Published on 15 Feb 2024 on Zacks via Yahoo Finance
Sonoco Products Company SON reported adjusted earnings per share of $1.02 in the fourth quarter of 2023, missing the Zacks Consensus Estimate of $1.07. The figure came within the company’s guidance of $1.01-$1.16. The bottom line fell 20% from the prior-year quarter’s level.Including one-time items, the company reported earnings of 82 cents, which compared unfavorably with the year-ago quarter’s 98 cents.Sonoco’s net sales were $1.64 billion, beating the Zacks Consensus Estimate of $1.59 billion. The top line, however, fell 2.4% year over year on lower volumes and pricing.
Operational Update
The cost of sales was around $1.3 billion, 4.8% lower than the year-earlier quarter. Gross profit in the reported quarter totaled $340 million compared with the prior-year quarter’s $314 million. The gross margin came in at 20.8% compared with the year-ago quarter’s 18.7%.Selling, general and administrative expenses amounted to $200 million, up 15.6% year over year. Adjusted operating income was $167 million compared with the prior-year quarter’s $184 million.