Financial Data and Key Metrics Changes - Net sales grew 57% to $2.1 billion, driven by the acquisition of metal packaging EMEA and strong pricing disciplines across all segments [11][12] - Adjusted EBITDA increased by 37% to $386 million, with an adjusted EBITDA margin of 18.1%, reflecting strong price-cost discipline and productivity gains [12][4] - Adjusted EPS was $1.92, representing a 29% year-over-year increase, primarily due to favorable price-cost performance and the EMEA acquisition [11][12] Business Line Data and Key Metrics Changes - Consumer packaging sales and operating profit grew 117%, with adjusted EBITDA increasing 112%, largely due to the addition of metal packaging EMEA [4][13] - Industrial packaging segment saw operating profits up by 28% and adjusted EBITDA up by 21%, marking eight consecutive quarters of margin improvement [5][14] - Sales for the industrial segment were flat year-over-year at $585 million, impacted by volume softness and the exit from Chinese paper operations [14] Market Data and Key Metrics Changes - EMEA metal packaging adjusted EBITDA was up approximately 9%, with EBITDA margins improving to around 18% [8] - Food can units in the U.S. increased by 5%, but overall performance in metal packaging was down low single digits due to mix issues [41] - The European market continues to soften, with pressures in North America leading to slightly lower demand [15] Company Strategy and Development Direction - The company is transforming its portfolio to focus on two core segments: consumer packaging and industrial packaging, following the sale of the Thermosafe business [6][20] - Plans to achieve $100 million in annual run-rate synergies by the end of 2026, with a focus on procurement synergies and optimizing the manufacturing footprint [9][72] - The company aims to drive growth through new product launches and market expansions, particularly in non-seasonal products like pet food and seafood [9][19] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the macroeconomic environment affecting demand, particularly in the EMEA region, leading to a cautious outlook for Q4 [15][16] - The company anticipates a continued focus on cost structure reduction and operational efficiency to improve competitive positioning [18][20] - Management remains optimistic about long-term growth opportunities despite current challenges, particularly in the consumer and industrial segments [78][80] Other Important Information - The company expects to close the Thermosafe sale during the quarter, which will significantly impact its financial structure and leverage ratio [6][7] - Operating cash flows for the quarter were a source of cash of $292 million, up more than 80% over the prior year [12] - The company is preparing for an Investor Day scheduled for February 17, 2026, to outline future growth plans [16][21] Q&A Session Summary Question: Insights on the European food can business and volume expectations - Management noted that the shortfall in volumes was primarily due to issues in Africa, particularly with sardine production, and that they are closely monitoring inventory levels [24][26] Question: Clarification on the footprint rationalization - Management acknowledged the need to address cost bases in Africa and is actively negotiating for footprint optimization in Europe [27][28] Question: Expectations for cost or revenue synergies from the metal and paper can integration - Management indicated that it is too early to quantify specific synergies but is optimistic about the potential for cost savings and operational efficiencies [36][40] Question: Operating rates and cost implications from the URB mill closure - Management confirmed that the decision was based on maintaining operational efficiency and balancing logistics costs, with expectations for price-cost dynamics to remain stable [50][53] Question: Insights on EMEA's cost savings and structural shifts - Management stated that they are targeting significant cost reductions and are confident in achieving the planned synergies, despite facing some unexpected volume drops [66][70] Question: Procurement benefits from integrating U.S. and EMEA teams - Management confirmed that procurement savings are expected to contribute significantly to the overall synergy targets, with a focus on operational efficiencies [72][73]

Group 1 - The article does not provide any specific information or insights regarding a company or industry [1]

Quarterly Financial Review 3rd Quarter 2025 October 23, 2025 FORWARD-LOOKING STATEMENTS / NON-GAAP FINANCIAL MEASURES Statements included herein that are not historical in nature, are intended to be, and are hereby identified as "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. In addition, the Company and its representatives may from time to time make other oral or written statements that are also "forward-looking statem ...

[Report Overview](index=1&type=section&id=Report%20Overview) This section provides an overview of Sonoco's Q3 2025 financial results, key highlights, and notes on discontinued operations [Date and Company Information](index=1&type=section&id=Date%20and%20Company%20Information) Sonoco Products Company (NYSE: SON) reported its financial results for the third quarter ended September 28, 2025, on October 22, 2025 - Sonoco Products Company (NYSE: SON) reported **Q3 2025 financial results** on October 22, 2025[1](index=1&type=chunk)[2](index=2&type=chunk) [Executive Summary (Key Highlights)](index=1&type=section&id=Executive%20Summary%20%28Key%20Highlights%29) Sonoco achieved significant growth in Q3 2025, with net sales up 57.3% to $2.1 billion, primarily driven by acquisitions, while adjusting full-year EPS guidance downwards - Agreement to sell Sonoco's ThermoSafe business unit for up to **$725 million**, with net proceeds expected to repay existing debt[5](index=5&type=chunk) Q3 2025 Key Financial Highlights | Metric | Q3 2025 | Q3 2024 | Change (%) | | :----------------------------------- | :------ | :------ | :--------- | | Net Sales | $2.1 billion | - | 57.3% | | GAAP Net Income attributable to Sonoco | $122.9 million | $50.9 million | 141% | | Diluted EPS attributable to Sonoco | $1.23 | - | - | | Adjusted Net Income attributable to Sonoco | $191.2 million | - | 29.3% | | Adjusted Diluted EPS | $1.92 | - | - | | Adjusted EBITDA | $386 million | - | 37.3% | | Operating Cash Flow (Q3) | $292 million | - | - | | Operating Cash Flow (YTD) | $277 million | - | - | - Adjusted full-year adjusted diluted EPS guidance to between **$5.65 and $5.75** (from previous guidance of approximately $6.00)[5](index=5&type=chunk) - Full-year adjusted EBITDA expected to be between **$1.30 billion and $1.35 billion** (substantially in line with previous guidance of $1.30 billion and $1.40 billion)[5](index=5&type=chunk) - Cash flows from operating activities expected to be between **$700 million to $750 million** (from previous guidance of approximately $800 million)[5](index=5&type=chunk) [Note on Discontinued Operations](index=1&type=section&id=Note%20on%20Discontinued%20Operations) Consolidated financial metrics exclude the results of the TFP businesses, sold in April 2025 and accounted for as discontinued operations - Consolidated 'net sales,' 'operating profit,' 'adjusted operating profit,' and Consumer Packaging 'segment operating profit' and 'segment adjusted EBITDA' exclude results of the TFP businesses, sold in April 2025 and accounted for as **discontinued operations**[4](index=4&type=chunk) [Third Quarter 2025 Consolidated Results](index=2&type=section&id=Third%20Quarter%202025%20Consolidated%20Results) Sonoco reported strong GAAP and non-GAAP performance for Q3 2025, driven by acquisitions, price increases, and favorable foreign exchange rates [GAAP Results](index=2&type=section&id=GAAP%20Results) Sonoco reported strong GAAP performance for Q3 2025, with net sales increasing 57% and operating profit surging 91% year-over-year Q3 2025 GAAP Consolidated Results (Continuing Operations) | GAAP Results | Three Months Ended Sep 28, 2025 | Three Months Ended Sep 29, 2024 | Change (%) | | :--------------------------------- | :------------------------------ | :------------------------------ | :--------- | | Net sales | $2,131 million | $1,355 million | 57% | | Operating profit | $195 million | $102 million | 91% | | Net income attributable to Sonoco | $123 million | $51 million | 141% | | EPS (diluted) | $1.23 | $0.51 | 141% | YTD 2025 GAAP Consolidated Results (Continuing Operations) | GAAP Results | Nine Months Ended Sep 28, 2025 | Nine Months Ended Sep 29, 2024 | Change (%) | | :--------------------------------- | :----------------------------- | :----------------------------- | :--------- | | Net sales | $5,751 million | $3,942 million | 46% | | Operating profit | $497 million | $270 million | 84% | | Net income attributable to Sonoco | $671 million | $207 million | 224% | | EPS (diluted) | $6.74 | $2.09 | 222% | [Non-GAAP Results](index=2&type=section&id=Non-GAAP%20Results) Non-GAAP metrics also showed strong growth in Q3 2025, with adjusted operating profit increasing 78% and adjusted EBITDA up 37% year-over-year Q3 2025 Non-GAAP Consolidated Results (Continuing Operations) | Non-GAAP Results | Three Months Ended Sep 28, 2025 | Three Months Ended Sep 29, 2024 | Change (%) | | :--------------------------------- | :------------------------------ | :------------------------------ | :--------- | | Adjusted operating profit | $308 million | $174 million | 78% | | Adjusted EBITDA | $386 million | $281 million | 37% | | Adjusted net income attributable to Sonoco | $191 million | $148 million | 29% | | Adjusted EPS (diluted) | $1.92 | $1.49 | 29% | YTD 2025 Non-GAAP Consolidated Results (Continuing Operations) | Non-GAAP Results | Nine Months Ended Sep 28, 2025 | Nine Months Ended Sep 29, 2024 | Change (%) | | :--------------------------------- | :----------------------------- | :----------------------------- | :--------- | | Adjusted operating profit | $768 million | $446 million | 72% | | Adjusted EBITDA | $1,052 million | $788 million | 33% | | Adjusted net income attributable to Sonoco | $464 million | $386 million | 20% | | Adjusted EPS (diluted) | $4.66 | $3.89 | 20% | [Key Performance Drivers](index=2&type=section&id=Key%20Performance%20Drivers) Q3 net sales increased 57.3% due to the Eviosys acquisition, price increases, and favorable foreign exchange rates, while GAAP operating profit benefited from the acquisition and a positive price/cost environment - Third quarter net sales increased **57.3%** due to the acquisition of Metal Packaging EMEA business (Eviosys), price increases, and favorable foreign exchange rates[6](index=6&type=chunk) - GAAP operating profit increased due to Eviosys acquisition, positive price/cost environment, solid productivity from procurement savings, production efficiencies, fixed cost reduction initiatives, and absence of losses on sale of two China facilities[6](index=6&type=chunk) - Positive factors were partially offset by negative product mix in certain businesses and higher restructuring costs[6](index=6&type=chunk) Effective Tax Rates on Income from Continuing Operations | Metric | Q3 2025 | Q3 2024 | | :---------------------------------------------------------------- | :------ | :------ | | Effective tax rate on GAAP income from continuing operations | 6.0% | 35.2% | | Effective tax rate on adjusted income from continuing operations | 22.9% | 21.1% | [Management Commentary](index=3&type=section&id=Management%20Commentary) Management highlighted strong Q3 operating performance, record results, and strategic transformation, alongside significant cash flow generation [CEO's Remarks](index=3&type=section&id=CEO%27s%20Remarks) CEO Howard Coker highlighted record top-line and bottom-line performance with margin expansion, significant growth in Consumer Packaging, and improved Industrial Paper Packaging, emphasizing the company's transformation post-ThermoSafe sale - Achieved **record top-line and bottom-line performance** with margin expansion despite challenging market conditions and higher interest costs[7](index=7&type=chunk) - Consumer Packaging segment sales and operating profit grew **117%**, and adjusted EBITDA increased **112%**, primarily from Metal Packaging EMEA addition and improved U.S. metal packaging[7](index=7&type=chunk) - Industrial Paper Packaging segment improved operating profit by **28%**, adjusted EBITDA by **21%**, operating profit margin by **~336 basis points**, and adjusted EBITDA margin by **~359 basis points** due to price/cost improvement and productivity[7](index=7&type=chunk) - Sale of ThermoSafe unit will substantially complete Sonoco's transformation into a simplified structure with **two core global business segments**: Consumer Packaging and Industrial Paper Packaging[7](index=7&type=chunk) [CFO's Remarks](index=3&type=section&id=CFO%27s%20Remarks) CFO Paul Joachimczyk reported an 80% increase in Q3 operating cash flow to $292 million, driven by improved working capital, with expectations for continued strong cash flow in Q4 - Generated **$292 million** in operating cash flow in Q3, up **80%** year-over-year, due to solid improvement in working capital[7](index=7&type=chunk) - Expects further strong cash flow generation in Q4 as seasonal working capital build reverses[7](index=7&type=chunk) [Third Quarter 2025 Segment Results](index=3&type=section&id=Third%20Quarter%202025%20Segment%20Results) Sonoco's Q3 2025 segment results show robust growth in Consumer Packaging, stable net sales in Industrial Paper Packaging with improved profitability, and relatively flat performance in 'All Other' [Segment Overview](index=3&type=section&id=Segment%20Overview) Sonoco reports financial results across two reportable segments: Consumer Packaging and Industrial Paper Packaging, with all other businesses grouped under 'All Other' - Sonoco reports financial results in **two reportable segments**: Consumer Packaging and Industrial Paper Packaging, with all remaining businesses reported as All Other[8](index=8&type=chunk) [Consumer Packaging Segment](index=3&type=section&id=Consumer%20Packaging%20Segment) The Consumer Packaging segment experienced robust growth in Q3 2025, with net sales and segment operating profit both increasing by 117%, primarily driven by the Eviosys acquisition Consumer Packaging Segment Q3 2025 Performance | Metric | Q3 2025 | Q3 2024 | Change (%) | | :------------------------ | :------ | :------ | :--------- | | Net sales | $1,438 million | $662 million | 117% | | Segment operating profit | $209 million | $96 million | 117% | | Segment operating profit margin | 15% | 15% | 0 pp | | Segment Adjusted EBITDA | $260 million | $122 million | 112% | | Segment Adjusted EBITDA margin | 18% | 18% | 0 pp | Consumer Packaging Segment YTD 2025 Performance | Metric | YTD 2025 | YTD 2024 | Change (%) | | :------------------------ | :------- | :------- | :--------- | | Net sales | $3,732 million | $1,827 million | 104% | | Segment operating profit | $510 million | $229 million | 123% | | Segment operating profit margin | 14% | 13% | 1 pp | | Segment Adjusted EBITDA | $663 million | $305 million | 117% | | Segment Adjusted EBITDA margin | 18% | 17% | 1 pp | - Consumer segment net sales grew **117%**, driven by sales from Metal Packaging EMEA (Eviosys acquisition), price increases, and favorable foreign exchange rates, partially offset by softer volumes in rigid paper and U.S. metal packaging[11](index=11&type=chunk) - Segment operating profit and adjusted EBITDA grew primarily due to profits from Metal Packaging EMEA and a strong price/cost environment in the U.S. metal packaging business[11](index=11&type=chunk) [Industrial Paper Packaging Segment](index=3&type=section&id=Industrial%20Paper%20Packaging%20Segment) The Industrial Paper Packaging segment maintained flat net sales in Q3 2025 at $585 million, while segment operating profit increased by 28% and adjusted EBITDA by 21% due to price recovery and productivity Industrial Paper Packaging Segment Q3 2025 Performance | Metric | Q3 2025 | Q3 2024 | Change (%) | | :------------------------ | :------ | :------ | :--------- | | Net sales | $585 million | $585 million | 0% | | Segment operating profit | $90 million | $70 million | 28% | | Segment operating profit margin | 15% | 12% | 3 pp | | Segment Adjusted EBITDA | $123 million | $102 million | 21% | | Segment Adjusted EBITDA margin | 21% | 17% | 4 pp | Industrial Paper Packaging Segment YTD 2025 Performance | Metric | YTD 2025 | YTD 2024 | Change (%) | | :------------------------ | :------- | :------- | :--------- | | Net sales | $1,731 million | $1,779 million | (3)% | | Segment operating profit | $242 million | $203 million | 19% | | Segment operating profit margin | 14% | 11% | 3 pp | | Segment Adjusted EBITDA | $337 million | $295 million | 14% | | Segment Adjusted EBITDA margin | 19% | 17% | 2 pp | - Industrial segment net sales remained **flat at $585 million**, as volume declines and loss of sales from 2024 China divestiture offset price increases[14](index=14&type=chunk) - Segment operating profit margin increased to **15%** and adjusted EBITDA margin to **21%** due to price recovery and productivity from procurement savings, production efficiencies, and fixed cost reduction initiatives, partially offset by lower volume/mix[14](index=14&type=chunk) [All Other Segment](index=5&type=section&id=All%20Other%20Segment) The 'All Other' segment reported relatively flat net sales in Q3 2025, with operating profit improving by 5% and adjusted EBITDA by 2% year-over-year due to productivity and cost reduction initiatives All Other Segment Q3 2025 Performance | Metric | Q3 2025 | Q3 2024 | Change (%) | | :------------------------ | :------ | :------ | :--------- | | Net sales | $108 million | $107 million | 1% | | Operating profit | $18 million | $17 million | 5% | | Operating profit margin | 17% | 16% | 1 pp | | Adjusted EBITDA | $21 million | $20 million | 2% | | Adjusted EBITDA margin | 19% | 19% | 0 pp | All Other Segment YTD 2025 Performance | Metric | YTD 2025 | YTD 2024 | Change (%) | | :------------------------ | :------- | :------- | :--------- | | Net sales | $288 million | $336 million | (14)% | | Operating profit | $43 million | $48 million | (11)% | | Operating profit margin | 15% | 14% | 1 pp | | Adjusted EBITDA | $51 million | $58 million | (12)% | | Adjusted EBITDA margin | 18% | 17% | 1 pp | - Net sales were relatively flat as volume gains in temperature-assured packaging were essentially offset by lower volume from industrial plastics[15](index=15&type=chunk) - Operating profit and adjusted EBITDA improved **5%** and **2%**, respectively, year over year, due to solid productivity from procurement savings, production efficiencies, and fixed cost reduction initiatives, offsetting lower volumes from industrial plastics and negative price/cost[15](index=15&type=chunk) [Balance Sheet and Cash Flow Highlights](index=5&type=section&id=Balance%20Sheet%20and%20Cash%20Flow%20Highlights) Sonoco's balance sheet shows decreased cash and total debt, with strong liquidity, while operating cash flow declined year-over-year due to working capital needs [Balance Sheet Overview](index=5&type=section&id=Balance%20Sheet%20Overview) As of September 28, 2025, Sonoco's cash and cash equivalents decreased to $245 million, total debt significantly decreased by $1.9 billion to $5.2 billion, and the company maintained strong liquidity of $1,405 million - Cash and cash equivalents were **$245 million** as of September 28, 2025, down from **$443 million** at December 31, 2024, primarily due to changes in net working capital and net debt reduction[16](index=16&type=chunk) - Total debt and net debt decreased by **$1.9 billion** and **$1.7 billion**, respectively, to **$5.2 billion** and **$4.9 billion**, primarily from repaying a **$1.5 billion** term loan using TFP sale proceeds[16](index=16&type=chunk) - Available liquidity was **$1,405 million**, including **$1,160 million** under its revolving credit facility[16](index=16&type=chunk) [Cash Flow Overview](index=5&type=section&id=Cash%20Flow%20Overview) Operating cash flow for the nine months ended September 28, 2025, was $277 million, a decrease from the prior year, mainly due to increased seasonal working capital needs for Metal Packaging EMEA YTD 2025 Cash Flow Highlights | Metric | Nine Months Ended Sep 28, 2025 | Nine Months Ended Sep 29, 2024 | Change ($) | | :------------------------------------ | :----------------------------- | :----------------------------- | :--------- | | Cash flow from operating activities | $277 million | $438 million | ($161) million | | Capital expenditures, net | $248 million | $267 million | ($19) million | | Free Cash Flow | $29 million | $171 million | ($142) million | | Dividends paid | $156 million | $152 million | $4 million | - Main driver of year-over-year change in operating cash flow was increased seasonal need for working capital related to Metal Packaging EMEA, expected to reverse in Q4[16](index=16&type=chunk) [Guidance](index=6&type=section&id=Guidance) Sonoco adjusted its full-year 2025 guidance, lowering adjusted diluted EPS expectations due to anticipated volume weakness, while maintaining substantially in-line adjusted EBITDA guidance [Full-Year 2025 Outlook](index=6&type=section&id=Full-Year%202025%20Outlook) Sonoco adjusted its full-year 2025 guidance, lowering adjusted diluted EPS expectations due to anticipated continuing volume weakness in Q4, particularly in Metal Packaging and Industrial EMEA - Adjusted full-year earnings guidance due to continuing volume weakness in Q4, especially from Metal Packaging and Industrial EMEA businesses, caused by difficult macroeconomic conditions[17](index=17&type=chunk) - Implementing targeted restructuring activities for operations and supporting functions to leverage market capabilities and generate strong cash flow[17](index=17&type=chunk) - Top priorities for the remainder of the year are to continue building momentum for growth and improving competitive position by further reducing cost structure[17](index=17&type=chunk) Full-Year 2025 Guidance Adjustments | Metric | New Guidance | Previous Guidance | | :-------------------------- | :----------- | :---------------- | | Adjusted EPS (diluted) | $5.65 to $5.75 | Approximately $6.00 | | Adjusted EBITDA | $1,300 million to $1,350 million | $1,300 million to $1,400 million | | Cash flow from operating activities | $700 million to $750 million | Approximately $800 million | [Guidance Disclaimer](index=6&type=section&id=Guidance%20Disclaimer) The 2025 guidance includes Q1 results from the TFP business but excludes any impact from the planned ThermoSafe divestiture in Q4, with GAAP guidance not provided due to forecasting limitations - 2025 guidance includes actual first quarter results from the TFP business but excludes any impact from the planned divestiture of ThermoSafe in the fourth quarter[17](index=17&type=chunk) - Full year 2025 GAAP guidance is not provided due to the timing and magnitude of certain items (restructuring costs, acquisition/divestiture-related costs, gains/losses from business sales, income tax effects) being unreliable to forecast[17](index=17&type=chunk) - Actual results could vary substantially due to uncertainty regarding the overall economy, tariffs, trade policy, inflation, global supply chains, raw material prices, and other risks[17](index=17&type=chunk) [Investor Conference Call Webcast](index=7&type=section&id=Investor%20Conference%20Call%20Webcast) Sonoco will host a conference call on Thursday, October 23, 2025, at 8:00 a.m. Eastern Time to discuss the third quarter 2025 results, with a live audio webcast and replay available online - Conference call to discuss **Q3 2025 results** on Thursday, October 23, 2025, at **8:00 a.m. Eastern Time**[19](index=19&type=chunk)[20](index=20&type=chunk) - Live audio webcast and supporting materials available on Sonoco Investor Relations website (https://investor.sonoco.com/), with replay for at least **30 days**[19](index=19&type=chunk) [About Sonoco](index=8&type=section&id=About%20Sonoco) Sonoco (NYSE: SON) is a global leader in high-value sustainable metal and fiber consumer and industrial packaging, operating in 40 countries with approximately 23,400 employees, recognized for innovation and responsibility - Sonoco (NYSE: SON) is a **global leader in high-value sustainable metal and fiber consumer and industrial packaging**[21](index=21&type=chunk) - Operates in **285 locations across 40 countries** with approximately **23,400 employees**[21](index=21&type=chunk) - Focuses on innovation, collaboration, and excellence to provide solutions for a more sustainable future[21](index=21&type=chunk) - Named one of America's Most Trustworthy and Responsible Companies by Newsweek in **2025**[21](index=21&type=chunk) [Forward-looking Statements](index=8&type=section&id=Forward-looking%20Statements) This section defines forward-looking statements, identifies specific examples within the communication, and outlines the inherent risks, uncertainties, and assumptions [Definition and Identification](index=8&type=section&id=Definition%20and%20Identification) This section defines forward-looking statements as non-historical statements identified by specific words and expressions, intended to be covered under the safe harbor provisions of the Securities Exchange Act of 1934 - Statements not historical in nature are identified as 'forward-looking statements' under **Section 21E of the Securities Exchange Act of 1934**[22](index=22&type=chunk) - Identified by words such as 'achieve,' 'anticipate,' 'expect,' 'forecast,' 'guidance,' 'project,' 'will,' 'would,' and similar expressions[22](index=22&type=chunk) [Specific Forward-looking Statements](index=8&type=section&id=Specific%20Forward-looking%20Statements) Forward-looking statements in this communication include projections on future operating and financial performance, the 2025 outlook, capital spending, Q4 cash flow, the pending ThermoSafe divestiture, debt repayment plans, and competitive positioning - Includes statements regarding future operating and financial performance, full year 2025 outlook, capital spending, and cash flow in Q4 2025[23](index=23&type=chunk) - Covers the pending divestiture of the ThermoSafe business unit, including proceeds, timing, and use of proceeds for debt repayment and impact on net leverage[23](index=23&type=chunk) - Addresses expectations regarding working capital, ability to improve competitive position, manage costs (including restructuring), and expected growth from new product and market launches in 2026 and beyond[23](index=23&type=chunk) [Risks, Uncertainties, and Assumptions](index=8&type=section&id=Risks%2C%20Uncertainties%2C%20and%20Assumptions) These statements are based on current expectations but are not guarantees of future performance, subject to risks and uncertainties such as the company's ability to execute its strategy, credit market conditions, and geopolitical tensions - Forward-looking statements are based on current expectations, estimates, and projections, but are not guarantees of future performance and are subject to **risks, uncertainties, and assumptions**[24](index=24&type=chunk)[25](index=25&type=chunk) - Risks include the Company's ability to execute its strategy (Eviosys integration, ThermoSafe divestiture, cost management, restructuring), conditions in credit markets, ability to retain key employees, and realization of anticipated benefits from acquisitions[26](index=26&type=chunk) - Other risks involve availability and pricing of raw materials, energy, and transportation; impact of tariffs, trade policies, sanctions, and geopolitical tensions; costs of labor; effects of inflation; fluctuations in consumer demand; changing laws and regulations; and ability to meet environmental and sustainability goals[26](index=26&type=chunk)[27](index=27&type=chunk) [Condensed Consolidated Financial Statements (Unaudited)](index=10&type=section&id=Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) This section presents Sonoco's unaudited condensed consolidated financial statements, including statements of income, cash flows, and balance sheets, for the reported periods [Condensed Consolidated Statements of Income](index=10&type=section&id=Statements%20of%20Income) The condensed consolidated statements of income show a significant increase in net sales, operating profit, and net income attributable to Sonoco for both the three and nine months ended September 28, 2025, driven by continuing operations Condensed Consolidated Statements of Income (Q3 & YTD) | Metric (in thousands) | Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | | :------------------------------------------------ | :-------- | :-------- | :--------- | :--------- | | Net sales | $2,131,108 | $1,354,652 | $5,750,777 | $3,942,089 | | Gross profit | $467,351 | $299,852 | $1,227,315 | $856,260 | | Operating profit | $194,966 | $102,108 | $497,493 | $270,491 | | Income from continuing operations before income taxes | $127,762 | $44,103 | $302,186 | $158,242 | | Net income from continuing operations | $123,065 | $31,391 | $241,033 | $124,314 | | Net income from discontinued operations | — | $19,818 | $429,720 | $83,119 | | Net income attributable to Sonoco | $122,918 | $50,921 | $670,770 | $206,909 | | Diluted earnings from continuing operations per common share | $1.23 | $0.31 | $2.42 | $1.25 | | Diluted earnings from discontinued operations per common share | — | $0.20 | $4.32 | $0.84 | | Diluted earnings attributable to Sonoco per common share | $1.23 | $0.51 | $6.74 | $2.09 | | Dividends per common share | $0.53 | $0.52 | $1.58 | $1.55 | [Condensed Statements of Income for Discontinued Operations](index=11&type=section&id=Statements%20of%20Income%20for%20Discontinued%20Operations) For Q3 2025, there were no results from discontinued operations, reflecting the TFP sale, while YTD 2025 showed significant net income from discontinued operations, largely due to a gain on divestiture Condensed Statements of Income for Discontinued Operations (Q3 & YTD) | Metric (in thousands) | Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | | :------------------------------------------------ | :-------- | :-------- | :--------- | :--------- | | Net sales | — | $321,213 | $320,678 | $994,798 | | Operating profit | — | $26,023 | $663,564 | $110,465 | | Gain on divestiture of business | — | — | $625,773 | — | | Net income from discontinued operations | — | $19,818 | $429,720 | $83,119 | | Diluted earnings from discontinued operations per common share | — | $0.20 | $4.32 | $0.84 | [Financial Segment Information](index=12&type=section&id=Financial%20Segment%20Information) Segment-wise, Consumer Packaging showed substantial growth in net sales and operating profit for both Q3 and YTD 2025, while Industrial Paper Packaging's net sales remained flat in Q3 but saw increased operating profit Net Sales by Segment (Q3 & YTD, in thousands) | Segment | Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | | :------------------------- | :-------- | :-------- | :--------- | :--------- | | Consumer Packaging | $1,438,246 | $662,297 | $3,731,872 | $1,827,018 | | Industrial Paper Packaging | $584,969 | $585,082 | $1,730,917 | $1,778,912 | | All Other | $107,893 | $107,273 | $287,988 | $336,159 | | Total Net Sales | $2,131,108 | $1,354,652 | $5,750,777 | $3,942,089 | Operating Profit by Segment (Q3 & YTD, in thousands) | Segment | Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | | :------------------------- | :-------- | :-------- | :--------- | :--------- | | Consumer Packaging | $208,985 | $96,295 | $510,109 | $228,618 | | Industrial Paper Packaging | $89,857 | $70,206 | $242,212 | $203,008 | | All Other | $18,302 | $17,440 | $43,337 | $48,430 | | Total Operating Profit | $194,966 | $102,108 | $497,493 | $270,491 | [Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=Statements%20of%20Cash%20Flows) For the nine months ended September 28, 2025, net cash provided by operating activities decreased to $276.9 million, while the company received significant proceeds from business sales and made substantial net debt repayments Condensed Consolidated Statements of Cash Flows (YTD, in thousands) | Metric | YTD 2025 | YTD 2024 | | :---------------------------------------------------- | :--------- | :--------- | | Net income | $670,753 | $207,433 | | Net cash provided by operating activities | $276,896 | $437,638 | | Purchases of property, plant and equipment, net | ($248,251) | ($266,817) | | Proceeds from the sale of business, net | $1,814,899 | $81,212 | | Net debt (repayments)/proceeds | ($1,938,409) | $1,695,093 | | Cash dividends | ($155,767) | ($152,397) | | Net (decrease)/increase in cash and cash equivalents | ($197,194) | $1,778,696 | | Cash and cash equivalents at end of period | $245,866 | $1,930,633 | - During 2025, the Company received **$16,528** in a final net working capital settlement related to the acquisition of Eviosys[38](index=38&type=chunk) [Condensed Consolidated Balance Sheets](index=14&type=section&id=Balance%20Sheets) As of September 28, 2025, total assets decreased to $11.7 billion, total liabilities decreased significantly to $8.4 billion, and total equity increased to $3.3 billion Condensed Consolidated Balance Sheets (in thousands) | Metric | Sep 28, 2025 | Dec 31, 2024 | | :------------------------------------------ | :----------- | :----------- | | Cash and cash equivalents | $244,855 | $431,010 | | Total Current Assets | $3,156,379 | $3,178,560 | | Total Assets | $11,716,124 | $12,507,790 | | Total Current Liabilities | $3,419,903 | $4,038,291 | | Long-term debt, net of current portion | $3,787,680 | $4,985,496 | | Total Liabilities | $8,396,608 | $10,221,577 | | Total Equity | $3,319,516 | $2,286,213 | | Total Liabilities and Equity | $11,716,124 | $12,507,790 | [Non-GAAP Financial Measures](index=15&type=section&id=Non-GAAP%20Financial%20Measures) This section defines Sonoco's non-GAAP financial measures, provides the rationale for their use, and presents detailed reconciliations to the most directly comparable GAAP measures for both quarterly and year-to-date periods [Definition and Rationale](index=15&type=section&id=Definition%20and%20Rationale) Sonoco uses non-GAAP financial measures to provide a clearer view of underlying business performance by excluding specific items, aiding internal planning, management evaluation, and earnings guidance - Non-GAAP financial measures (e.g., 'adjusted' results, Adjusted EBITDA) are used to assess and communicate financial performance by excluding specific items like restructuring charges, acquisition/divestiture costs, and non-operating pension costs[42](index=42&type=chunk)[47](index=47&type=chunk) - Adjusted EBITDA is defined as net income excluding interest, taxes, depreciation, amortization, non-operating pension costs, noncontrolling interests, restructuring charges, LIFO inventory changes, divestiture gains/losses, acquisition/integration/divestiture costs, other income, and derivative gains/losses[44](index=44&type=chunk) - Segment Adjusted EBITDA is segment operating profit plus depreciation, amortization, and equity in earnings of affiliates; Segment Adjusted EBITDA Margin is Segment Adjusted EBITDA divided by segment net sales[44](index=44&type=chunk) - These non-GAAP measures are used for internal planning, evaluating ongoing operations, assessing management performance, and providing earnings guidance, but are not GAAP alternatives and may not be comparable to other companies' measures[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) - Free Cash Flow is defined as cash flow from operations minus net capital expenditures[52](index=52&type=chunk) [Adjusted Operating Profit, Net Income, and Diluted EPS Reconciliations (Q3)](index=17&type=section&id=Adjusted%20Operating%20Profit%2C%20Net%20Income%2C%20EPS%20Reconciliations%20%28Q3%29) Reconciliations for Q3 2025 show adjustments made to GAAP figures to arrive at non-GAAP adjusted operating profit, net income, and diluted EPS, including acquisition/divestiture costs, amortization, and restructuring charges Q3 2025 GAAP to Adjusted Reconciliation (in thousands, except per share) | Metric | Operating Profit | Income from Continuing Operations Before Income Taxes | Provision for Income Taxes | Net Income Attributable to Sonoco | Diluted EPS | | :------------------------------------------ | :--------------- | :---------------------------------------------------- | :------------------------- | :-------------------------------- | :---------- | | As Reported (GAAP) | $194,966 | $127,762 | $7,717 | $122,918 | $1.23 | | Total adjustments | $113,374 | $116,428 | $48,125 | $68,253 | $0.69 | | Adjusted | $308,340 | $244,190 | $55,842 | $191,171 | $1.92 | - Acquisition, integration and divestiture-related costs primarily relate to the December 2024 acquisition of Eviosys and April 2025 divestiture of TFP[56](index=56&type=chunk) - Loss/(Gain) on divestiture of business includes recognition of a deferred tax benefit on the outside basis difference related to the ThermoSafe business being classified as held for sale[56](index=56&type=chunk) Q3 2024 GAAP to Adjusted Reconciliation (in thousands, except per share) | Metric | Operating Profit | Income from Continuing Operations Before Income Taxes | Provision for Income Taxes | Net Income Attributable to Sonoco | Diluted EPS | | :------------------------------------------ | :--------------- | :---------------------------------------------------- | :------------------------- | :-------------------------------- | :---------- | | As Reported (GAAP) | $102,108 | $44,103 | $15,519 | $50,921 | $0.51 | | Total adjustments | $71,465 | $104,171 | $15,756 | $96,965 | $0.98 | | Adjusted | $173,573 | $148,274 | $31,275 | $147,886 | $1.49 | [Adjusted EBITDA Reconciliations (Q3)](index=19&type=section&id=Adjusted%20EBITDA%20Reconciliations%20%28Q3%29) The reconciliation of net income attributable to Sonoco to Adjusted EBITDA for Q3 2025 shows a total Adjusted EBITDA of $386.4 million, up from $281.5 million in Q3 2024, with key adjustments including interest expense, income taxes, depreciation, and restructuring charges Q3 Adjusted EBITDA Reconciliation (in thousands) | Metric | Q3 2025 | Q3 2024 | | :------------------------------------------ | :-------- | :-------- | | Net income attributable to Sonoco | $122,918 | $50,921 | | Interest expense | $61,243 | $61,643 | | Provision for income taxes | $7,717 | $21,154 | | Depreciation and amortization | $131,656 | $90,646 | | Restructuring/Asset impairment charges | $48,388 | $8,190 | | Loss on divestiture of business | $3,031 | $31,770 | | Acquisition, integration and divestiture-related costs | $9,318 | $19,623 | | Adjusted EBITDA | $386,441 | $281,475 | - Adjusted EBITDA is calculated on a total Company basis, including both continuing operations and discontinued operations[59](index=59&type=chunk) [Segment Adjusted EBITDA and Margin Reconciliations (Q3)](index=19&type=section&id=Segment%20Adjusted%20EBITDA%20and%20Margin%20Reconciliations%20%28Q3%29) Segment Adjusted EBITDA reconciliations for Q3 2025 highlight strong performance in Consumer Packaging with an Adjusted EBITDA of $259.6 million and a margin of 18.0%, and Industrial Paper Packaging with $122.6 million in Adjusted EBITDA and a 21.0% margin Q3 2025 Segment Adjusted EBITDA Reconciliation (in thousands) | Metric | Consumer | Industrial | All Other | Corporate | Total | | :------------------------------------------ | :--------- | :--------- | :-------- | :---------- | :-------- | | Segment and Total Operating Profit | $208,985 | $89,857 | $18,302 | ($122,178) | $194,966 | | Depreciation and amortization | $50,419 | $29,955 | $2,248 | $49,034 | $131,656 | | Restructuring/Asset impairment charges | — | — | — | $48,388 | $48,388 | | Acquisition, integration and divestiture related costs | — | — | — | $9,318 | $9,318 | | Segment Adjusted EBITDA | $259,594 | $122,642 | $20,550 | ($16,345) | $386,441 | | Segment Operating Profit Margin | 14.5% | 15.4% | 17.0% | | | | Segment Adjusted EBITDA Margin | 18.0% | 21.0% | 19.0% | | | - Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment (**$43,397**), Industrial segment (**$5,485**), and All Other group (**$152**)[60](index=60&type=chunk) - Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment (**$35,027**) and Industrial segment (**$11,181**)[61](index=61&type=chunk) Q3 2024 Segment Adjusted EBITDA Reconciliation (in thousands) | Metric | Consumer | Industrial | All Other | Corporate | Total | | :------------------------------------------ | :--------- | :--------- | :-------- | :---------- | :---------- | | Segment and Total Operating Profit | $96,295 | $70,206 | $17,440 | ($81,833) | $102,108 | | Depreciation and amortization | $25,576 | $28,989 | $2,729 | $17,624 | $74,918 | | Restructuring/Asset impairment charges | — | — | — | $6,149 | $6,149 | | Acquisition, integration and divestiture related costs | — | — | — | $15,605 | $15,605 | | Segment Adjusted EBITDA | $122,240 | $101,633 | $20,169 | ($10,368) | $233,674 | | Segment Operating Profit Margin | 14.5% | 12.0% | 16.3% | | | | Segment Adjusted EBITDA Margin | 18.5% | 17.4% | 18.8% | | | [Adjusted Operating Profit, Net Income, and Diluted EPS Reconciliations (YTD)](index=22&type=section&id=Adjusted%20Operating%20Profit%2C%20Net%20Income%2C%20and%20Diluted%20EPS%20Reconciliations%20%28YTD%29) Year-to-date reconciliations for the nine months ended September 28, 2025, show adjusted operating profit of $768 million, adjusted net income of $464.1 million, and adjusted diluted EPS of $4.66, with significant adjustments including a substantial gain on divestiture of business YTD 2025 GAAP to Adjusted Reconciliation (in thousands, except per share) | Metric | Operating Profit | Income from Continuing Operations Before Income Taxes | Provision for Income Taxes | Net Income Attributable to Sonoco | Diluted EPS | | :------------------------------------------ | :--------------- | :---------------------------------------------------- | :------------------------- | :-------------------------------- | :---------- | | As Reported (GAAP) | $497,493 | $302,186 | $68,364 | $670,770 | $6.74 | | Total adjustments | $270,508 | $279,665 | $74,162 | ($206,644) | ($2.08) | | Adjusted | $768,001 | $581,851 | $142,526 | $464,126 | $4.66 | - Loss/(Gain) on divestiture of business primarily consists of the gain on the sale of TFP, included in 'Net income from discontinued operations' in the Company's Condensed Consolidated Statements of Income, and the recognition of a deferred tax benefit related to the ThermoSafe business[66](index=66&type=chunk) YTD 2024 GAAP to Adjusted Reconciliation (in thousands, except per share) | Metric | Operating Profit | Income from Continuing Operations Before Income Taxes | Provision for Income Taxes | Net Income Attributable to Sonoco | Diluted EPS | | :------------------------------------------ | :--------------- | :---------------------------------------------------- | :------------------------- | :-------------------------------- | :---------- | | As Reported (GAAP) | $270,491 | $158,242 | $40,146 | $206,909 | $2.09 | | Total adjustments | $175,474 | $210,200 | $48,880 | $179,226 | $1.80 | | Adjusted | $445,965 | $368,442 | $89,026 | $386,135 | $3.89 | [Adjusted EBITDA Reconciliations (YTD)](index=24&type=section&id=Adjusted%20EBITDA%20Reconciliations%20%28YTD%29) For the nine months ended September 28, 2025, Adjusted EBITDA totaled $1,052.1 million, an increase from $788.4 million in the prior year, with adjustments for interest expense, income taxes, depreciation, and a significant (gain)/loss on divestiture of business YTD Adjusted EBITDA Reconciliation (in thousands) | Metric | YTD 2025 | YTD 2024 | | :------------------------------------------ | :--------- | :--------- | | Net income attributable to Sonoco | $670,770 | $206,909 | | Interest expense | $206,548 | $122,503 | | Provision for income taxes | $277,396 | $65,821 | | Depreciation and amortization | $382,623 | $270,691 | | Restructuring/Asset impairment charges | $72,147 | $59,058 | | (Gain)/Loss on divestiture of business | ($616,476) | $27,292 | | Acquisition, integration and divestiture-related costs | $60,421 | $47,553 | | Adjusted EBITDA | $1,052,128 | $788,442 | - Adjusted EBITDA is calculated on a total Company basis, including both continuing and discontinued operations[69](index=69&type=chunk) [Segment Adjusted EBITDA and Margin Reconciliations (YTD)](index=25&type=section&id=Segment%20Adjusted%20EBITDA%20and%20Margin%20Reconciliations%20%28YTD%29) Year-to-date segment reconciliations show Consumer Packaging with $662.6 million in Adjusted EBITDA and an 17.8% margin, and Industrial Paper Packaging with $337.2 million in Adjusted EBITDA and a 19.5% margin, with corporate adjustments for amortization, restructuring, and divestiture losses YTD 2025 Segment Adjusted EBITDA Reconciliation (in thousands) | Metric | Consumer | Industrial | All Other | Corporate | Total | | :------------------------------------------ | :--------- | :--------- | :-------- | :---------- | :---------- | | Segment and Total Operating Profit | $510,109 | $242,212 | $43,337 | ($298,165) | $497,493 | | Depreciation and amortization | $152,175 | $88,126 | $7,445 | $135,188 | $382,934 | | Restructuring/Asset impairment charges | — | — | — | $71,721 | $71,721 | | Acquisition, integration divestiture related costs | — | — | — | $47,745 | $47,745 | | Loss on divestiture of business | — | — | — | $9,297 | $9,297 | | Segment Adjusted EBITDA | $662,593 | $337,240 | $50,782 | ($48,274) | $1,002,341 | | Segment Operating Profit Margin | 13.7% | 14.0% | 15.0% | | | | Segment Adjusted EBITDA Margin | 17.8% | 19.5% | 17.6% | | | - Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment (**$118,232**), Industrial segment (**$16,405**), and All Other group (**$551**)[71](index=71&type=chunk) - Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment (**$37,736**) and Industrial segment (**$31,944**)[71](index=71&type=chunk) YTD 2024 Segment Adjusted EBITDA Reconciliation (in thousands) | Metric | Consumer | Industrial | All Other | Corporate | Total | | :------------------------------------------ | :--------- | :--------- | :-------- | :---------- | :---------- | | Segment and Total Operating Profit | $228,618 | $203,008 | $48,430 | ($209,565) | $270,491 | | Depreciation and amortization | $75,705 | $86,133 | $9,098 | $52,997 | $223,933 | | Restructuring/Asset impairment charges | — | — | — | $55,122 | $55,122 | | Acquisition, integration related costs | — | — | — | $43,201 | $43,201 | | Loss on divestiture of business | — | — | — | $27,292 | $27,292 | | Segment Adjusted EBITDA | $304,739 | $294,943 | $57,528 | ($34,091) | $623,119 | | Segment Operating Profit Margin | 12.5% | 11.4% | 14.4% | | | | Segment Adjusted EBITDA Margin | 16.7% | 16.6% | 17.1% | | | [Free Cash Flow Reconciliation](index=27&type=section&id=Free%20Cash%20Flow%20Reconciliation) For the nine months ended September 28, 2025, Free Cash Flow was $28.6 million, a decrease from $170.8 million in the prior year, derived from net cash provided by operating activities offset by net capital expenditures YTD Free Cash Flow Reconciliation (in thousands) | Metric | YTD 2025 | YTD 2024 | | :------------------------------------------ | :--------- | :--------- | | Net cash provided by operating activities | $276,896 | $437,638 | | Purchase of property, plant and equipment, net | ($248,251) | ($266,817) | | Free Cash Flow | $28,645 | $170,821 |

Core Insights - Sonoco Products Company reported strong financial results for Q3 2025, with net sales reaching $2.1 billion, a 57.3% increase year-over-year, primarily driven by acquisitions and price increases to offset inflation [6][11] - The company achieved a GAAP net income of $123 million, up 141% from $51 million in Q3 2024, and diluted EPS of $1.23, reflecting a significant improvement in profitability [4][6] - Adjusted operating profit for the quarter was $308 million, a 78% increase compared to the previous year, with adjusted EBITDA rising 37% to $386 million [5][6] Financial Performance - Q3 2025 net sales were $2,131 million, compared to $1,355 million in Q3 2024, marking a 57% increase [4] - Operating profit for the quarter was $195 million, up from $102 million in the same period last year, representing a 91% increase [4] - Adjusted net income attributable to Sonoco was $191 million, a 29% increase year-over-year, with adjusted diluted EPS at $1.92 [5][6] Segment Performance - The Consumer Packaging segment saw net sales of $1,438 million, a 117% increase from $662 million in Q3 2024, driven by the acquisition of Metal Packaging EMEA [10][15] - The Industrial Paper Packaging segment reported flat net sales of $585 million, with operating profit increasing by 28% to $90 million [13][16] - Overall, the Consumer Packaging segment's operating profit margin remained stable at 15%, while the Industrial segment's margin improved to 15% [10][13] Strategic Developments - Sonoco announced the sale of its ThermoSafe business unit for up to $725 million, with proceeds expected to be used for debt repayment [6][8] - The company is undergoing a transformation to simplify its structure, focusing on two core segments: Consumer Packaging and Industrial Paper Packaging [8][21] - Sonoco's management expressed confidence in future growth opportunities despite adjusting full-year earnings guidance due to anticipated volume weakness [21][22] Cash Flow and Balance Sheet - Operating cash flow for Q3 was $292 million, reflecting an 80% increase year-over-year, attributed to improved working capital management [8][22] - As of September 28, 2025, total debt was $5.2 billion, down from $7.1 billion at the end of 2024, primarily due to debt repayment from divestiture proceeds [22][41] - The company had available liquidity of $1.4 billion, including cash and borrowing capacity under its revolving credit facility [22]

Core Thesis - Sonoco Products Company is viewed positively due to its strategic transformation into a streamlined "New Sonoco," which is expected to report its first full year of results in 2026, focusing on cash-rich operations with modest cyclicality [2][4] Business Segments - The company operates three core business units, with the consumer segment accounting for approximately two-thirds of 2026 revenue, producing metal food cans, aerosol cans, and rigid paper containers, including high-growth products like Pringles cans [2] - The industrial segment generates the remaining revenue, producing paper cores, protective packaging, and uncoated recycled boxboard, though it is more exposed to cyclical swings in commodity costs and demand [3] Competitive Position - Sonoco has leveraged scale advantages in metal packaging, benefiting from cost savings through bulk steel procurement, and maintains a leading global position in rigid paper containers with limited competition, enhancing pricing power and customer loyalty [3] Financial Outlook - The company currently has elevated leverage due to transformative acquisitions, but plans to reduce debt to the low 3x range by 2026 through the sale of ThermoSafe and strong free cash flow generation [4] - Trading at 8.4x 2026 free cash flow, Sonoco is at historical and sector lows, with potential upside to approximately 12x FCF if execution and organic growth exceed expectations [4] Catalysts for Growth - Key catalysts for Sonoco's growth include clearer financial reporting, investor adaptation to the new business mix, and an upcoming Capital Markets Day that will provide further visibility on long-term strategic objectives [4]

During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a high dividend payout.Benzinga readers can review the latest analyst takes on their favorite stocks by visiting Analyst Stock Ratings page. Traders can sort through Benzinga's extensive database of analyst ratings, including by analyst accuracy.Below are the ratings of the most accurate analysts for three high-yield ...

Core Insights - Investors are increasingly turning to dividend-yielding stocks during market turbulence and uncertainty, as these companies typically have high free cash flows and offer substantial dividend payouts [1] Company Summaries Huntsman Corporation (NYSE:HUN) - Dividend Yield: 12.17% - Mizuho analyst John Roberts maintained an Underperform rating and reduced the price target from $9 to $8 on October 3, 2025, with an accuracy rate of 70% [7] - Jefferies analyst Laurance Alexander maintained a Buy rating but lowered the price target from $15 to $14 on September 10, 2025, with an accuracy rate of 74% [7] - Upcoming event: Huntsman will hold a conference call on November 7 to discuss its Q3 2025 financial results [7] Dow Inc (NYSE:DOW) - Dividend Yield: 6.40% - Mizuho analyst John Roberts maintained a Neutral rating and cut the price target from $30 to $26 on October 3, 2025, with an accuracy rate of 70% [7] - Jefferies analyst Laurence Alexander maintained a Hold rating and reduced the price target from $28 to $23 on September 8, 2025, with an accuracy rate of 74% [7] - Recent news: Dow declared a quarterly dividend of 35 cents per share on October 9 [7] Sonoco Products Co (NYSE:SON) - Dividend Yield: 5.30% - Wells Fargo analyst Gabe Hajde maintained an Overweight rating and lowered the price target from $55 to $50 on October 15, 2025, with an accuracy rate of 77% [7] - Citigroup analyst Anthony Pettinari maintained a Buy rating and cut the price target from $56 to $55 on September 29, 2025, with an accuracy rate of 74% [7] - Recent news: Sonoco agreed to sell its Temperature-Assured Packaging business to Arsenal Capital Partners on September 8 [7]

Core Insights - Sonoco Products Company is nearing the completion of its 18th and final phase in the Adhishthana cycle, which explains the stock's recent underperformance [1] Summary by Sections Understanding Sonoco Product's Final Phase - The behavior of Phase 18 is influenced by Phases 14, 15, and 16, known as the Guna Triads, which must exhibit Satoguna for the stock to reach Nirvana in Phase 18 [2] - Sonoco entered its Guna Triads in July 2022 without any trace of Satoguna, leading to choppy trading and a lack of bullish momentum [2] - The predictable decline began as the stock transitioned into Phase 18 due to the weak triads [2] Performance Metrics - Since the start of Phase 18, Sonoco's stock has fallen by approximately 36%, illustrating how weak triads can lead to a sluggish final phase [4] Investor Outlook - Sonoco's Phase 18 is expected to conclude by the end of November 2025, after which a new Adhishthana cycle will begin from Phase 1 [6] - Until the new cycle starts, sustained upside for the stock appears unlikely, suggesting that investors may want to wait for a reset in alignment with the Adhishthana Principles before entering [6]

Core Insights - Sonnet BioTherapeutics is collaborating with Spanios to conduct a non-clinical study using patient-derived tumoroid platforms to evaluate the effect of SON-1010 in soft tissue sarcoma, aiming to accelerate treatment development for rare cancers [1][2]. Company Overview - Sonnet BioTherapeutics is an oncology-focused biotechnology company that develops targeted biologic drugs using its proprietary FHAB platform, which utilizes a fully human single chain antibody fragment for targeted delivery to tumor microenvironments [3]. - Spanios is dedicated to accelerating the discovery and development of oncology drugs for rare cancers, utilizing its COMPASS platform to recreate human solid tumors and their microenvironments, thus improving predictive accuracy in preclinical research [4]. Technology and Methodology - The study employs Spanios' COMPASS platform, which replicates the tumor microenvironment with physiological oxygenation, enhancing the understanding of SON-1010's efficacy against cancer cells [2]. - The innovative approach of using patient-derived tumoroids allows for more accurate predictions regarding the clinical performance of SON-1010 therapy compared to traditional animal models [2][4]. Leadership Insights - Raghu Rao, Interim CEO of Sonnet, emphasized the potential of the tumoroid platform for rapid evaluation of new drugs across various solid tumors [3]. - Bhuvanesh Dave, Co-Founder and CEO of Spanios, expressed excitement about the collaboration, highlighting the combined expertise aimed at advancing therapeutic research for solid tumors [4].