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Provides COVID-19 update and withdraws full-year 2020 guidance due to uncertainty.
April 27, 2020
By: DAVID SAVASTANO
Editor, Ink World Magazine
Sonoco reported financial results for its first quarter ending March 29, 2020, and provided an update related to the impact of the COVID-19 pandemic on the company. First-quarter 2020 net sales were $1.30 billion, down 3.6% compared with $1.35 billion in 2019. The sales decline was driven by lower volume/mix, reduced selling prices and a stronger US dollar. These negative impacts were somewhat offset by increased sales from acquisitions. Gross profit was $266.6 million in the first quarter com...
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