Sonoco's net sales for the 3Q 2020 were $1.31 billion, down 3.1% from last year's 3Q sales of $1.35 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 sales added from acquisitions.
GAAP net income attributable to Sonoco in the 3Q was $83.4 million, or $0.82 per diluted share, a decrease of $8.6 million, compared with $92.1 million, or $0.91 per diluted share, in 2019. 3Q GAAP earnings included after-tax non-base net charges totaling $3.6 million consisting primarily of restructuring-related charges and non-operating pension costs, partially offset by a deferred tax liability write down.
Gross profit was $257.0 million in the 3Q 2020 compared to $265.5 million in the same period in 2019. Quarterly gross profit as a percentage of sales was essentially flat year over year at 19.6%.
For the first nine months of 2020 net sales were $3.86 billion, down $204.3 million, compared with $4.07 billion in the first nine months of 2019. Sales declined 5% in the first nine months of the year as lower volume/mix stemming from the pandemic induced recession, lower selling prices and a negative impact from foreign exchange translation were only partially offset by sales added from acquisitions.
Current year-to-date gross profit was $771.6 million, compared with $810.9 million in 2019. Year-to-date gross profit as a percentage of sales in 2020 was 20%, compared with 19.9% in 2019.
Source: Lesprom Network