Sonoco Products (SON) Q4 FY2023 earnings: revenue $1.3 billion, down 20.3% on the year

Sonoco Products Co. (SON) reported revenue of $1.3 billion for Q4 FY2023, the quarter ended 31 December 2023, down 20.3% on the same quarter a year earlier. Net income was $81 million, down 16.4% on the year, and diluted earnings per share $0.82. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2025.

Revenue$1.3 billiondown 20.3%

Net income$81 milliondown 16.4%

Diluted EPS$0.82

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,336	1,381	n/a	n/a
Cost of revenue	1,296	1,346	n/a	n/a
Gross profit	288	308	n/a	n/a
Gross margin	21.6%	22.3%	n/a
Selling, general and administrative	200	183	n/a	n/a
Operating income	135	163	n/a	n/a
Operating margin	10.1%	11.8%	n/a
Interest expense	35.3	32.8	n/a	n/a
Pre-tax income	103	167	n/a	n/a
Income tax	22.3	39.4	n/a	n/a
Effective tax rate	21.7%	23.6%	n/a
Net income	81.2	131	n/a	n/a
Net margin	6.1%	9.5%	n/a
Diluted EPS	$0.82	$1.32	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	266	268	n/a	n/a
Capital expenditure	108	93.2	n/a	n/a
Free cash flow	158	175	n/a	n/a
Free cash flow margin	11.8%	12.7%	n/a
Cash from investing	-160	-379	n/a	n/a
Cash from financing	-223	55.9	n/a	n/a
Depreciation and amortisation	91.6	85.6	n/a	n/a
Share-based compensation	6.7	5.9	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	49.9	49.8	n/a	n/a
Dividend per share	$0.51	$0.51	n/a	n/a
Diluted shares, weighted	99m	99m	n/a	n/a
Shares outstanding at period end	98m	98m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	2,424	2,333	n/a	n/a
Non-controlling interest	7.5	6.6	n/a	n/a
Debt	3,036	3,212	n/a	n/a
Operating lease liabilities	265	263	n/a	n/a
Finance lease liabilities	70.2	76.6	n/a	n/a
Other liabilities	1,389	1,379	n/a	n/a
Total liabilities and equity	7,192	7,270	n/a	n/a
Fixed assets	1,906	1,826	n/a	n/a
Goodwill	1,811	1,762	n/a	n/a
Intangible assets	854	874	n/a	n/a
Cash and equivalents	152	258	n/a	n/a
Receivables	905	964	n/a	n/a
Other assets	1,565	1,586	n/a	n/a
Total assets	7,192	7,270	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023 †	Q4 FY2023	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,381	1,336	1,309	1,279	1,355	1,363	1,709	1,910	2,131	1,768	1,676	1,885
Cost of revenue	1,346	1,296	1,037	994	1,055	1,080	1,356	1,504	1,664	1,421	1,331	1,493
Gross profit	308	288	271	285	300	283	354	406	467	347	346	392
Gross margin	22%	22%	21%	22%	22%	21%	21%	21%	22%	20%	21%	21%
SG&A	183	200	168	176	160	220	209	219	221	213	202	200
Operating income	163	135	72.6	95.8	102	56.1	127	176	195	520	127	193
Operating margin	12%	10%	6%	7%	8%	4%	7%	9%	9%	29%	8%	10%
Interest expense	32.8	35.3	31.2	29.6	61.6	50.1	56.0	64.4	61.2	51.8	44.5	45.5
Pre-tax income	167	103	42.2	71.9	44.1	-94.8	68.5	106	128	463	76.4	142
Tax rate	24%	22%	19%	23%	35%	n/a	31%	37%	6%	25%	12%	28%
Net income	131	81.2	65.2	90.8	50.9	-43.0	54.4	493	123	332	67.6	105
Net margin	9%	6%	5%	7%	4%	-3%	3%	26%	6%	19%	4%	6%
Diluted EPS	$1.32	$0.82	$0.66	$0.92	$0.51	-$0.44	$0.55	$4.96	$1.23	$3.33	$0.68	$1.05
Operating cash flow	268	266	166	109	162	396	-208	193	292	413	-368	301
Capital expenditure	93.2	108	86.5	93.2	91.6	122	92.7	94.8	65.9	90.6	62.1	63.7
Free cash flow	175	158	79.8	16.0	70.5	274	-301	98.6	226	322	-430	237
Buybacks	0.0	0.0	9.1	0.0	0.0	0.1	10.6	0.0	0.0	0.3	7.0	0.1
Dividends paid	49.8	49.9	50.1	51.2	51.1	51.1	51.3	52.3	52.2	52.3	52.4	53.4
Shares outstanding	98m	98m	98m	98m	98m	98m	99m	99m	99m	99m	99m	99m
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 28 February 2025, accession 0000091767-25-000014: the filing on EDGAR. All of Sonoco Products Co.'s filings: EDGAR company page.

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