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Sonoco Q4 profit hit by declining volumesliz.wells@haymarket.com, 5 February 2009Be the first to comment on this article Global packaging company Sonoco has reported a 51% fall in income to $36m for the fourth quarter of 2008. The company said net sales for the quarter stood at $934.6m, compared with $1.1bn in the same period of 2007. It said the fall in sales had led to extended downtime in many of its operations. Higher selling prices had only partially offset higher raw material, energy and freight costs, it added. Sonoco reported that sales in the consumer packaging sector were flat in the fourth quarter, while sales in its tubes and core business had fallen in the period. The company’s full-year net income fell by 23% to $164.6m, on net sales of $4.1bn, an increase of 2% on 2007 figures. Harris DeLoach, chief executive, said: “2008 was a very difficult year for Sonoco as inflation in raw materials and energy costs during the first half of the year, along with severe deepening of the global recession in the second half, impacted consumers, our customers and, therefore, many of our businesses. “That said, the company produced record sales in 2008 and our second-best base earnings performance.” Sonoco has 334 facilities in 35 countries. Speak Your Mind |
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