HARTSVILLE, S.C., July 31, 2024 (GLOBE NEWSWIRE) -- Sonoco Products Company ("Sonoco" or the "Company") (NYSE: SON), one of the largest sustainable global packaging companies, today reported financial results for its second quarter ended June 30, 2024. Summary: Achieved GAAP net income attributable to Sonoco of $91 million, Adjusted EBITDA of $262 million, diluted earnings per share of $0.92 and diluted Adjusted earnings per share of $1.28 Generated strong productivity of $51 million during the second quart ...

Core Insights - The Phase 1b study of SON-080 demonstrated its potential as a treatment for chemotherapy-induced peripheral neuropathy (CIPN), showing promising safety and tolerability profiles [12][8][5] - SON-080, a low dose recombinant human Interleukin-6 (rhIL-6), is being developed to address the significant unmet medical need for effective treatments for CIPN and diabetic peripheral neuropathy (DPN) [11][8] Group 1: Study Design and Results - The SB211 study was a double-blind, randomized, controlled trial conducted in Australia, evaluating the safety, pharmacokinetics (PK), pharmacodynamics (PD), and initial efficacy of SON-080 in patients with persistent CIPN [5][12] - A total of 9 patients were randomized into two SON-080 dose groups and a placebo group, with a treatment period of 12 weeks followed by an additional 12 weeks of follow-up [13] - Preliminary results indicated a trend toward improved quality of life and pain scores in patients receiving SON-080 compared to placebo, with benefits persisting after treatment cessation [3][12] Group 2: Safety and Tolerability - SON-080 was well-tolerated at both 20 µg and 60 µg doses, significantly lower than the maximum tolerated dose established in previous studies [2][12] - The most common treatment-related adverse event was mild injection site erythema, with fatigue reported more frequently at the higher dose [2][12] - No significant pro-inflammatory cytokine response was observed, and any increases in serum amyloid alpha were deemed benign [10][12] Group 3: Future Development and Market Potential - The company plans to advance SON-080 into a Phase 2 study focusing on its neuroprotective and neuro-regenerative effects in DPN, a condition with high prevalence and unmet medical need [8][12] - The management expressed intentions to seek partnerships to facilitate the commercialization of SON-080, highlighting the potential market opportunity in treating neuropathies associated with cancer and diabetes [8][9]

Core Viewpoint - The upcoming earnings report for Sonoco is anticipated to show a year-over-year decline in earnings despite higher revenues, with the actual results being crucial for stock price movement [2][20]. Company Summary: Sonoco - The consensus revenue estimate for Sonoco is $1.74 billion, reflecting a 2.2% increase from the previous year [3]. - The consensus EPS estimate has been revised down by 1.71% over the last 30 days, indicating a reassessment by analysts [3]. - Sonoco currently holds a Zacks Rank of 4, suggesting a less favorable outlook [6][17]. - The Most Accurate Estimate for Sonoco is the same as the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, complicating predictions for an earnings beat [16][17]. - In the last reported quarter, Sonoco exceeded EPS expectations by 3.70%, posting earnings of $1.12 per share against an expectation of $1.08 [7]. Industry Summary: AptarGroup - AptarGroup is expected to report earnings of $1.36 per share, indicating a year-over-year increase of 10.6%, with revenues projected at $925.42 million, up 3.3% from the previous year [21]. - The consensus EPS estimate for AptarGroup has remained unchanged, but a lower Most Accurate Estimate results in an Earnings ESP of -1.29% [9]. - AptarGroup has consistently beaten consensus EPS estimates in the last four quarters, although its current Zacks Rank is 3, indicating a hold position [22].

HARTSVILLE, S.C., July 17, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Sonoco (NYSE: SON) has declared a $0.52 per share quarterly common stock dividend. This dividend will be paid on September 10, 2024, to shareholders of record as of August 9, 2024. About Sonoco According to Howard Coker, President and Chief Executive Officer, this is the 397th consecutive quarter and 99th year, dating back to 1925, that the Company has paid dividends to shareholders, and is the 41st consecutive year the Company ha ...

HARTSVILLE, S.C., July 17, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Sonoco (NYSE: SON) has declared a $0.52 per share quarterly common stock dividend. This dividend will be paid on September 10, 2024, to shareholders of record as of August 9, 2024. According to Howard Coker, President and Chief Executive Officer, this is the 397th consecutive quarter and 99th year, dating back to 1925, that the Company has paid dividends to shareholders, and is the 41st consecutive year the Company has increased i ...

Standalone Sonoco brazzo/iStock via Getty Images Sonoco was founded in 1899 in South Carolina and, through several innovations, new products and new processes, had grown to a billion-dollar company by the late 1980s. Inventions of the Sonotube, UltraSeal, Smartseal and all paper Pringles packaging meant that the company grew to a $7 billion revenue base. The sustainable packaging manufacturer employs about 22,000 workers across 300 facilities, with operations seen in 33 countries. The business is largely a ...

Sonoco Products Company (SON) has announced that it has agreed to buy Eviosys, Europe's leading manufacturer of food cans, ends and closures, from KPS Capital Partners for approximately $3.9 billion. This buyout will strengthen SON's metal core metal packaging business and global presence while enhancing sustainability efforts. The company has identified more than $100 million of synergies that are expected to be realized within two years of closing. Eviosys: A Strategic Fit The addition of Eviosys' highly ...

Core Viewpoint - KPS Capital Partners has agreed to sell its portfolio company Eviosys to Sonoco Products Company for €3.615 billion (approximately $3.9 billion), with the transaction expected to close by the end of 2024, pending regulatory approvals and other customary conditions [1]. Group 1: Company Overview - Eviosys is a leading global supplier of metal packaging, producing food cans, aerosol cans, and metal closures, with the largest metal food can manufacturing footprint in the EMEA region, employing over 6,300 people across 44 facilities in 17 countries [6][12]. - The company has achieved significant sustainability milestones, with a product portfolio entirely made of infinitely recyclable metal packaging and has received an EcoVadis Platinum rating in 2023, placing it in the top 1% of all ranked companies [13]. Group 2: Transaction Details - The sale price of €3.615 billion includes an option for Sonoco to pay up to $200 million in Sonoco stock under certain conditions [1]. - The transaction is subject to completion of required works council consultations and regulatory approvals [1]. Group 3: KPS Capital Partners' Role - KPS created Eviosys by acquiring Crown Holdings' EMEA Food and Consumer Packaging Business in August 2021, retaining a 20% ownership interest in Eviosys [2]. - Under KPS's ownership, Eviosys underwent a transformation that resulted in approximately 50% improvement in profitability within three years, supported by nearly €225 million in capital expenditures [13][14]. Group 4: Management and Strategic Vision - The management team, led by CEO Tomás López, has been credited with executing a strategic vision that resulted in significant value creation during KPS's ownership [4][15]. - KPS's investment strategy focuses on enhancing the strategic position and competitiveness of its portfolio companies, which has been exemplified in Eviosys's transformation [3][14].

Transaction Value of Approximately $3.9 Billion Represents a Multiple of 7.3x 2024 Expected Adjusted EBITDA Including Synergies Sonoco will Host an Investor and Analyst Conference Call Today at 8:30 a.m. ET "The acquisition of Eviosys establishes our global leadership in metal food can and aerosol packaging, marking an exciting milestone in our strategy to scale our core strategic metal packaging platform and position Sonoco for long-term value creation," said Howard Coker, President and Chief Executive Off ...

Core Acquisition Details - Sonoco Products Company has announced an agreement to acquire Eviosys for approximately $3.9 billion, which is expected to be immediately accretive to adjusted EPS and over 25% accretive to 2025 expected adjusted EPS [1][6][18] - The acquisition is part of Sonoco's strategy to enhance its leadership in metal food can and aerosol packaging, expanding its total addressable market in metal packaging to approximately $25 billion globally [5][18] Financial and Operational Synergies - Sonoco anticipates achieving over $100 million in synergies from the integration of Eviosys within 24 months, focusing on operational excellence and customer relationships [2][21] - Eviosys is projected to generate approximately $2.5 billion in revenue and $430 million in adjusted EBITDA for 2024, with a 50% increase in EBITDA since 2021 [3][41] Strategic and Portfolio Transformation - The acquisition supports Sonoco's portfolio transformation strategy, which includes a divestiture plan aiming for at least $1 billion in proceeds to fund deleveraging and high-return capital investments [3][7][23] - Sonoco intends to maintain an investment-grade credit profile and plans to reduce net leverage below 3.0x within 24 months post-transaction [8][23] Sustainability and Market Position - The combined management teams of Sonoco and Eviosys are committed to enhancing sustainability initiatives, integrating sustainable solutions across regions and end markets [9][24] - The acquisition builds on Sonoco's previous acquisition of Ball Metalpack, further solidifying its position in the core metal packaging business [20]