(State or other jurisdiction or incorporation) | (I.R.S. Employer Identification Number) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Three Months Ended | ||||||||||||||||||||||||||
Dollars in thousands | April 4, 2021 | July 4, 2021 | October 3, 2021 | December 31, 2021 | ||||||||||||||||||||||
Operating profit: | ||||||||||||||||||||||||||
Segment operating profit: | ||||||||||||||||||||||||||
Consumer Packaging | $ | 81,360 | $ | 65,296 | $ | 66,341 | $ | 61,929 | ||||||||||||||||||
Industrial Paper Packaging | 52,299 | 59,818 | 55,451 | 59,230 | ||||||||||||||||||||||
All Other | 18,757 | 15,607 | 12,895 | 15,801 | ||||||||||||||||||||||
Restructuring/Asset impairment (charges)/income | (6,846) | 1,445 | (3,488) | (5,321) | ||||||||||||||||||||||
Amortization of acquisition intangibles | (12,749) | (12,111) | (12,257) | (12,302) | ||||||||||||||||||||||
Other non-base (charges)/income, net | (12,512) | 5,236 | 7,570 | (14,596) | ||||||||||||||||||||||
Consolidated | $ | 120,309 | $ | 135,291 | $ | 126,512 | $ | 104,741 |
Year Ended | ||||||||||||||
Dollars in thousands | December 31, 2021 | December 31, 2020 | ||||||||||||
Operating profit: | ||||||||||||||
Segment operating profit: | ||||||||||||||
Consumer Packaging | $ | 274,926 | $ | 304,437 | ||||||||||
Industrial Paper Packaging | 226,798 | 184,495 | ||||||||||||
All Other | 63,060 | 90,956 | ||||||||||||
Restructuring/Asset impairment charges | (14,210) | (145,580) | ||||||||||||
Amortization of acquisition intangibles | (49,419) | (52,899) | ||||||||||||
Other non-base (charges)/income, net | (14,302) | (23,605) | ||||||||||||
Consolidated | $ | 486,853 | $ | 357,804 |
For the three months ended April 4, 2021 | ||||||||||||||||||||||||||||||||
Dollars in thousands, except per share data | GAAP | Restructuring/Asset Impairment(1) | Amortization of Acquisition Intangibles | Other Adjustments(2) | Base | |||||||||||||||||||||||||||
Operating profit | $ | 120,309 | $ | 6,846 | $ | 12,749 | $ | 12,512 | $ | 152,416 | ||||||||||||||||||||||
Non-operating pension costs | 7,284 | — | — | (7,284) | — | |||||||||||||||||||||||||||
Interest expense, net | 17,731 | — | — | — | 17,731 | |||||||||||||||||||||||||||
Income before income taxes | $ | 95,294 | $ | 6,846 | $ | 12,749 | $ | 19,796 | $ | 134,685 | ||||||||||||||||||||||
Provision for income taxes | 24,045 | 1,626 | 3,158 | 5,633 | 34,462 | |||||||||||||||||||||||||||
Income before equity in earnings of affiliates | $ | 71,249 | $ | 5,220 | $ | 9,591 | $ | 14,163 | $ | 100,223 | ||||||||||||||||||||||
Equity in earnings of affiliates, net of tax | 1,044 | — | — | — | 1,044 | |||||||||||||||||||||||||||
Net income | $ | 72,293 | $ | 5,220 | $ | 9,591 | $ | 14,163 | $ | 101,267 | ||||||||||||||||||||||
Net loss attributable to noncontrolling interests, net of tax | 4 | — | — | — | 4 | |||||||||||||||||||||||||||
Net income attributable to Sonoco | $ | 72,297 | $ | 5,220 | $ | 9,591 | $ | 14,163 | $ | 101,271 | ||||||||||||||||||||||
Per diluted common share* | $ | 0.71 | $ | 0.05 | $ | 0.09 | $ | 0.14 | $ | 1.00 | ||||||||||||||||||||||
*Due to rounding individual items may not sum across |
For the three months ended July 4, 2021 | ||||||||||||||||||||||||||||||||
Dollars in thousands, except per share data | GAAP | Restructuring/Asset Impairment(1) | Amortization of Acquisition Intangibles | Other Adjustments(2) | Base | |||||||||||||||||||||||||||
Operating profit | $ | 135,291 | $ | (1,445) | $ | 12,111 | $ | (5,236) | $ | 140,721 | ||||||||||||||||||||||
Non-operating pension costs | 555,009 | — | — | (555,009) | — | |||||||||||||||||||||||||||
Interest expense, net | 14,794 | — | — | 2,165 | 16,959 | |||||||||||||||||||||||||||
Loss from the early extinguishment of debt | 20,184 | — | — | (20,184) | — | |||||||||||||||||||||||||||
(Loss)/income before income taxes | $ | (454,696) | $ | (1,445) | $ | 12,111 | $ | 567,792 | $ | 123,762 | ||||||||||||||||||||||
(Benefit from) Provision for income taxes | (118,151) | 715 | 3,000 | 146,939 | 32,503 | |||||||||||||||||||||||||||
(Loss)/income before equity in earnings of affiliates | $ | (336,545) | $ | (2,160) | $ | 9,111 | $ | 420,853 | $ | 91,259 | ||||||||||||||||||||||
Equity in earnings of affiliates, net of tax | 2,306 | — | — | — | 2,306 | |||||||||||||||||||||||||||
Net (loss)/income | $ | (334,239) | $ | (2,160) | $ | 9,111 | $ | 420,853 | $ | 93,565 | ||||||||||||||||||||||
Net loss attributable to noncontrolling interests, net of tax | 169 | — | — | — | 169 | |||||||||||||||||||||||||||
Net (loss)/income attributable to Sonoco | $ | (334,070) | $ | (2,160) | $ | 9,111 | $ | 420,853 | $ | 93,734 | ||||||||||||||||||||||
Diluted weighted average common shares outstanding(5): | 100,082 | — | — | 543 | 100,625 | |||||||||||||||||||||||||||
Per diluted common share* | $ | (3.34) | $ | (0.02) | $ | 0.09 | $ | 4.18 | $ | 0.93 | ||||||||||||||||||||||
*Due to rounding individual items may not sum across |
For the six months ended July 4, 2021 | ||||||||||||||||||||||||||||||||
Dollars in thousands, except per share data | GAAP | Restructuring/Asset Impairment(1) | Amortization of Acquisition Intangibles | Other Adjustments(2) | Base | |||||||||||||||||||||||||||
Operating profit | $ | 255,600 | $ | 5,401 | $ | 24,860 | $ | 7,276 | $ | 293,137 | ||||||||||||||||||||||
Non-operating pension costs | 562,293 | — | — | (562,293) | — | |||||||||||||||||||||||||||
Interest expense, net | 32,525 | — | — | 2,165 | 34,690 | |||||||||||||||||||||||||||
Loss from the early extinguishment of debt | 20,184 | — | — | (20,184) | — | |||||||||||||||||||||||||||
(Loss)/income before income taxes | $ | (359,402) | $ | 5,401 | $ | 24,860 | $ | 587,588 | $ | 258,447 | ||||||||||||||||||||||
(Benefit from) Provision for income taxes | (94,106) | 2,341 | 6,158 | 152,572 | 66,965 | |||||||||||||||||||||||||||
(Loss)/income before equity in earnings of affiliates | $ | (265,296) | $ | 3,060 | $ | 18,702 | $ | 435,016 | $ | 191,482 | ||||||||||||||||||||||
Equity in earnings of affiliates, net of tax | 3,350 | — | — | — | 3,350 | |||||||||||||||||||||||||||
Net (loss)/income | $ | (261,946) | $ | 3,060 | $ | 18,702 | $ | 435,016 | $ | 194,832 | ||||||||||||||||||||||
Net loss attributable to noncontrolling interests, net of tax | 172 | — | — | — | 172 | |||||||||||||||||||||||||||
Net (loss)/income attributable to Sonoco | $ | (261,774) | $ | 3,060 | $ | 18,702 | $ | 435,016 | $ | 195,004 | ||||||||||||||||||||||
Diluted weighted average common shares outstanding(5): | 100,571 | — | — | 498 | 101,069 | |||||||||||||||||||||||||||
Per diluted common share* | $ | (2.60) | $ | 0.03 | $ | 0.19 | $ | 4.30 | $ | 1.93 | ||||||||||||||||||||||
*Due to rounding individual items may not sum across |
For the three months ended October 3, 2021 | ||||||||||||||||||||||||||||||||
Dollars and shares in thousands, except per share data | GAAP | Restructuring/Asset Impairment(1) | Amortization of Acquisition Intangibles | Other Adjustments(2) | Base | |||||||||||||||||||||||||||
Operating profit | $ | 126,512 | $ | 3,488 | $ | 12,257 | $ | (7,570) | $ | 134,687 | ||||||||||||||||||||||
Non-operating pension costs | 525 | — | — | (525) | — | |||||||||||||||||||||||||||
Interest expense, net | 14,219 | — | — | — | 14,219 | |||||||||||||||||||||||||||
Income before income taxes | $ | 111,768 | $ | 3,488 | $ | 12,257 | $ | (7,045) | $ | 120,468 | ||||||||||||||||||||||
Provision for income taxes | 2,564 | 312 | 3,036 | 16,683 | 22,595 | |||||||||||||||||||||||||||
Income before equity in earnings of affiliates | $ | 109,204 | $ | 3,176 | $ | 9,221 | $ | (23,728) | $ | 97,873 | ||||||||||||||||||||||
Equity in earnings of affiliates, net of tax | 2,351 | — | — | — | 2,351 | |||||||||||||||||||||||||||
Net income | $ | 111,555 | $ | 3,176 | $ | 9,221 | $ | (23,728) | $ | 100,224 | ||||||||||||||||||||||
Net (income) attributable to noncontrolling interests, net of tax | (415) | — | — | — | (415) | |||||||||||||||||||||||||||
Net income attributable to Sonoco | $ | 111,140 | $ | 3,176 | $ | 9,221 | $ | (23,728) | $ | 99,809 | ||||||||||||||||||||||
Per diluted common share* | $ | 1.12 | $ | 0.03 | $ | 0.09 | $ | (0.24) | $ | 1.00 | ||||||||||||||||||||||
*Due to rounding individual items may not sum across |
For the nine months ended October 3, 2021 | ||||||||||||||||||||||||||||||||
Dollars and shares in thousands, except per share data | GAAP | Restructuring/Asset Impairment(1) | Amortization of Acquisition Intangibles | Other Adjustments(2) | Base | |||||||||||||||||||||||||||
Operating profit | $ | 382,112 | $ | 8,889 | $ | 37,117 | $ | (294) | $ | 427,824 | ||||||||||||||||||||||
Non-operating pension costs | 562,818 | — | — | (562,818) | — | |||||||||||||||||||||||||||
Interest expense, net | 46,744 | — | — | 2,165 | 48,909 | |||||||||||||||||||||||||||
Loss from the early extinguishment of debt | 20,184 | — | — | (20,184) | — | |||||||||||||||||||||||||||
(Loss)/income before income taxes | $ | (247,634) | $ | 8,889 | $ | 37,117 | $ | 580,543 | $ | 378,915 | ||||||||||||||||||||||
(Benefit from)/Provision for income taxes | (91,542) | 2,653 | 9,194 | 169,255 | 89,560 | |||||||||||||||||||||||||||
(Loss)/income before equity in earnings of affiliates | $ | (156,092) | $ | 6,236 | $ | 27,923 | $ | 411,288 | $ | 289,355 | ||||||||||||||||||||||
Equity in earnings of affiliates, net of tax | 5,701 | — | — | — | 5,701 | |||||||||||||||||||||||||||
Net (loss)/income | $ | (150,391) | $ | 6,236 | $ | 27,923 | $ | 411,288 | $ | 295,056 | ||||||||||||||||||||||
Net (income) attributable to noncontrolling interests, net of tax | (243) | — | — | — | (243) | |||||||||||||||||||||||||||
Net (loss)/income attributable to Sonoco | $ | (150,634) | $ | 6,236 | $ | 27,923 | $ | 411,288 | $ | 294,813 | ||||||||||||||||||||||
Diluted weighted average common shares outstanding(5): | 100,039 | — | — | 468 | 100,507 | |||||||||||||||||||||||||||
Per diluted common share* | $ | (1.51) | $ | 0.06 | $ | 0.28 | $ | 4.09 | $ | 2.93 | ||||||||||||||||||||||
*Due to rounding individual items may not sum across |
For the three months ended December 31, 2021 | ||||||||||||||||||||||||||||||||
Dollars and shares in thousands, except per share data | GAAP | Restructuring/Asset Impairment(1) | Amortization of Acquisition Intangibles | Other Adjustments(2) | Base | |||||||||||||||||||||||||||
Operating profit | $ | 104,741 | $ | 5,321 | $ | 12,302 | $ | 14,596 | $ | 136,960 | ||||||||||||||||||||||
Non-operating pension costs | 5,598 | — | — | (5,598) | — | |||||||||||||||||||||||||||
Interest expense, net | 12,491 | — | — | — | 12,491 | |||||||||||||||||||||||||||
Income before income taxes | $ | 86,652 | $ | 5,321 | $ | 12,302 | $ | 20,194 | $ | 124,469 | ||||||||||||||||||||||
Provision for income taxes | 24,112 | 2,710 | 3,047 | (189) | 29,680 | |||||||||||||||||||||||||||
Income before equity in earnings of affiliates | $ | 62,540 | $ | 2,611 | $ | 9,255 | $ | 20,383 | $ | 94,789 | ||||||||||||||||||||||
Equity in earnings of affiliates, net of tax | 5,140 | — | — | (1,394) | 3,746 | |||||||||||||||||||||||||||
Net income | $ | 67,680 | $ | 2,611 | $ | 9,255 | $ | 18,989 | $ | 98,535 | ||||||||||||||||||||||
Net (income)/loss attributable to noncontrolling interests, net of tax | (2,523) | — | — | 2,052 | (471) | |||||||||||||||||||||||||||
Net income attributable to Sonoco | $ | 65,157 | $ | 2,611 | $ | 9,255 | $ | 21,041 | $ | 98,064 | ||||||||||||||||||||||
Per diluted common share* | $ | 0.66 | $ | 0.03 | $ | 0.09 | $ | 0.21 | $ | 0.99 | ||||||||||||||||||||||
*Due to rounding individual items may not sum across |
For the year ended December 31, 2021 | |||||||||||||||||||||||||||||
Dollars and shares in thousands, except per share data | GAAP | Restructuring/Asset Impairment(1) | Amortization of Acquisition Intangibles | Other Adjustments(3) | Base | ||||||||||||||||||||||||
Operating profit | $ | 486,853 | $ | 14,210 | $ | 49,419 | $ | 14,302 | $ | 564,784 | |||||||||||||||||||
Non-operating pension costs | 568,416 | — | — | (568,416) | — | ||||||||||||||||||||||||
Interest expense, net | 59,235 | — | — | 2,165 | 61,400 | ||||||||||||||||||||||||
Loss from the early extinguishment of debt | 20,184 | — | — | (20,184) | — | ||||||||||||||||||||||||
(Loss)/Income before income taxes | $ | (160,982) | $ | 14,210 | $ | 49,419 | $ | 600,737 | $ | — | $ | 503,384 | |||||||||||||||||
(Benefit from)/Provision for income taxes | (67,430) | 5,363 | 12,241 | 169,066 | 119,240 | ||||||||||||||||||||||||
(Loss)/Income before equity in earnings of affiliates | $ | (93,552) | $ | 8,847 | $ | 37,178 | $ | 431,671 | $ | 384,144 | |||||||||||||||||||
Equity in earnings of affiliates, net of tax | 10,841 | — | — | (1,394) | 9,447 | ||||||||||||||||||||||||
Net (loss)/income | $ | (82,711) | $ | 8,847 | $ | 37,178 | $ | 430,277 | $ | 393,591 | |||||||||||||||||||
Net (income)/loss attributable to noncontrolling interests, net of tax | (2,766) | — | — | 2,052 | (714) | ||||||||||||||||||||||||
Net (loss)/income attributable to Sonoco | $ | (85,477) | $ | 8,847 | $ | 37,178 | $ | 432,329 | $ | 392,877 | |||||||||||||||||||
Diluted weighted average common shares outstanding(5): | 99,608 | $ | — | — | 469 | 100,077 | |||||||||||||||||||||||
Per diluted common share* | $ | (0.86) | $ | 0.09 | $ | 0.37 | $ | 4.32 | $ | 3.93 | |||||||||||||||||||
*Due to rounding individual items may not sum across |
For the year ended December 31, 2020 | |||||||||||||||||||||||||||||
Dollars and shares in thousands, except per share data | GAAP | Restructuring/Asset Impairment(1) | Amortization of Acquisition Intangibles | Other Adjustments(4) | Base (as revised) | ||||||||||||||||||||||||
Operating profit | $ | 357,804 | $ | 145,580 | $ | 52,899 | $ | 23,605 | $ | 579,888 | |||||||||||||||||||
Non-operating pension costs | 30,142 | — | — | (30,142) | — | ||||||||||||||||||||||||
Interest expense, net | 72,070 | — | — | — | 72,070 | ||||||||||||||||||||||||
Income before income taxes | $ | 255,592 | $ | 145,580 | $ | 52,899 | $ | 53,747 | $ | 507,818 | |||||||||||||||||||
Provision for income taxes | 53,030 | 32,868 | 13,040 | 28,362 | 127,300 | ||||||||||||||||||||||||
Income before equity in earnings of affiliates | $ | 202,562 | $ | 112,712 | $ | 39,859 | $ | 25,385 | $ | 380,518 | |||||||||||||||||||
Equity in earnings of affiliates, net of tax | 4,679 | — | — | — | 4,679 | ||||||||||||||||||||||||
Net income | $ | 207,241 | $ | 112,712 | $ | 39,859 | $ | 25,385 | $ | 385,197 | |||||||||||||||||||
Net loss/(income) attributable to noncontrolling interests, net of tax | 222 | (60) | — | — | 162 | ||||||||||||||||||||||||
Net income attributable to Sonoco | $ | 207,463 | $ | 112,652 | $ | 39,859 | $ | 25,385 | $ | 385,359 | |||||||||||||||||||
Per diluted common share* | $ | 2.05 | $ | 1.11 | $ | 0.39 | $ | 0.25 | $ | 3.81 | |||||||||||||||||||
*Due to rounding individual items may not sum across |
SONOCO PRODUCTS COMPANY | ||||||||||||||||||||
Date: March 15, 2022 | By: | /s/ Julie C. Albrecht | ||||||||||||||||||
Julie C. Albrecht | ||||||||||||||||||||
Vice President and Chief Financial Officer |