Sonoco Q2 2024 Earnings Report
Key Takeaways
Sonoco reported GAAP net income of $91 million, with adjusted EBITDA reaching $262 million. Diluted earnings per share were $0.92, and adjusted diluted earnings per share stood at $1.28. The company reaffirmed its full-year 2024 guidance for adjusted EBITDA, adjusted EPS, and operating cash flow, excluding the pending Eviosys acquisition and potential divestitures.
GAAP net income attributable to Sonoco was $91 million, with Adjusted EBITDA at $262 million.
Diluted earnings per share reached $0.92, and diluted Adjusted earnings per share was $1.28.
The company generated strong productivity of $51 million during the second quarter.
An agreement to acquire Eviosys for approximately $3.9 billion was entered into, expected to be completed in the fourth quarter of 2024.
Sonoco
Sonoco
Sonoco Revenue by Segment
Forward Guidance
The company expects sequential adjusted earnings per share improvement in the third quarter from seasonally higher volumes in Consumer, stable volumes in Industrials, and continued strong productivity. The company's first half 2024 results reinforce confidence in its ability to meet its current full year 2024 financial expectations.
Positive Outlook
- Sequential adjusted earnings per share improvement expected in the third quarter.
- Seasonally higher volumes anticipated in the Consumer segment.
- Stable volumes projected in the Industrials segment.
- Continued strong productivity expected.
- Confidence in meeting full year 2024 financial expectations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income