What's Going On With Sonoco?
Sonoco (SON) today announced it intends on implementing a $70 per ton price increase for all grades of uncoated recycled paperboard in both the United States and Canada, which will begin with shipments starting September 7th 2021. Shares of the company are trading 0.34% higher to $62.82 a share on Monday.
What Does This Mean For Sonoco?
The price increase comes amid even tighter market conditions as robust demand across the Company’s U.S. and Canada mill network has resulted in major order backlogs remaining at near historic highs, as well as unprecedented inflationary pressures on papermaking.
Sonoco reported adjusted earnings of 84 cents in second-quarter 2021. The Company improved 6% from the prior-year quarter aided by benefits from volume/mix growth and productivity improvements, which were apparently offset by a negative price/cost relationship and the impact from the divestiture of the company’s former display and packaging businesses.
Sonoco Products Company manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia, and Asia.
SON has a Short-Term Technical Rank of 60. Find out what this means to you and get the rest of the rankings on SON!
Over its 100-year-plus history, Sonoco Products has steadily assembled a diverse portfolio of industrial and consumer packaging product offerings such as flexible and rigid plastics, reels and spools, pallets, and composite cans. The company serves a variety of consumer and industrial end markets throughout North America. Sonoco has raised its dividend each year for more than 30 years.
