Displaying items by tag: SonocoAlcore

Sonoco (NYSE: SON) Chairman and Chief Executive Officer Harris E. DeLoach Jr., President, Chief Operating Officer and CEO-elect M. Jack Sanders and Vice President and Chief Financial Officer Barry L. Saunders, has provided the investment community in New York with an update on the Company's 2012 performance and outlined the Company's strategic initiatives and financial outlook.

2012 Base Earnings Guidance Unchanged; 2013 Estimates Established
Sonoco expects fourth quarter and full-year 2012 base earnings to be unchanged from the Company's previously announced guidance of $.52 to $.56 and $2.17 to $2.21 per diluted share, respectively. The Company reported fourth quarter and full-year 2011 base earnings of $.46 and $2.29 per diluted share, respectively. Base earnings and base earnings per diluted share are non-GAAP financial measures adjusted to remove restructuring charges, asset impairment charges, acquisition expenses and other items, if any, the exclusion of which the Company believes improves comparability and analysis of the underlying financial performance of the business.

"At this point in the quarter, we have not seen any significant changes in business conditions that would cause us to revise guidance, but customer order patterns remain somewhat erratic and overall economic activity is uncertain," said Sonoco's CFO Saunders.

"Sonoco expects to recognize about $12 million in additional tax expense in the fourth quarter of 2012 associated with the repatriation of cash held outside the United States. This one-time charge is excluded from the Company's base earnings projections," Saunders said.

Commenting on the Company's 2012 expected results, DeLoach said, "Obviously, our performance in 2012 is not what we expected when we began the year. That said, we have weathered a difficult economic and operating environment and made changes we believe will improve our performance in the future."

Sonoco estimates 2013 base earnings per diluted share to be in the range of $2.24 to $2.32, with a projected midpoint of $2.28per diluted share. Saunders said the Company's midpoint guidance assumes a $.20 per share improvement stemming from modest volume growth, productivity improvements and a slightly positive price/cost relationship. Offsetting these improvements is approximately $.11 in negative items, including an estimated $.09 per share impact from higher year-over-year pension expenses.

Free Cash Flow Outlook Provided; Capital Deployment Plans Outlined
DeLoach pointed out that despite lower expected earnings through the first nine months of 2012, cash flow from operations has increased 125 percent year over year to nearly $297 million, due to lower pension and post retirement contributions and beneficial changes in working capital. For 2012, the Company expects to generate free cash flow of approximately $90 million, after paying approximately $120 million in dividends to shareholders.

Looking forward, Sonoco is projecting that annual cash flow from operations could average approximately $460 million over the next several years. For 2013, free cash flow, after dividends, is estimated to increase to approximately $130 million, due primarily to anticipated lower pension contributions, CFO Saunders said.

President, COO and CEO-elect Sanders outlined Sonoco's anticipated capital deployment plans saying, "Our first priority will be to maintain our strong investment grade credit rating. With the repatriation of cash and the use of free cash flow, we expect to make significant debt-reduction payments in 2013.

"In addition, we plan to continue investing in our targeted growth businesses while optimizing operations in our more mature businesses. Our dividend policy is unchanged and we expect to continue rewarding our shareholders with cash dividends as we have for 350 consecutive quarters, going back to 1925. For 2013 through 2015, our remaining available cash is expected to total approximately $260 million and be available for targeted acquisitions and/or share repurchases."

Strategy Focusing Resources to Targeted Growth Businesses  
Sanders said that Sonoco will be focusing resources and investment in businesses which serve faster growing markets, including the Company's Consumer Packaging and Protective Solutions businesses and selected emerging market development opportunities for composite cans and tubes and cores.

"We are targeting to grow our top-line sales to between $5.5 and $6.0 billion by the end of 2015," said Sanders. "We must drive organic growth in our faster growing businesses and optimize operations in our more mature businesses by focusing on market share management and cost optimization."

Sanders cited the following 2012 and 2013 growth projects, by business segment, as examples of the Company's growth strategy.

• Rigid Paper and Closures
  • Sonoco is establishing a new composite can production facility in Johor Bahru, Malaysia, to meet the growing appetite for premium stacked chips throughout Asia.
  • Stacked chip capacity is likely to be added in 2013 in Brazil and a review of growth opportunities in Eastern Europe is underway.
• Rigid Plastics
  • Sonoco started up in the third quarter of 2012 a new multilayer, trim-in-place thermoforming line at its Waynesville, N.C., facility to produce of a variety of containers for chilled and thermally processed shelf stable foods.
  • The Company plans to invest $7 million in 2013 to add a third multilayer, barrier bottle production line for nutraceutical beverages at its Columbus, Ohio, production facility.
  • In the third quarter of 2012, the Company commenced commercial operation of a new $15 million 142,000-square-foot plant in New Albany, Ohio, to produce PET personal care bottles.
• Flexible Packaging
  • Investment is being made to add a new rotogravure press to the Company's Morristown, Tenn., facility in 2013.
• Display and Packaging
  • Expanded packaging fulfillment capacity in Brazil and a new in-DC (distribution center) facility in the U.S. were put in operation in 2012.
• Protective Solutions
  • An investment of $15 million is planned in 2013 to build two new custom-molded foam fabricating facilities in the United States and Mexico to serve the growing automotive component market.

Key Takeaways
Sanders concluded the Company's review by saying, "2013 is projected to be a better year, but again we don't expect any real help from the global economy. In addition, we expect to face pension headwinds. However, free cash flow, after dividends, is expected to increase by up to 40 percent next year to $130 million."

"Our extended outlook through 2015 could see our top line reach $5.5 billion and earnings growing at compound rate of about 8 percent. To fully meet our financial targets we may need to make some minor course corrections along the way, including considering how we are organized so we can better satisfy the customer."  

Sonoco, one of the largest diversified global packaging companies, today reported financial results for its 2012 second quarter, ending July 1, 2012.

Second Quarter Highlights

• Second quarter 2012 GAAP earnings per diluted share were $.50, compared with $.52 in 2011.
• Second quarter 2012 GAAP results include after-tax charges of $.08 per diluted share, driven by previously announced restructuring activities.
• Base net income attributable to Sonoco (base earnings) for second quarter 2012 was $.58 per diluted share, compared with $.60 in 2011. (See base earnings definition and reconciliation later in this release.) Sonoco previously provided second quarter base earnings guidance of $.55 to $.60 per diluted share.
• Second quarter 2012 net sales were a record $1.20 billion, up 7 percent, compared with $1.13 billion in 2011.

Earnings Guidance

• Third quarter 2012 base earnings are expected to be $.62 to $.66 per diluted share.
• Guidance for full-year 2012 base earnings is revised to $2.34 to $2.39 per diluted share.

Second Quarter Review

Commenting on the Company's second quarter results, Chairman and Chief Executive Officer Harris E. DeLoach Jr. said, "Sonoco's second quarter results met our expectations despite the continuing tough global economic conditions. Base earnings showed sequential improvement for the second consecutive quarter and gross profits increased 13 percent year over year while base earnings before interest and taxes (EBIT) improved by 6 percent. Base earnings were down year over year by a little less than 2 percent. The benefits to base earnings from significantly improved productivity, prior year acquisitions and a positive price/cost relationship were largely offset by lower volumes, a negative mix of business and higher pension, interest and income tax expenses. However, absent the impact of a stronger dollar, year-over-year base earnings would have been essentially unchanged.

"Our Consumer Packaging segment's second quarter operating profit improved 6 percent year over year, but was down 15 percent from the first quarter largely due to normal seasonality. The segment's year-over-year improvement was a result of productivity gains and a positive price/cost relationship, partially offset by lower volumes, negative mix and higher pension, labor and other expenses. Operating profits from our Packaging Services segment declined 54 percent from the second quarter of 2011, and 17 percent from the first quarter.

Year-over-year results were negatively impacted by the previously announced loss of a large contract packaging customer and a stronger dollar.

"In our Paper and Industrial Converted Products segment, second quarter operating profits were down 2 percent from last year's second quarter, but were up 23 percent from the first quarter. The year-over-year decline was driven by higher pension, labor and other expenses and a negative impact from exchange rates. These factors were partially offset by improved productivity, a positive price/cost relationship and slightly better volume, coming primarily from improved paper operations.

"Operating profits in our new Protective Packaging segment, created as a result of last year's acquisition of Tegrant Holding Corporation, improved 66 percent from the first quarter. Tegrant's operations comprise the majority of this segment and we are very pleased with the improvement we're seeing there in operating efficiencies and the progress being made in the integration. Year-over-year results in the legacy protective packaging operation improved slightly as a small decline in volume was more than offset by improved productivity."

GAAP net income attributable to Sonoco in the second quarter was $51.3 million, or $.50 per diluted share, compared with$53.4 million, or $.52 per diluted share, in 2011. Base earnings were $59.7 million, or $.58 per diluted share, in the second quarter, compared with $60.8 million, or $.60 per diluted share, in 2011. Base earnings and base earnings per diluted share are non-GAAP financial measures adjusted to remove restructuring charges, asset impairment charges, acquisition expenses and other items, if any, the exclusion of which the Company believes improves comparability and analysis of the underlying financial performance of the business.

Items excluded from base earnings in the second quarter of 2012 totaled $8.3 million, after tax, or $.08 per diluted share. This included restructuring expenses and asset impairment stemming from previously announced plant closures and manufacturing rationalization efforts in Germany, Canada and the United States. Excluded from base earnings in the second quarter of 2011 were after-tax restructuring and other charges totaling $7.4 million, or $.08 per diluted share, largely attributable to the disposition of the Company's Brazilian plastics operations and closure of a Canadian flexible packaging operation. Additional information about base earnings and base earnings per diluted share, along with a reconciliation to the most closely applicable GAAP financial measures, is provided later in this release.

Net sales for the second quarter were $1.20 billion, compared with $1.13 billion in the same period in 2011. This 7 percent increase was due to sales from acquisitions of $124 million, almost all of which is related to Tegrant, and higher selling prices, partially offset by lower volume/mix and a $41 million negative impact from foreign currency translation.

Gross profits were $217 million in the second quarter of 2012, compared with $191 million in the same period in 2011. Gross profit as a percent of sales was 18.0 percent, compared with 16.9 percent in the same period in 2011. The improvement in gross profits was due to productivity improvements and a positive price/cost relationship, partially offset by lower volumes, a negative shift in the mix of business and higher labor and other costs. The Company's selling, general and administrative (SG&A) expenses increased 19 percent year over year in the quarter, primarily due to added costs from the acquired Tegrant businesses. SG&A expenses were 9.9 percent of net sales in the 2012 period, compared with 8.8 percent in 2011.

Cash generated from operations in the second quarter was $42.9 million, compared with $45.9 million in the same period in 2011. Capital expenditures net of proceeds and cash dividends were $54.9 million and $30.2 million, respectively, during the second quarter of 2012, compared with $34.0 million and $28.9 million, respectively, during the same period in 2011.

Year-to-date Results

For the first six months of 2012, net sales increased 8 percent to $2.41 billion, compared with $2.25 billion in the first half of 2011. Net income attributable to Sonoco for the first six months of 2012 was $94.4 million, or $.92 per diluted share, compared with $110.8 million, or $1.08 per diluted share, in the first half of 2011. Earnings in the first half of 2012 were negatively impacted by after-tax restructuring and other charges of $19.1 million, or $.19 per diluted share, compared with $8.5 million, or$.09 per diluted share, in the same period in 2011.

Base earnings for the first half of 2012 were $113.5 million, compared with $119.3 million in the same period in 2011. This 5 percent year-over-year decline in base earnings stemmed from lower volume, a negative mix of business and higher pension, labor and other expenses. These negative factors were partially offset by productivity improvements, acquisitions and a positive price/cost relationship.

Gross profit increased 12.5 percent year over year to $433.4 million, compared with $385.3 million in 2011. Gross profit as a percent of sales increased in the first half of 2012 to 17.9 percent, compared to 17.2 percent in 2011.

For the first six months of 2012, cash generated from operations was $144.4 million, compared with $32.1 million in the same period in 2011. The first half cash flow reflects pension and postretirement benefit plan contributions of $58.9 million, compared with $110.5 million in the first half of 2011. Cash flow from operations also improved during the first half of 2012 due to less management incentives paid in comparison to last year. Capital expenditures and cash dividends were $102.0 millionand $59.3 million, respectively, during the first half of the year, compared with $70.5 million and $57.0 million, respectively, for the same period in 2011.

At the end of the first half of 2012, total debt was approximately $1.32 billion, a $32.0 million increase from the Company's year-end total debt of $1.29 billion. The Company's debt-to-total capital ratio was 47.4 percent, which is unchanged from year end 2011. Cash and cash equivalents as of the end of the first half of 2012 was $196 million, compared with $176 million at the end of the year.

Corporate

Net interest expense for the second quarter of 2012 increased to $15.3 million, compared with $8.2 million during the same period in 2011. The increase was due to higher debt levels as a result of the acquisition of Tegrant. The effective tax rate for the second quarter of 2012 was 35.3 percent, compared with 32.1 percent for the same period in 2011. The effective tax rate on base earnings was 32.8 percent and 31.9 percent in the second quarters of 2012 and 2011, respectively.

Third Quarter and Full-Year 2012 Outlook

Sonoco expects third quarter 2012 base earnings to be in the range of $.62 to $.66 per diluted share. Base earnings in the third quarter of 2011 were $.66 per diluted share. For the full-year 2012, base earnings are projected to be in the range of $2.34 to $2.39 per diluted share. The Company had previously provided full-year guidance of $2.34 to $2.44 per diluted share.

The Company's base earnings guidance assumes sales demand will remain near current levels, adjusted for seasonality. Although the Company believes the assumptions reflected in the range of guidance are reasonable, given the uncertainty regarding the global economy and fluctuating raw material prices and other costs, actual results could vary substantially.

Commenting on the Company's outlook, DeLoach said, "We expect third quarter base earnings to continue to improve sequentially and possibly could be near our results for the third quarter of 2011, which benefited from some lower incentives, taxes and other favorable actions. While we are encouraged by the progression of improvement in many of our businesses in the first half of the year, general economic conditions continue to be challenging and our customers' long-term order patterns remain difficult to predict. Accordingly, we are focused on implementing operating excellence initiatives to improve our manufacturing productivity and working to further reduce costs and control spending. Also, we expect to complete several important growth projects this year, including the third-quarter start-up of our new rigid plastics container plant in Columbus, Ohio. Finally, efforts to successfully integrate our Protective Packaging businesses continue and we expect to meet our objective of achieving annualized synergies of $12 million by year end."

SOURCE Sonoco

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The Company's Winston Salem facility achieves silver-tier award status

Sonoco Recycling, LLC, a unit of Sonoco  and one of the largest packaging recyclers in North America, has announced that Sonoco CorrFlex's Winston Salem,  N.C., facility has received a silver-tier Sonoco Sustainability Star Award for diverting a minimum of 95 percent of its waste to landfill.

In 2008, employees at the North Carolina facility established Team Green, aimed at cutting landfill waste in half and implementing a plant-wide recycling program. All plant waste streams were audited and evaluated for potential opportunities, using reduction, reuse and recycling to determine the best solution for landfill diversion, including changing landfill pick-up to an on-call basis.  Additionally, Team Green focused on controlling utility and water usage through assessment and reduction activities, and began diverting salvageable metal to recycling outlets instead of storing or landfilling it.

Recycling containers were placed in all common areas, and employees were encouraged to bring in their recyclables from home as well. The team even set up an employee recycling fund, paid out once yearly, where all funds collected from recycling of plastic cans, aluminum bottles, office paper and plastic bags are divided evenly between all employees.

"The Winston Salem group has shown a real dedication towards reducing waste to landfill and increasing recycling," said Ray Howard, general manager, Sonoco Recycling. "Currently, they're recycling approximately 98 percent of their materials and we applaud them for their efforts."

Duncan Sullivan, Sustainability and Special Projects, said, "Our facility is the second Sonoco CorrFlex location to win a Star award. While it's been very rewarding for the team to see our facility reach silver-tier status, our York, Pa., facility went landfill-free last year, and we're working to join them by the end of 2012."

As a result of these initiatives, Team Green was invited to partner with one of the facility's largest customers, PepsiCo's Frito-Lay business, in ongoing Resource Conservation activity, and was recognized at its global sustainability summit for creating a best-in-class culture for RECON performance.

Created to recognize customer and Sonoco facilities for achieving significant milestones in landfill diversion and waste stream reduction, the program is composed of three tiers:

• Gold Star Awards, which recognize facilities that have achieved 99 percent landfill diversion;
• Silver Star Recognition, which is awarded to facilities achieving 95 percent landfill diversion; and
• Bronze Awards, which recognize facilities that have made significant waste reduction achievements.

Learn more about our Sonoco Sustainability Star Award program at http://www.sonoco.com/productsservices/sonocorecyclinginc/sustainabilitystarawards.aspx.

A recycling leader with 50 locations and expertise worldwide, Sonoco Recycling annually collects approximately 3 million tons of old corrugated containers, various grades of paper, metals and plastics. In addition, the Company has experts who provide secure, reliable and innovative recycling solutions to residential and commercial customers. Currently, Sonoco Recycling operates six material recovery facilities (MRFs) and serves nearly 150 communities in which curbside-collected residential and commercial materials are processed. The Company also provides recycling programs which identify waste reduction opportunities that reduce operating expenses for many of the largest consumer product companies in the U.S.

SOURCE Sonoco

Sonoco-Alcore S.a.r.l., a wholly owned subsidiary of Sonoco (NYSE: SON), one of the largest diversified global packaging companies, today announced the opening of its new paper tube and core manufacturing facility in Grünsfeld, Germany. The new Grünsfeld plant will focus its production on M-Core(TM) wide-ply paper mill cores used in the high-end segment of the paper industry.

"Investment in this new facility is primarily about responding to the changing market needs in the European paper industry," said Adam Wood, vice president of Sonoco-Alcore. "European printing houses have evolved, using wider printing presses and increased running speeds, which means traditional paper mill cores must evolve also."

"With the Grünsfeld facility, we have invested in bringing this technology to Germany, meeting the needs of Central European paper mills and allowing our customers to better supply print houses with a cost-effective, quality product."

Sonoco-Alcore developed wide-ply paper technology and the M-Core Series to produce a core with improved properties such as increased dynamic strength and e-modulus, meeting the requirements of new printing machines.

Europe's leading paper tube and core producer, Sonoco-Alcore places a strong emphasis on investing in the resources necessary to ensure the continued success of its customers and operates 29 tube and core plants and six paper mills in Europe.

Sonoco-Alcore S.a.r.l., a wholly owned subsidiary of Sonoco (NYSE:SON), one of the largest diversified global packaging companies, is making multi-million dollar investments in three of its European uncoated recycled paperboard (URB) mills to improve their energy efficiency, product range and environmental performance. The projects will be completed during scheduled downtime in August and September 2011.

According to Adam Wood, division vice president and general manager of Sonoco-Alcore, "These investments are part of a continuing program to improve the product quality and cost competitiveness of our European mills, which are the largest producers of coreboard in Europe. Our commitment to sustainability and customer satisfaction are at the forefront of our thinking during our capital planning process."

"Our Cirie (TO), Italy, mill will benefit from a new DCS, a new energy-from-biogas system, and CHP upgrades and we are improving our effluent treatment system," said Dino Kiriakopoulos, director of Sonoco-Alcore's European Operations. "Our investment in Cirie continues our 2010 capital investment efforts, which are focused on lowering energy costs and continuing to be good stewards of the environment."

Kiriakopoulos said that Sonoco-Alcore also will be making additional investments at its Kilkis, Greece, and Nordhorn, Germany, mills this summer.

"At Kilkis, we will be installing a new high-efficiency boiler, heat recovery system and drive upgrades that will significantly lower energy costs and provide some capacity expansion. At Nordhorn, we are upgrading our refining and press sections to further reduce the steam and electricity consumption for each tonne of the high quality specialty board produced there."

SOURCE: Sonoco-Alcore S.a.r.l.

Sonoco UK Ltd., a wholly owned subsidiary of Sonoco (NYSE: SON), one of the largest diversified global packaging companies and the world's largest producer of paperboard cans, has completed the acquisition of the assets of Robinson Paperboard Packaging Ltd., a division of Robinson PLC (LSE: RBN).

The acquisition will add approximately $10 million in annual sales and includes customer contracts, as well as other business assets of Robinson Paperboard Packaging. As part of the transaction, Sonoco will assume operation of Robinson's Chesterfield paperboard can plant located on Goyt Side Road. Employees at the Chesterfield plant will be retained.

"The purchase of Robinson Paperboard Packaging is a good strategic fit with Sonoco's growing global rigid paper container operations," said Sean Cairns, general manager of Sonoco Rigid Paper and Closures, Europe. "We believe Robinson's proven expertise in innovative paper bottom technology and unique, patented processes provide a strong platform for our continued development and growth in the United Kingdom and Europe."

Cairns added, "This agreement is a win for Robinson, Sonoco and our packaging customers, who are increasingly recognizing the proven advantages that rigid paper containers bring in terms of reducing costs and minimizing the impact on the environment - without compromising quality. Packaging made from rigid paper reduces package weight, makes more efficient use of raw materials and conserves energy."

With origins dating back to 1839, Robinson Paperboard Packaging manufactures rigid paperboard tubes and boxes for the food, drink, toiletries, cosmetics and the gift/presentation markets. The Chesterfield plant is ISO 14001 environmentally accredited, and also has British Retail Consortium/IoP Food Hygiene and ISO 9001 accreditation. Sonoco will continue to work with other parts of Robinson, including its plastics packaging division for the supply of plastic overcaps.

Sonoco has been operating in the UK since 1923 and now has more than 600 employees engaged in consumer and industrial packaging operations at 10 locations. Sonoco operates 44 facilities throughout 15 European countries with annualized sales of more than $700 million and more than 5,000 employees. The Company is the world's largest manufacturer of rigid paperboard containers, producing a variety of round and shaped spiral-wound, recycled paperboard cans, fiber cartridges and single-wrap paperboard containers, serving a variety of food and non-food markets. Sonoco's rigid paperboard operations include operations in North America, South America, Europe, Asia and Australia.

Sonoco Alcore S.a.r.l. will increase the price of coreboard and uncoated recycled board in Europe by 40 Euros/ 35 GBP effective May 9, 2011. This price increase is an addition to the earlier price increase announced in February 2011.

"Recovered fiber, starch, chemicals and energy costs have continued to increase. The current inflationary environment may mean further increases in the summer if the pricing of our base raw materials continues to rise at the current pace," said Adam Wood, vice president, Sonoco-Alcore Europe.

"Our tube and core business is also being negatively impacted, and we will likely enter a new phase of price increases, there, too, also in May."

Sonoco Alcore S.a.r.l. is a wholly owned by Sonoco (NYSE: SON) and operates six paper mills, 32 tube and core factories, and a recycling division in Europe.

Sonoco-Alcore S.a.r.l. will increase prices for all uncoated recycled paperboard grades in all European markets by 50 Euro, or £45,per metric ton on all shipments effective February 28, 2011.

"We continue to operate in inflationary conditions," said Adam Wood, vice president, Sonoco-Alcore Europe. "Recovered paper prices are still increasing, driven by global supply and demand, and this coupled with starch and other key materials is forcing us to pass increases through to our customers. We have still not fully recovered raw material rises in 2010 even with the cost reduction programs we had in place. We can no longer absorb the magnitude of these increases.

"Our tube and core business has also been negatively affected by these events, and we will again need to pass these coreboard increases through to our customers. Our customers recognize that we have tried to minimize this impact but such unprecedented conditions provide us with few alternatives," added Wood.

Sonoco-Alcore S.a.r.l. will increase prices in Europe for all uncoated recycled paperboard (URB) grades by EUR 40, or £35, per metric ton, effective with shipments on October 18, 2010, according to Eddie Smith, vice president, Sonoco-Alcore.

"This price change is unfortunately unavoidable. Over the past quarter, we have seen a severe increase in the cost of starches and chemicals as well as an overall tightness of raw material supply and URB in the market," said Smith.

Sonoco-Alcore S.a.r.l. is wholly owned by Sonoco (NYSE: SON) and operates 30 tube and core plants and six paper mills in Europe.

SOURCE: Sonoco

Sonoco
Roger Schrum, 843-339-6018
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Sonoco will increase prices in the United States and Canada for all uncoated recycled paperboard grades by $35 per ton effective with shipments on October 11, 2010, according to Jim Bowen, senior vice president, Primary Materials Group.

About Sonoco

Founded in 1899, Sonoco is a $3.6 billion global manufacturer of industrial and consumer products and provider of packaging services, with more than 300 operations in 35 countries, serving customers in some 85 nations. For more information on the Company, visit our Web site at http://www.sonoco.com.

SOURCE: Sonoco

Sonoco
Robin Montgomery, 843-383-7509
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