Sonoco’s net sales for the 4Q 2018 were $1.4 billion, an increase of $56.6 million, or 4.4%, from last year’s quarter, as the company said in the press release received by Lesprom Network.
Gross profits were $254.3 million in the 4Q, an increase of $9.9 million or 4%, compared with $244.4 million in the same period in 2017. Gross profit as a percentage of sales was essentially flat at 18.8%.
4Q 2018 selling, general and administrative expenses increased $20.7 million from the prior year to $148.8 million. This increase was largely driven by the inclusion of acquired businesses and wage inflation.
FY 2018 net sales were $5.39 billion, up $354.3 million, compared with $5.04 billion in 2017. Sales grew 7% for the year due to acquisitions; higher selling prices implemented to recover rising material, freight and operating costs; and modest volume/mix growth.
GAAP net income for 2018 was $313.6 million or $3.10 per diluted share, compared with $175.3 million or $1.74 per diluted share in 2017. GAAP earnings in 2018 included after-tax charges totaling $27.1 million, or $0.27 per diluted share, largely related to restructuring and asset impairment charges, acquisition costs and the effect of income tax rate changes on deferred tax items.
Sonoco President and CEO Rob Tiede said, "Despite hurricanes, accelerating inflation, tariffs and disappointing performance in our Consumer Packaging segment, Sonoco produced record top-line, bottom-line, and cash flow results in 2018. This performance demonstrates how our strong, diversified business mix has allowed us to produce consistent earnings improvement over the past several years."
Sonoco is one of the largest diversified global packaging companies.
