US – US-based packaging provider Sonoco has reported net sales of US$1.89 billion for the third quarter (Q3) of fiscal 2022 (FY22), up 34% from US$1.41 billion in the same period of fiscal 2021 (FY21).
In the three months to 2 October, net sales in the company’s consumer packaging segment grew by 72% to US$1.03 billion.
Net sales for its industrial paper packaging business were US$661 million, up by 4% from a year earlier, while the remaining businesses posted a 10% growth in net sales to US$198 million.
Sonoco’s operating profit grew by 44% to US$182 million in the quarter, against US$127 million in Q3 2021.
Net income attributable to the company was US$122 million, increasing by 10% from US$111 million a year earlier.
Its earnings per diluted share (EPS) were US$1.24, up by 11% from US$1.12 in Q3 2021.
Sonoco President and CEO Howard Coker said: “We delivered another strong quarter of results from stable consumer demand and improving supply conditions while executing a number of activities critical to our future.
“In parallel, we are expanding paper production capability with the planned acquisition of Skjern Paper in Denmark to support the growing demand for sustainable paper-based packaging in Europe.
Sonoco expects its base EPS for the fourth quarter (Q4) to be between US$1.20 and US$1.30. For the full year, it expects a base EPS of US$6.40 to US$6.50.
Amcor reports 9% rise in net sales for first quarter of FY23
Meanwhile, Amcor has posted net sales of US$3.71 billion for the first quarter (Q1) of fiscal 2023 (FY23), up by 9% on a reported basis from the same period of fiscal 2022 (FY22).
In the three months to 30 September, the company’s net sales in North America and Europe rose in the low single digits.
In Asia, its net sales increased at low single-digit rates, while its Latin America business saw a mid-single-digit growth rate.
Amcor’s Q1 adjusted earnings before interest, tax, depreciation and amortization (EBITDA) were US$494 million, representing a 2% growth from the same period of FY22.
Its adjusted earnings before interest and taxes (EBIT) in the quarter were US$392 million, up by 3% on a reported basis and 9% on a comparable constant currency basis from Q1 2022.
Net income attributable to Amcor in Q1 2023 was US$232 million, representing a 15% increase from US$202 million in the same period of FY22.
The company’s earnings for each diluted share were US$15.5, 18% above the US$13.1 recorded in the prior-year quarter.
Amcor CEO Ron Delia said: “Amcor delivered a strong first quarter highlighted by solid operating leverage with 3% organic sales growth driving a 10% increase in adjusted earnings per share (EPS) on a comparable constant currency basis.
“The result demonstrates the relative stability of our end market exposures, our relentless focus on recovering higher raw material costs and general inflation, and our proactive approach to driving costs out of the business.
For FY23, Amcor anticipates its full year adjusted EPS to be between US$0.77 and US$0.81 on a reported basis and 3-8% on a comparable constant currency basis.
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