the United States.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity.
2. Examine the income statement for revenue and net income trends.
3. Review the cash flow statement for operating, investing, and financing activities.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarterly financial update of the year.

Filing Documents

• son-20240331.htm (10-Q) — 1694KB
• sonexhibit31-q12024.htm (EX-31) — 20KB
• sonexhibit32-q12024.htm (EX-32) — 6KB
• 0000091767-24-000029.txt (&nbsp;) — 10148KB
• son-20240331.xsd (EX-101.SCH) — 61KB
• son-20240331_cal.xml (EX-101.CAL) — 119KB
• son-20240331_def.xml (EX-101.DEF) — 356KB
• son-20240331_lab.xml (EX-101.LAB) — 755KB
• son-20240331_pre.xml (EX-101.PRE) — 586KB
• son-20240331_htm.xml (XML) — 1851KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements: 3 Condensed Consolidated Balance Sheets – March 31 , 202 4 (unaudited) and December 31, 202 3 (unaudited) 3 Condensed Consolidated Statements of Income – Three Months Ended M arch 3 1, 202 4 (unaudited) and April 2, 202 3 (unaudited) 4 Condensed Consolidated Statements of Comprehensive Income – Three Months Ended March 3 1, 202 4 (unaudited) and April 2, 202 3 (unaudited) 5 Condensed Consolidated Statements of Changes in Total Equity – Three Months Ended March 3 1, 202 4 (unaudited) and April 2, 202 3 (unaudited) 6 Condensed Consolidated Statements of Cash Flows – Three Months Ended March 3 1, 202 4 (unaudited) and April 2, 202 3 (unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 33

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 48

Controls and Procedures

Item 4. Controls and Procedures. 49

OTHER INFORMATION

PART II. OTHER INFORMATION 49

Legal Proceedings

Item 1. Legal Proceedings. 49

Other Information

Item 5. Other Information. 49

Exhibits

Item 6. Exhibits. 50 2

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. SONOCO PRODUCTS COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Dollars and shares in thousands) March 31, 2024 December 31, 2023* Assets Current Assets Cash and cash equivalents $ 172,213 $ 151,937 Trade accounts receivable, net of allowances 939,724 904,898 Other receivables 102,357 106,644 Inventories, net: Finished and in process 335,124 324,910 Materials and supplies 413,898 448,591 Prepaid expenses 101,288 113,385 Total Current Assets 2,064,604 2,050,365 Property, Plant and Equipment, Net 1,921,848 1,906,137 Goodwill 1,796,077 1,810,654 Other Intangible Assets, Net 828,085 853,670 Deferred Income Taxes 27,848 31,329 Right of Use Asset-Operating Leases 332,587 314,944 Other Assets 227,231 224,858 Total Assets $ 7,198,280 $ 7,191,957 Liabilities and Equity Current Liabilities Payable to suppliers $ 722,562 $ 707,490 Accrued expenses and other 393,789 400,014 Notes payable and current portion of long-term debt 453,710 47,132 Accrued taxes 7,248 10,641 Total Current Liabilities 1,577,309 1,165,277 Long-term Debt, Net of Current Portion 2,630,424 3,035,868 Noncurrent Operating Lease Liabilities 282,877 265,454 Pension and Other Postretirement Benefits 142,422 142,900 Deferred Income Taxes 99,685 100,788 Other Liabilities 38,081 49,835 Commitments and Contingencies Sonoco Shareholders' Equity Common stock, no par value Authorized 300,000 shares 98,255 and 97,957 shares issued and outstanding at March 31, 2024 and December 31, 2023 , respectively 7,175 7,175 Capital in excess of stated value 159,343 159,047 Accumulated other comprehensive loss ( 385,369 ) ( 366,262 ) Retained earnings 2,639,209 2,624,380 Total Sonoco Shareholders' Equity 2,420,358 2,424,340 Noncontrolling Interests 7,124 7,495 Total Equity 2,427,482 2,431,835 Total Liabilities and Equity $ 7,198,280 $ 7,191,957 * The year-end condensed consolidated balance sheet data was derived from audited financial stat

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View this 10-Q filing on SEC EDGAR