Sonoco Products Co. Files Q3 2024 10-Q Report
Ticker: SON · Form: 10-Q · Filed: Nov 1, 2024 · CIK: 91767
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
Sonoco Products Co. filed its Q3 2024 10-Q, detailing financial performance and operations.
AI Summary
Sonoco Products Co. reported its third-quarter results for the period ending September 29, 2024. The company's financial performance and operational details are outlined in this 10-Q filing. Specific financial figures and operational metrics are detailed within the report, providing insight into the company's recent business activities.
Why It Matters
This filing provides investors and analysts with the latest financial and operational data for Sonoco Products Co., crucial for evaluating the company's performance and making informed investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks highlighted.
Key Players & Entities
- SONOCO PRODUCTS CO (company) — Filer
- 20240929 (date) — Period of Report
- 20241101 (date) — Filed as of Date
- SC (location) — State of Incorporation
- 8433837000 (phone_number) — Business Phone
FAQ
What is the reporting period for this 10-Q filing?
The conformed period of report is 20240929, indicating the third quarter of 2024.
When was this 10-Q filing submitted to the SEC?
The filing was submitted on 20241101.
What is Sonoco Products Co.'s primary business classification?
Sonoco Products Co. is classified under PAPERBOARD CONTAINERS & BOXES [2650].
In which state is Sonoco Products Co. incorporated?
Sonoco Products Co. is incorporated in SC (South Carolina).
What is the fiscal year end for Sonoco Products Co.?
The fiscal year end for Sonoco Products Co. is 1231 (December 31).
Filing Stats: 4,588 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-11-01 16:16:06
Filing Documents
- son-20240929.htm (10-Q) — 2587KB
- sonexhibit31-q32024.htm (EX-31) — 20KB
- sonexhibit32-q32024.htm (EX-32) — 6KB
- 0000091767-24-000060.txt ( ) — 13528KB
- son-20240929.xsd (EX-101.SCH) — 74KB
- son-20240929_cal.xml (EX-101.CAL) — 129KB
- son-20240929_def.xml (EX-101.DEF) — 433KB
- son-20240929_lab.xml (EX-101.LAB) — 906KB
- son-20240929_pre.xml (EX-101.PRE) — 682KB
- son-20240929_htm.xml (XML) — 2646KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION 3
Financial Statements
Item 1. Financial Statements: 3 Condensed Consolidated Balance Sheets – September 29 , 2024 (unaudited) and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Income – Three and Nine Months Ended September 29 , 2024 (unaudited) and October 1 , 2023 (unaudited) 4 Condensed Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 29 , 2024 (unaudited) and October 1 , 2023 (unaudited) 5 Condensed Consolidated Statements of Changes in Total Equity – Three and Nine Months Ended Sept ember 29 , 2024 (unaudited) and October 1 , 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows – Nine Months Ended September 29 , 2024 (unaudited) and October 1 , 2023 (unaudited) 8 Notes to Condensed Consolidated Financial Statements (unaudited) 9
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. 40
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk. 66
Controls and Procedures
Item 4. Controls and Procedures. 66
OTHER INFORMATION
PART II. OTHER INFORMATION 67
Legal Proceedings
Item 1. Legal Proceedings. 67
Other Information
Item 5. Other Information. 67
Exhibits
Item 6. Exhibits. 68 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) September 29, 2024 December 31, 2023* Assets Current Assets Cash and cash equivalents $ 1,930,633 $ 151,937 Trade accounts receivable, net of allowances 1,042,520 904,898 Other receivables 110,042 106,644 Inventories, net: Finished and in process 304,042 324,910 Materials and supplies 451,210 448,591 Prepaid expenses 130,584 113,385 Total Current Assets 3,969,031 2,050,365 Property, Plant and Equipment, Net 1,930,025 1,906,137 Goodwill 1,780,967 1,810,654 Other Intangible Assets, Net 785,616 853,670 Deferred Income Taxes 28,682 31,329 Right of Use Asset-Operating Leases 314,611 314,944 Other Assets 233,929 224,858 Total Assets $ 9,042,861 $ 7,191,957 Liabilities and Equity Current Liabilities Payable to suppliers $ 748,193 $ 707,490 Accrued expenses and other 438,296 400,014 Notes payable and current portion of long-term debt 481,706 47,132 Accrued taxes 10,084 10,641 Total Current Liabilities 1,678,279 1,165,277 Long-term Debt, Net of Current Portion 4,320,442 3,035,868 Noncurrent Operating Lease Liabilities 269,251 265,454 Pension and Other Postretirement Benefits 137,302 142,900 Deferred Income Taxes 84,048 100,788 Other Liabilities 66,379 49,835 Commitments and Contingencies Sonoco Shareholders' Equity Common stock, no par value Authorized 300,000 shares 98,258 and 97,957 shares issued and outstanding at September 29, 2024 and December 31, 2023 , respectively 7,175 7,175 Capital in excess of stated value 175,532 159,047 Accumulated other comprehensive loss ( 382,010 ) ( 366,262 ) Retained earnings 2,678,242 2,624,380 Total Sonoco Shareholders' Equity 2,478,939 2,424,340 Noncontrolling Interests 8,221 7,495 Total Equity 2,487,160 2,431,835 Total Liabilities and Equity $ 9,042,861 $ 7,191,957 * The year-end condensed consolidated balance sheet data was derived from audited f