People Build Business, the statue located in front of Sonoco’s corporate headquarters, illustrates how the company does business and operates within its communities, according to company spokeswoman Carolyn Johnson. Photos courtesy of Sonoco Products Co.
Sonoco Products Co., one of the largest publicly-traded companies headquartered in South Carolina, reported its third-quarter financial results on Oct. 21.
The Hartsville company, which provides consumer packaging, industrial products and services, and protective packaging internationally, earned a record $1.42 billion in net sales during its quarter ending Oct. 3, compared to $1.31 billion in the same quarter last year.
“We were pleased with the improved top-line and bottom-line results delivered in the third quarter as our Sonoco team skillfully navigated through supply chain disruptions, raw material shortages and unrelenting inflation to meet the critical needs of our customers,” President and CEO Howard Coker said in a press release. “Net sales reached a record level, growing almost eight percent over the prior-year quarter…”
The company’s net income, or bottom-line, of $111 million is a noticeable improvement over its second-quarter loss of $330 million earlier this year.
So far in 2021, the company stands at a $150 million loss. Inflation, the ongoing COVID-19 pandemic, supply chain interruptions, increasing raw material costs, among other challenges, have all contributed to the company’s net loss, according to the company’s press release.
“Entering the final three months of 2021, we remain upbeat as demand for our products across most of our businesses remains strong despite supply chain challenges,” Coker said in a press release.
Since its founding in 1899, the company has become a global provider of consumer, industrial, healthcare and protective packaging. Sonoco is committed to creating sustainable products, services and programs for customers, employees and communities, according to the company’s website.
Sonoco is the fourth-largest company in South Carolina based on size, currently employing over 20,000, according to Zippia.
Since releasing its third-quarter earnings, Sonoco’s stock price has remained fairly constant, ranging between about $58-$62 over the last five days.
“Sonoco is coming out of the pandemic well-positioned with strong businesses, a strong balance sheet and solid cash flow,” Coker said in a press release. “We’ll continue investing in the long-term protentional of our core consumer and industrial businesses, while remaining committed to returning value to our shareholders through dividends and share repurchases.”