SONOCO PRODUCTS CO
For the period ended Mar 30, 2025. Filed May 2, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 30, 2025 · Filed May 2, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended March 30, 2025
or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from to
Commission File No.001-11261
Sonoco Products Company
(Exact name of registrant as specified in its charter)
| South Carolina | 57-0248420 |
|---|---|
| (State or other jurisdiction of incorporation of organization) | (I.R.S. Employer Identification No.) |
| 1 N. Second St., Hartsville, South Carolina | 29550 |
| (Address of principal executive offices) | (Zip Code) |
(843)383-7000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| No par value common stock | SON | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes ☒ No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒
The number of shares outstanding of the registrant’s no par value common stock as of April 18, 2025 was 98,627,981.
INDEX
| PART I. FINANCIAL INFORMATION | 3 | |
|---|---|---|
| Item 1. | Financial Statements: | 3 |
| Condensed Consolidated Balance Sheets – March 30, 2025 (unaudited) and December 31, 2024 (unaudited) | 3 | |
| Condensed Consolidated Statements of Income – Three Months Ended March 30, 2025 (unaudited) and March 31, 2024 (unaudited) | 4 | |
| Condensed Consolidated Statements of Comprehensive Income – Three Months Ended March 30, 2025 (unaudited) and March 31, 2024 (unaudited) | 5 | |
| Condensed Consolidated Statements of Changes in Total Equity – Three Months Ended March 30, 2025 (unaudited) and March 31, 2024 (unaudited) | 6 | |
| Condensed Consolidated Statements of Cash Flows – Three Months Ended March 30, 2025 (unaudited) and March 31, 2024 (unaudited) | 7 | |
| Notes to Condensed Consolidated Financial Statements (unaudited) | 8 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. | 40 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk. | 56 |
| Item 4. | Controls and Procedures. | 57 |
| PART II. OTHER INFORMATION | 58 | |
| Item 1. | Legal Proceedings. | 58 |
| Item 1A. | Risk Factors. | 58 |
| Item 5. | Other Information. | 59 |
| Item 6. | Exhibits. | 60 |
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