The company’s operating profit for the 12 months to 31 December increased by 39% from $487m to $675m year-on-year.
Net income attributable to Sonoco in FY22 was $466m, against a net loss of $85m in the prior year, while its earnings per diluted share (EPS) were $4.72.
In the fourth quarter (Q4) of FY22, Sonoco recorded net sales of $1.67bn, up by 16% compared to the same period of the prior year.
The company’s operating profit also grew by 21% to $127m in the quarter, while its net income for Q4 was $97m, up by 49% from $65m a year earlier.
Sonoco president and CEO Howard Coker said: “2022 was a year of record performance and meaningful change at Sonoco.
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“We are executing our focused portfolio strategy and are investing in our businesses to drive growth and profitability.
“Our talented teams executed well in dedication to our customers despite a challenging macro environment.
“We made further progress on our portfolio simplification strategy and invested in organic growth and accretive acquisitions in our larger, core businesses.
“This progress coupled with effective commercial excellence enabled a positive step change improvement in profitability for the company.”
Sonoco expects base EPS of between $1.15 and $1.25 for the first quarter of FY23. For the full year, it expects this to be $5.70 to $5.90.
Coker added: “We carry sustained momentum from our strategy and operating model into 2023 which we believe positions us well to navigate near term volatility.
“Our continued focus on portfolio optimisation, improving price/cost through strategic pricing, and productivity positions us to expand profits and increase free cash flow, to increase long-term returns for our shareholders.”