Packaging firm Sonoco has reported a net income of $313.6m for the full year of 2018, compared to $175.3m for the twelve months ended 31 December 2017.
Image: Sonoco offers various consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services. Photo: courtesy of everydayplus / FreeDigitalPhotos.net.
The company has posted 7% increase in the net sales for the full-year 2018 at $5.39bn, compared to $5.04bn in 2017.
Sonoco said its net sales have been increased due to acquisitions and implementation of higher selling prices.
The company has reported a net income of $77.7m for the fourth quarter of 2018, compared to $5.7m for the same period last year.
Sonoco has posted 4.4% increase in the net sales for the Q4 2018, which stood at $1.4bn, compared to $1.2bn in the fourth quarter of 2017.
Sonoco has reported its financial results in four operating segments, including consumer packaging, display and packaging, paper and industrial converted products, and protective solutions.
The company posted $573.9m sales for the consumer packaging segment in Q4, compared to $554.2m for the same period last year. The segment’s operating profit was $43.7m fourth quarter, compared to $67m in the same quarter last year.
Sales for the display and packaging segment were $141.2m in Q4, compared to 142.4m for the same period last year. The segment’s operating profit was $8.4m fourth quarter, compared to $4.1m in the same quarter last year.
Sonoco has posted $512.4m sales for the paper and industrial converted products in the fourth quarter of 2018, compared to $471.1m for the same period last year. The segment’s operating profit was $55.9m in the fourth quarter, compared to $45.6m in the same quarter last year.
The firm has posted $128m sales for the protective solutions segment in the fourth quarter of 2018, which was 2.4% less compared to the same period last year. The segment’s operating profit was $8.2m in the fourth quarter, compared to $9.1m in the same quarter last year.
Sonoco president and CEO Rob Tiede said: “Despite hurricanes, accelerating inflation, tariffs and disappointing performance in our Consumer Packaging segment, Sonoco produced record top-line, bottom-line, and cash flow results in 2018.
“This performance demonstrates how our strong, diversified business mix has allowed us to produce consistent earnings improvement over the past several years.”