Sonoco reported first quarter 2024 results with net sales of $1.638 billion and net income of $65 million. The company achieved adjusted EBITDA of $245 million and adjusted EPS of $1.12. While facing lower volumes and price/cost pressures, productivity improvements contributed $51 million in savings. Sonoco completed the sale of Protective Solutions and revised its adjusted EPS and adjusted EBITDA guidance for the year.
Generated $166 million of operating cash flow and $80 million of Free Cash Flow.
Achieved net income attributable to Sonoco of $65 million, Adjusted EBITDA of $245 million, diluted earnings per share of $0.66 and diluted Adjusted earnings per share of $1.12.
Completed the sale of Protective Solutions on April 1, 2024, and used the majority of the $82 million cash proceeds to pay down debt.
Increased the quarterly dividend on April 17, 2024 for the 41st consecutive year to $0.52 per share.
Sonoco expects sequential adjusted earnings per share improvement of 16% over first quarter results from increased sales in metal packaging and trade paper and continued strong productivity across all businesses.
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