Incorporated under the laws | I.R.S. Employer Identification | |
of South Carolina | No. 57-0248420 |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
SONOCO PRODUCTS COMPANY | ||||||
Date: April 21, 2016 | By: | /s/ Barry L. Saunders | ||||
Barry L. Saunders | ||||||
Senior Vice President and Chief Financial Officer |
99 | Registrant’s 2016 First Quarter Earnings Release |
• | First quarter 2016 GAAP earnings per diluted share were $.59, compared with $.84 in 2015. |
• | First quarter 2016 GAAP results included $.06 per diluted share, after tax, in asset impairment and restructuring expenses. In the first quarter of 2015, the favorable disposition of Fox River-related environmental litigation together with a gain on the sale of two metal ends plants, partially offset by costs related to acquisition and restructuring activities, added $.30 to earnings per diluted share. |
• | Base net income attributable to Sonoco (base earnings) for first quarter 2016 was $.65 per diluted share, compared with $.54 in 2015. (See base earnings definition and reconciliation later in this release.) Sonoco previously provided first quarter base earnings guidance of $.57 to $.62 per diluted share. |
• | First quarter 2016 net sales grew to $1.23 billion, up from $1.21 billion in 2015. |
• | Cash flow from operations was $66.4 million in the first quarter of 2016, compared with $60.3 million in 2015. Free cash flow for the first quarter was negative $22.1 million, compared with a positive $17.8 million in 2015. (See free cash flow definition later in this release.) |
• | Base earnings for the second quarter of 2016 are estimated to be in the range of $.65 to $.70 per diluted share. Base earnings in the second quarter of 2015 were $.68 per diluted share. |
• | Full-year 2016 estimated base earnings remain unchanged at the previously announced range of $2.64 to $2.74 per diluted share. |
• | Free cash flow in 2016 is projected to be approximately $140 million, equal to previously communicated guidance. |
• | availability and pricing of raw materials, energy and transportation, and the Company's ability to pass raw material, energy and transportation price increases and surcharges through to customers or otherwise manage these commodity pricing risks; |
• | costs of labor; |
• | work stoppages due to labor disputes; |
• | success of new product development, introduction and sales; |
• | consumer demand for products and changing consumer preferences; |
• | ability to be the low-cost global leader in customer-preferred packaging solutions within targeted segments; |
• | competitive pressures, including new product development, industry overcapacity, and changes in competitors’ pricing for products; |
• | ability to maintain or increase productivity levels, contain or reduce costs, and maintain positive price/cost relationships; |
• | ability to improve margins and leverage cash flows and financial position; |
• | continued strength of our paperboard-based tubes and cores and composite can operations; |
• | ability to manage the mix of business to take advantage of growing markets while reducing cyclical effects of some of the Company’s existing businesses on operating results; |
• | ability to maintain innovative technological market leadership and a reputation for quality; |
• | ability to profitably maintain and grow existing domestic and international business and market share; |
• | ability to expand geographically and win profitable new business; |
• | ability to identify and successfully close suitable acquisitions at the levels needed to meet growth targets, and successfully integrate newly acquired businesses into the Company’s operations; |
• | the costs, timing and results of restructuring activities; |
• | availability of credit to us, our customers and suppliers in needed amounts and on reasonable terms; |
• | effects of our indebtedness on our cash flow and business activities; |
• | fluctuations in obligations and earnings of pension and postretirement benefit plans; |
• | accuracy of assumptions underlying projections of benefit plan obligations and payments, valuation of plan assets, and projections of long-term rates of return; |
• | cost of employee and retiree medical, health and life insurance benefits; |
• | resolution of income tax contingencies; |
• | foreign currency exchange rate fluctuations, interest rate and commodity price risk and the effectiveness of related hedges; |
• | changes in U.S. and foreign tax rates, and tax laws, regulations and interpretations thereof; |
• | accuracy in valuation of deferred tax assets; |
• | accuracy of assumptions underlying projections related to goodwill impairment testing, and accuracy of management’s assessment of goodwill impairment; |
• | accuracy of assumptions underlying fair value measurements, accuracy of management’s assessments of fair value and fluctuations in fair value; |
• | liability for and anticipated costs of environmental remediation actions; |
• | effects of environmental laws and regulations; |
• | operational disruptions at our major facilities; |
• | failure or disruptions in our information technologies; |
• | loss of consumer or investor confidence; |
• | ability to protect our intellectual property rights; |
• | actions of domestic or foreign government agencies and changes in laws and regulations affecting the Company; |
• | international, national and local economic and market conditions and levels of unemployment; and |
• | economic disruptions resulting from terrorist activities and natural disasters. |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | ||||||||||
(Dollars and shares in thousands except per share) | ||||||||||
THREE MONTHS ENDED | ||||||||||
April 3, 2016 | March 29, 2015 | |||||||||
Net sales | $ | 1,226,276 | $ | 1,206,052 | ||||||
Cost of sales | 981,023 | 985,662 | ||||||||
Gross profit | 245,253 | 220,390 | ||||||||
Selling, general and administrative expenses | 134,193 | 96,665 | ||||||||
Restructuring, asset impairment charges and gain on dispositions | 9,228 | (359 | ) | |||||||
Income before interest and income taxes | $ | 101,832 | $ | 124,084 | ||||||
Net interest expense | 13,787 | 13,221 | ||||||||
Income before income taxes and equity in earnings of affiliates | 88,045 | 110,863 | ||||||||
Provision for income taxes | 29,194 | 26,221 | ||||||||
Income before equity in earnings of affiliates | 58,851 | 84,642 | ||||||||
Equity in earnings of affiliates, net of tax | 1,339 | 1,046 | ||||||||
Net income | 60,190 | 85,688 | ||||||||
Net (income)/loss attributable to noncontrolling interests | (276 | ) | 92 | |||||||
Net income attributable to Sonoco | $ | 59,914 | $ | 85,780 | ||||||
Weighted average common shares outstanding – diluted | 102,329 | 102,167 | ||||||||
Diluted earnings per common share | $ | 0.59 | $ | 0.84 | ||||||
Dividends per common share | $ | 0.35 | $ | 0.32 | ||||||
FINANCIAL SEGMENT INFORMATION (Unaudited) | ||||||||||
(Dollars in thousands) | ||||||||||
THREE MONTHS ENDED | ||||||||||
April 3, 2016 | March 29, 2015 | |||||||||
Net sales | ||||||||||
Consumer Packaging | $ | 527,338 | $ | 519,877 | ||||||
Display and Packaging | 144,267 | 145,786 | ||||||||
Paper and Industrial Converted Products | 423,074 | 422,311 | ||||||||
Protective Solutions | 131,597 | 118,078 | ||||||||
Consolidated | $ | 1,226,276 | $ | 1,206,052 | ||||||
Income before interest and income taxes: | ||||||||||
Segment operating profit: | ||||||||||
Consumer Packaging | $ | 62,865 | $ | 54,028 | ||||||
Display and Packaging | 3,281 | 838 | ||||||||
Paper and Industrial Converted Products | 33,299 | 27,797 | ||||||||
Protective Solutions | 12,026 | 9,685 | ||||||||
Restructuring, asset impairment charges and gain on dispositions | (9,228 | ) | 359 | |||||||
Other non-base (charges)/income | (411 | ) | 31,377 | |||||||
Consolidated | $ | 101,832 | $ | 124,084 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) | ||||||||||
(Dollars in thousands) | ||||||||||
THREE MONTHS ENDED | ||||||||||
April 3, 2016 | March 29, 2015 | |||||||||
Net income | $ | 60,190 | $ | 85,688 | ||||||
Asset impairment charges | — | 275 | ||||||||
Depreciation, depletion and amortization | 53,572 | 51,877 | ||||||||
Fox River environmental reserves | (304 | ) | (32,543 | ) | ||||||
Net pension and postretirement plan (contributions)/expenses | (21,385 | ) | (4,005 | ) | ||||||
Changes in working capital | (70,053 | ) | (47,908 | ) | ||||||
Other operating activity | 44,367 | 6,946 | ||||||||
Net cash provided by operating activities | 66,387 | 60,330 | ||||||||
Purchase of property, plant and equipment, net | (53,093 | ) | (39,354 | ) | ||||||
Proceeds from dispositions | — | 29,108 | ||||||||
Net debt proceeds | 2,794 | 1,325 | ||||||||
Cash dividends | (35,396 | ) | (32,263 | ) | ||||||
Shares acquired under announced buyback | (15,318 | ) | — | |||||||
Other, including effects of exchange rates on cash | 4,530 | 20,490 | ||||||||
Net (decrease)/increase in cash and cash equivalents | (30,096 | ) | 39,636 | |||||||
Cash and cash equivalents at beginning of period | $ | 182,434 | $ | 161,168 | ||||||
Cash and cash equivalents at end of period | $ | 152,338 | $ | 200,804 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||||
(Dollars in thousands) | |||||||||
April 3, 2016 | December 31, 2015 | ||||||||
Assets | |||||||||
Current Assets: | |||||||||
Cash and cash equivalents | $ | 152,338 | $ | 182,434 | |||||
Trade accounts receivable, net of allowances | 679,528 | 627,962 | |||||||
Other receivables | 38,049 | 46,801 | |||||||
Inventories | 402,533 | 385,483 | |||||||
Prepaid expenses and deferred income taxes | 48,037 | 64,698 | |||||||
1,320,485 | 1,307,378 | ||||||||
Property, plant and equipment, net | 1,121,818 | 1,112,036 | |||||||
Goodwill | 1,154,955 | 1,140,461 | |||||||
Other intangible assets, net | 239,897 | 245,095 | |||||||
Other assets | 210,850 | 208,715 | |||||||
$ | 4,048,005 | $ | 4,013,685 | ||||||
Liabilities and Shareholders’ Equity | |||||||||
Current Liabilities: | |||||||||
Payable to suppliers and other payables | $ | 776,721 | $ | 802,284 | |||||
Notes payable and current portion of long-term debt | 117,134 | 113,097 | |||||||
Income taxes payable | 22,413 | 7,135 | |||||||
$ | 916,268 | $ | 922,516 | ||||||
Long-term debt, net of current portion | 1,015,804 | 1,015,270 | |||||||
Pension and other postretirement benefits | 412,968 | 432,964 | |||||||
Deferred income taxes and other | 117,623 | 110,062 | |||||||
Total equity | 1,585,342 | 1,532,873 | |||||||
$ | 4,048,005 | $ | 4,013,685 |
Definition and Reconciliation of Non-GAAP Financial Measures | |||||||||
The Company’s results determined in accordance with U.S. generally accepted accounting principles (GAAP) are referred to as “as reported” or "GAAP" results. Some of the information presented in this press release reflects the Company’s “as reported” or "GAAP" results adjusted to exclude amounts related to restructuring initiatives, asset impairment charges, environmental charges, acquisition costs, excess insurance recoveries, losses from the early extinguishment of debt, and certain other items, if any, the exclusion of which management believes improves comparability and analysis of the underlying financial performance of the business. These adjustments result in the non-GAAP financial measures referred to in this press release as “Base Earnings” and “Base Earnings per Diluted Share.” | |||||||||
These non-GAAP measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Sonoco continues to provide all information required by GAAP, but it believes that evaluating its ongoing operating results may not be as useful if an investor or other user is limited to reviewing only GAAP financial measures. Sonoco uses these non-GAAP financial measures for internal planning and forecasting purposes, to evaluate its ongoing operations, and to evaluate the ultimate performance of each business unit against budget all the way up through the evaluation of the Chief Executive Officer’s performance by the Board of Directors. In addition, these same non-GAAP measures are used in determining incentive compensation for the entire management team and in providing earnings guidance to the investing community. | |||||||||
Sonoco management does not, nor does it suggest that investors should, consider these non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Sonoco presents these non-GAAP financial measures to provide users information to evaluate Sonoco’s operating results in a manner similar to how management evaluates business performance. Material limitations associated with the use of such measures are that they do not reflect all period costs included in operating expenses and may not reflect financial results that are comparable to financial results of other companies that present similar costs differently. Furthermore, the calculations of these non-GAAP measures are based on subjective determinations of management regarding the nature and classification of events and circumstances that the investor may find material and view differently. | |||||||||
To compensate for these limitations, management believes that it is useful in understanding and analyzing the results of the business to review both GAAP information which includes all of the items impacting financial results and the non-GAAP measures that exclude certain elements, as described above. Whenever Sonoco uses a non-GAAP financial measure, it provides a reconciliation of the non-GAAP financial measure to the most closely applicable GAAP financial measure. Whenever reviewing a non-GAAP financial measure, investors are encouraged to fully review and consider the related reconciliation as detailed below. |
Non-GAAP Adjustments | |||||||||||||||||
Three Months Ended April 3, 2016 | GAAP | Restructuring / Asset Impairment Charges(1) | Other Adjustments(2) | Base | |||||||||||||
Net sales | $ | 1,226,276 | $ | — | $ | — | $ | 1,226,276 | |||||||||
Cost of sales | 981,023 | — | — | 981,023 | |||||||||||||
Gross profit | 245,253 | — | — | 245,253 | |||||||||||||
Selling, general and administrative expenses | 134,193 | — | (411 | ) | 133,782 | ||||||||||||
Restructuring/Asset impairment charges | 9,228 | (9,228 | ) | — | — | ||||||||||||
Income before interest and income taxes | 101,832 | 9,228 | 411 | 111,471 | |||||||||||||
Interest expense, net | 13,787 | — | — | 13,787 | |||||||||||||
Income before income taxes | 88,045 | 9,228 | 411 | 97,684 | |||||||||||||
Provision for income taxes | 29,194 | 2,920 | 104 | 32,218 | |||||||||||||
Income before equity in earnings of affiliates | 58,851 | 6,308 | 307 | 65,466 | |||||||||||||
Equity in earnings of affiliates, net of taxes | 1,339 | — | — | 1,339 | |||||||||||||
Net income | 60,190 | 6,308 | 307 | 66,805 | |||||||||||||
Net (income) attributable to noncontrolling interests | (276 | ) | (7 | ) | — | (283 | ) | ||||||||||
Net income attributable to Sonoco | $ | 59,914 | $ | 6,301 | $ | 307 | $ | 66,522 | |||||||||
Per Diluted Share | $ | 0.59 | $ | 0.06 | $ | — | $ | 0.65 | |||||||||
Non-GAAP Adjustments | |||||||||||||||||
Three Months Ended March 29, 2015 | GAAP | Restructuring / Asset Impairment Charges(1,3) | Other Adjustments(4) | Base | |||||||||||||
Net sales | $ | 1,206,052 | $ | — | $ | — | $ | 1,206,052 | |||||||||
Cost of sales | 985,662 | — | — | 985,662 | |||||||||||||
Gross profit | 220,390 | — | — | 220,390 | |||||||||||||
Selling, general and administrative expenses | 96,665 | — | 31,377 | 128,042 | |||||||||||||
Restructuring, asset impairment charges and gain on dispositions | (359 | ) | 359 | — | — | ||||||||||||
Income before interest and income taxes | 124,084 | (359 | ) | (31,377 | ) | 92,348 | |||||||||||
Interest expense, net | 13,221 | — | — | 13,221 | |||||||||||||
Income before income taxes | 110,863 | (359 | ) | (31,377 | ) | 79,127 | |||||||||||
Provision for income taxes | 26,221 | 11,591 | (12,512 | ) | 25,300 | ||||||||||||
Income before equity in earnings of affiliates | 84,642 | (11,950 | ) | (18,865 | ) | 53,827 | |||||||||||
Equity in earnings of affiliates, net of taxes | 1,046 | — | — | 1,046 | |||||||||||||
Net income | 85,688 | (11,950 | ) | (18,865 | ) | 54,873 | |||||||||||
Net loss/(income) attributable to noncontrolling interests | 92 | (15 | ) | — | 77 | ||||||||||||
Net income attributable to Sonoco | $ | 85,780 | $ | (11,965 | ) | $ | (18,865 | ) | $ | 54,950 | |||||||
Per Diluted Share | $ | 0.84 | $ | (0.12 | ) | $ | (0.18 | ) | $ | 0.54 |
(1) Restructuring/Asset impairment charges are a recurring item as Sonoco’s restructuring programs usually require several years to fully implement and the Company is continually seeking to take actions that could enhance its efficiency. Although recurring, these charges are subject to significant fluctuations from period to period due to the varying levels of restructuring activity and the inherent imprecision in the estimates used to recognize the impairment of assets and the wide variety of costs and taxes associated with severance and termination benefits in the countries in which the restructuring actions occur. | |||||||||
(2) 2016 Other adjustments consist primarily of costs related to acquisitions and potential acquisitions | |||||||||
(3) Included in 2015 Restructuring/Asset impairment charges are disposal and income tax gains related to the sale of two of the Company's metal end and closures plants. | |||||||||
(4) 2015 Other adjustments consist primarily of acquisition-related costs; and the release of reserves related to the partial settlement of the Fox River environmental claims. |
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