Sonoco's net sales for the 2Q 2020 were $1.25 billion, down 8.4% from last year’s 2Q sales of $1.36 billion. The sales decline was driven by lower volume/mix, a stronger U.S. dollar and lower selling prices. These negative impacts were partially offset by increased sales from acquisitions.
GAAP net income in the 2Q was $55.2 million, or $0.55 per diluted share, a decrease of $25.9 million, compared with $81.2 million, or $0.80 per diluted share, in 2019.
2Q GAAP earnings included net after-tax non-base charges totaling $24.9 million, $16.7 million of which were related to operational restructuring activities primarily related to capacity reductions in the company’s North America paper mill network.
Gross profit was $248 million in the 2Q 2020 compared to $275.3 million in the same period in 2019. Gross profit as a percentage of sales was 19.9%, down from 20.2% in the same period in 2019.
Sonoco is one of the largest diversified global packaging companies.
