Sonoco(US:SON)2023-05-02 15:04Financial Performance - Sonoco's Q1 2023 net sales were $1730 million, a decrease of 2% year-over-year[8, 17] - The adjusted EBITDA for Q1 2023 was $276 million, with a margin of 16%[8, 17] - Adjusted EPS for Q1 2023 was $140, at the high end of guidance[8, 17] - The company is raising its full-year EPS guidance at the midpoint from $580 to $585[40] Segment Results - Consumer segment net sales were $909 million, a 5% increase year-over-year, while operating profit decreased by 47% to $92 million[29] - Industrial segment net sales were $616 million, a 12% decrease year-over-year, but operating profit increased by 30% to $94 million[30] - All Other segment net sales were $205 million, flat year-over-year, while operating profit increased by 88% to $27 million[31] Capital Allocation and Outlook - The company maintains a strong investment-grade rating (Baa2/BBB)[35] - 2023 adjusted EBITDA guidance is maintained at $1100 - $1150 million[39] - 2023 operating cash flow guidance is maintained at $925 - $975 million, and free cash flow guidance is increased to $620 - $720 million based on proceeds from the sale of Forest Products[39, 40]