UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-11261 SONOCO PRODUCTS COMPANY (Exact name of registrant as specified in its charter) South Carolina (State or other jurisdiction of incorporati ...

Financial Data and Key Metrics Changes - Full year 2023 net sales decreased to $6.78 billion, impacted by destocking and an elongated cycle in industrial, although net sales grew at a 10% compounded annual growth rate since 2021 due to strategic pricing, new product wins, and acquisitions [4][10][107] - Q4 2023 net sales declined to $1.64 billion, with a 3.4% decrease in volumes and a negative price impact of 2.3% due to index-based pricing [5][97] - Adjusted EBITDA grew from $770 million in 2021 to $1.067 billion in 2023, with an adjusted EBITDA margin of 15.7%, a 190 basis point increase from 2021 [32][105] Business Line Data and Key Metrics Changes - Rigid Paper Containers sales declined low single digits due to mid single-digit volume declines, while Flexible sales were flat as new customer gains offset low legacy customer volumes [6] - Industrial operating profit decreased to $62 million, with a margin of 10.4%, while Consumer operating profit decreased to $83 million, maintaining a margin of 9.7% [14][34] - All other sales decreased 7% to $187 million, but operating profit increased to $22 million due to strong productivity and positive price cost [14] Market Data and Key Metrics Changes - Industrial volumes decreased low single digits due to lower demand in key markets, with prices decreasing mid-single digits due to index-based pricing actions [99][112] - Consumer volumes are expected to grow low single digits, while industrial volumes are projected to experience limited recovery [100][114] Company Strategy and Development Direction - The company is focused on portfolio simplification and alignment with core businesses, including the expected sale of the Protective Solutions business [17] - Increased capital expenditures are directed towards long-term growth and profitability projects, with expectations for record productivity in 2024 and beyond [15][111] - The integration of flexible and thermoforming businesses is aimed at creating a larger scaled platform, enhancing market position and operational efficiency [40][58] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future performance despite challenges, noting that 2023 was the second-best financial performance in the company's history [10][107] - The company anticipates modestly negative volume in consumer due to cautious customer behavior, but expects recovery in industrial volumes as conditions normalize [15][114] - Price cost is expected to be negative in the first quarter due to rising input costs and timing of pricing updates, but improvements are anticipated throughout the year [37][120] Other Important Information - The company returned capital to shareholders and increased its annual dividend for the 40th consecutive year [31] - Record operating cash flow of $883 million and free cash flow of $600 million were generated in 2023 [106] Q&A Session Summary Question: What is the impact of price cost on profitability for 2024? - Management anticipates a drag of $0.50 to $0.55 in Q1 due to price cost dynamics, with industrial expected to have a $35 million impact [22] Question: How has the competitive landscape changed in the consumer segment? - Management noted no material share loss, with some share gains, but overall demand remains weak across the consumer segment [73] Question: What is the expected impact of the divestiture of Protective Solutions on guidance? - The divestiture is expected to be $0.10 dilutive to EPS on a full-year basis, with closure anticipated by the end of Q1 [121]

| --- | --- | --- | --- | --- | |--------------------------------------------------------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | SONOCO Earnings Presentation \| February 2024 SONOCO FOURTH QUARTER 2023 | | | | | | | | | | | | | | | | | | | | | | | Information about the Company's use of non-GAA ...

Sonoco Products Co (NYSE:SON) Q3 2023 Earnings Conference Call November 1, 2023 8:30 AM ET Company Participants Lisa Weeks - VP, IR & Corporate Affairs Robert Coker - President, CEO & Director Robert Dillard - CFO Rodger Fuller - COO Conference Call Participants George Staphos - Bank of America Merrill Lynch Anthony Pettinari - Citigroup Mark Weintraub - Seaport Research Partners Operator Good day, and thank you for standing by. Welcome to the Q3 2023 Sonoco Earnings Conference Call. [Operator Instructions] ...

2 Sonoco | www.sonoco.com * Includes Acquisitions and Divestitures Net Sales Capital Allocation 9 | --- | --- | --- | |-------|-------------------------------------------------------------------------------------|-------| | | We are continuing to transform \nthe company through portfolio management and M&A | | | | | | | | We have increasing opportunity | | | | to leverage our operating model to expand margins | | | | | | | | We remain disciplined in capital allocation and expect to further invest to grow | ...

Yes, let me talk about the industrial side to start with, which is a bit of a head scratcher for us. We've always looked at if you think about what our industrial business, we supply at the beginning of really industrial and consumer supply chains. And historically what we would have seen is that as the industrial businesses slow, we see an adverse or the opposite happening on the consumer side that starting to pick up. And this is kind of unique situation that we're in right now where industrial if you're ...

Forward-looking statements in this communication include statements regarding, but not limited to: the Company's future operating and financial performance, including third quarter and full-year 2023 outlook; the Company's ability to manage variable and fixed expenses; opportunities for operational improvements; customer demand and volume outlook; the Company's relationships with its customers; the Company's ability to create near-term and long-term value and to generate cash flows and returns for sharehold ...

| --- | --- | --- | --- | |---------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | SONOCO | | | | | Earnings Presentation \| April 2023 SONOCO FIRST QUARTER 2023 | | | | | | | | | | | | | | | | | | | | | | | | Sonoco Products Company | www.sonoco.com Information about the Company's use of non-GAAP financial measures ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-11261 SONOCO PRODUCTS COMPANY (Exact name of registrant as specified in its charter) South Carolina (State or other jurisdiction of incorporation or 1 N. Second St. Hartsville, South Carolina (Address of principal executive offices) 29550 (Zip Code) organization) 57-0248420 (I.R.S. Employer Identification No.) For ...

Sonoco Products Company (NYSE:SON) Q4 2022 Earnings Conference Call February 9, 2023 8:30 AM ET Company Participants Howard Coker - President, Chief Executive Officer Rob Dillard - Chief Financial Officer Rodger Fuller - Chief Operating Officer Lisa Weeks - Vice President, Investor Relations Conference Call Participants Kyle White - Deutsche Bank George Staphos - Bank of America Cleve Rueckert - UBS Mark Weintraub - Seaport Research Partners Adam Josephson - Keybanc Capital Markets Matt Krueger - Baird Ant ...