Industry News, Printers News

Sonoco Reports Strong 1Q 2023 Results

Net sales decreased 2% year-over-year to $1.7 billion as strong pricing was offset by lower overall volume.

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By: DAVID SAVASTANO

Editor, Ink World Magazine

Sonoco Products Company reported financial results for its first quarter ended April 2, 2023. Net sales decreased 2% year-over-year to $1.7 billion as strong pricing was offset by lower overall volume. GAAP operating profit increased 36% year-over-year to $230 million as gains on asset sales and lower acquisition related costs offset lower price cost and lower volume and mix. Net income was $148 million, up 29%.          “Sonoco delivered a strong first quarter, highlighted by commercial pr...

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