Sonoco Announces Increase in Quarterly Dividend
Sonoco, a renowned leader in the packaging industry, proudly declared an increase in its quarterly common stock dividend. This announcement marks a significant milestone as the company celebrates its remarkable history of consistent dividend payments. With the new dividend set at $0.53 per share, it reinforces Sonoco's commitment to its shareholders as they move forward together.
The Significance of the Dividend Increase
By raising its quarterly dividend to $0.53, Sonoco transitions its annual payout to $2.12 from a previous $2.08. This increment not only highlights Sonoco's stability but also its dedication to generating value for shareholders. The dividend increase is subject to future determinations by Sonoco's Board of Directors, allowing flexibility while ensuring shareholder interests are prioritized.
Historic Achievement
Howard Coker, the company’s president and CEO, reflects on a remarkable legacy—this increase marks the 400th consecutive quarter of dividend payments that dates back to 1925. It’s also the 42nd year in a row that dividends have been increased, highlighting Sonoco's robust growth and consistent financial health.
Investment in Growth
Sonoco's recent financial performance underscores its ability to generate substantial operating cash flow, approximately $1.7 billion over the past two years. This impressive figure reflects not only successful operations but also careful strategizing towards future growth. As the company aims to utilize free cash flow for reducing leverage following their acquisition of Eviosys, the commitment to dividends remains a crucial piece of their financial narrative, assuring shareholders of their value creation strategy.
About Sonoco
Founded in 1899, Sonoco (NYSE: SON) stands as a globally recognized leader in sustainable and innovative packaging solutions. Their exceptional enterprise spans across multiple countries, with approximately 23,400 dedicated employees operating 285 facilities worldwide. Sonoco serves a vast range of clients, contributing to some of the most recognizable brands in the market.
Commitment to Sustainability
Guided by the purpose of “Better Packaging. Better Life.”, Sonoco is devoted to fostering a culture that emphasizes innovation and responsibility while enhancing stakeholder experience. The company was honored as one of America’s Most Trustworthy and Responsible Companies by Newsweek, which reflects its commitment to excellence and ethical practices.
Future Prospects
As Sonoco continues to invest in sustainable and innovative practices, it envisions a brighter future for both its employees and its shareholders. The consistent increase in dividends underscores the company’s efforts to enhance profitability while ensuring that shareholder interests remain at the forefront of their operational strategies.
Contact Information
If you have inquiries or need further information, you may reach out to Roger Schrum, who is available at 843-339-6018 or via email at roger.schrum@sonoco.com.
Frequently Asked Questions
What is the new dividend rate for Sonoco?
The new quarterly dividend rate for Sonoco is set at $0.53 per share.
How long has Sonoco been paying dividends?
Sonoco has been paying dividends consistently for 100 years, marking its 400th consecutive quarter.
What is the current annual dividend payout?
Sonoco's annual dividend payout is now $2.12 per share, reflecting an increase from the previous $2.08.
What does the increase signify for Sonoco's future?
The increase in dividends signifies Sonoco's strong financial health and commitment to providing value to shareholders while investing in future growth.
How can I contact Sonoco for more information?
You can contact Roger Schrum at 843-339-6018 or reach him via email at roger.schrum@sonoco.com for more details.
