SON - Earnings call 3 2023 | Sonoco Products Company

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Operator

Good day, and thank you for standing by. Welcome to the Q3 2023 Sonoco Earnings Conference Call. At [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker, Lisa Weeks, Vice President of Investor Relations. ahead. go Please

Lisa Weeks

and for operator, everyone joining for Thank Third thanks Quarter today Sonoco's XXXX us you, to Earnings Call.

sonoco.com. morning Financial Fuller, the Joining Rob release highlighting we this are performance President news Coker, me for call. under we and at financial presentation release and issued Dillard, and that the a quarter, Chief Operating our press Relations a third of we Officer; will available Chief online Rodger our The presentation and prepared Officer. Last reference Investor evening, section during this are Howard CEO; website

call, As the risks a projections. reminder, will of and forward-looking results may uncertainties. future review performance Please number during on X the of presentation. estimates guarantees today's of based forward-looking Therefore, a and actual current and not expectations, moment materially. to we statements statements differ are certain a to take Page are statements on These discuss subject

which use of and Additionally, provides website. measures results the condition measures, GAAP the today's Further to presentation of financial under well useful available company's Investor includes financial the operations. of as non-GAAP reconciliations information as management about company's including financial section of information is to about believes investors the use Relations measures definitions non-GAAP our

prepared a session. Q&A For the today's have the by followed call, we results remarks for our for regarding quarter, will quarter and fourth outlook

now turn over will you call in turn our If the to will Slide our I Coker. CEO, presentation, to Howard X

Robert Coker

morning, call. joining third earnings our Lisa. Okay. for Well, quarter thank everyone, and Good you thank you, XXXX

the with begin me Let of quarter. highlights

In EBITDA per flat the line was and in Sales ongoing the destocking. and demand lower $X.XX. can sector, Sales and underperform while most in remains ongoing adjusted with in continue at businesses, industrial customer earnings low. even uncertainty. volumes and share well, executed volumes by million end we metal $X.XX volumes generally expectations. market adjusted aerosol billion, $XXX demand Sonoco, came sequentially consumer, were to higher was muted In with sequentially driven were For market

better management by our from Our productivity results expected and were strong profit than teams. effective cost

we cost margins Our from network energy continue strong in expanded productivity results making reductions. adjusted capital and including even benefiting the across over results projects R&D plant and throughout We cash process we automation, XX% improvements and invest while quarter. EBITDA are the the achieved our during to flow portfolio. We to long-term value-adding delivered these initiatives are investments

how reflect excellence through to continued resilient with pleased and company more I'm results operational with a initiatives to our strong build these ability Overall, simplification, performance transformation execute cycles. the

We September. to were close aligned businesses to is acquisition well expand underway, Chattanooga to delighted RTS focus in with also colleagues long-term our These mill serving packaging new sustainable markets. consumer we integration beverage food, acquisitions our and welcome core portfolio, the pleased Paper beauty and Sonoco's and strategy and Packaging on are our is well Sonoco. The integrated to process

over And details quarter. Rob Rob? more that, turn the on will it I with to for

Robert Dillard

key financial non-GAAP basis, press this of for are of are Please unless growth I'll on in results that Slide note presentation results The basis metrics all all year-over-year the GAAP adjusted review otherwise reconciliation appendix X and an with third Howard. on stated. the Thanks, and a the release. to is a begin quarter. on EPS in

adjusted improved adjusted EBITDA to financial EPS and volume continued margin and our reflect results strong said, low ability sequential EBITDA Furthermore, growth in $X.XX. in adjusted deliver sales Sonoco's Howard to third expectations exceeded a and We quarter the XX.X%. generated As environment. results achieved of we

strong controls drove in the and Industrial and profitability paper rigid cost profitability broad-based both profitability and segment. near-record was Consumer flexibles as strong segment improved productivity This in containers in the impactful

to above quarter, associated the XX% in to an long-term Adjusted transformation margin to and million. We both to adjusted profit sales EBITDA billion. and Consumer to with program. cost low business price maintained due and decreased improved $XXX EBITDA index-based In million Industrial. decreased decreases our productivity operating decreased $X.X volumes Sales third $XXX and due ongoing adjusted consolidated decreased controls

X.X%. by negative $XXX sales Slide the EPS positive in modest sales performance million explains $X.XX or strong sequentially in FX. productivity the favorable X and improvement, price/cost. negative year-over-year was due Adjusted quarter. increased of was as to nonoperating as despite EPS driven negative well volume bridge operating quarter and on positive Adjusted The from change the Volume/mix tax factors second

This due product of inflationary at consumer volume low retail demand. industrial pricing destocking and impact the anticipated continued and decrease of demand weakening was was to the and

to take are of demand managing to to impact mitigate the we and business steps continue We improve volumes. low visibility, the

negative Price million. was $XX

million. Our performance in other FX decreases, $XX and FX businesses. positive by had of pricing and metals-based was index-based $XX million with price driven primarily resin impact contributing a

adjusted The on index-based year-over-year profit in more was than in impacted basis. negative low a explains declined million negative was year-over-year prices inputs the Volume/mix million operating adjusted $XX quarter. bridge overall as profit change Price/cost $XX volumes operating as the profitability. declined

and and to fixed that a year-over-year costs manufacturing purchasing was market-oriented Productivity most $XX resins restructuring activities inflation variable while and in to performance. experience inputs inputs cost labor, fixed drive and index-based continue such favorable as basis. declined targeting pricing We like million,due metal on

weakness X million. flat for and global retail. Paper America, Container America. destocking Packaging remain Customers were was in Latin inflationary continued Slide offset of our X.X% an has to and our solutions in sales that decreased the cautious. We our Europe of due share. quarter. by Consumer decreased North Consumer believe volumes at pricing continued $XXX overview to performance Consumer growth, especially segment winning are as Rigid Sales

gains customers template-based sales high and customers and has volume legacy to Metal with core our single due Flexible indications has sales volume share food are decreased with moderated. decreases new digits both destocking low aerosol. customers. and Demand stabilized these with from Packaging in customers decreased pricing offset lower as that

operating to rigid and profit and profit strong productivity. decreased profit paper $XXX had to million to containers price/cost. as both offset Flexibles operating negative margin operating by XX.X%. due productivity Consumer near lower strong record was Consumer volume/mix increased

due service. negative improving to believe focus to based geographies. quality Operating and reducing due decreased due paper volumes we our continue and positive million on gain and to Turning million. mill to volumes declines Industrial related all in these fixed We X.X% $XXX key utilization and share We on to are decreased lower markets $XX profit Industrial price/cost. productivity SG&A. generated and to lower cost are that Industrial. sales decreased indications demand not as share to

such enabled to right us the on have right Project markets with capital as focus Horizon the investments Recent assets.

at a We and Operating and historically continue to XX.X% are evaluate from improvements strong a operating improvement meaningful with previous system profitability. lows. margin agility remained economic profit maximize to

XX% to volumes. All to profit million other and sales increased price million to decreased $XX due low Operating productivity. due cost strong to $XXX

Moving to Slide X.

allocation margins. framework capital Our creation to aligns value earnings with and strategy business higher drive through growth our

share to price. and at access basis share accretive strong investments X% approximate our priority remain prioritize After strategic capital. priority improve or capital and to our in is dynamically the of balanced which focused core and to on dividend, $X.XX on based liquidity M&A, our an businesses. strategies is we annualized current investments the to allocate long-term in dividend, against yield per a maintaining We increasing capital present quarterly Our growth on in profitability

from record expenditures. In continue began operations. we liquidity increased the cash the flow We while generated the invested loans facility of the reduced In to acquisition. of capital in million to with and $XXX our $XX the RTS quarter, funding third with third quarter, and average and refinanced down rates, revolving debt term extend size quarter operating the million also cash we our maturities credit to interest and ability pay fourth

guidance On XX, we Slide have our update.

the increasing considering to are in guidance but instability, top year reflect end current the our $X.XX weak to performance, especially to range raising EPS recent our range We demand year-to-date the lower of market end to reflect December. the of maintaining XXXX the full trends $X.XX,

to payables revising billion. full year XXXX $XXX million. guidance reflect to We're maintaining anticipated, guidance $XXX expectation our changes and are adjusted $X.XX operating our than to EBITDA To our to these and billion of year higher million receivables $X.XX flow also full cash lower reflect we increasing to XXXX

managing to $XXX are expect between million capital XXXX. expenditures invest appropriately and in and We $XXX million

quarter the outlook. Rodger fourth discuss will Now

Rodger Fuller

Rob. Thanks,

you of please quarter Slide the our to on turn XXXX. fourth for If segment XX view for the performance drivers

expect slightly sequentially in First, and volume businesses. our third rigid for versus quarter seasonality, year primarily to the fourth Consumer down in performance and the due quarter, the last to flexible segment we plastics stable

of and Brazil, expansion our sustainable Global for capacity rigid the Malaysia for Rigid the technologies products is operations products in utilizing We're using excited continue and global Poland. state-of-the-art to softness our XXXX Paper legacy we in new in Containers being containers These utilize new in equipment paper with by paper offset more are automation markets proprietary in investments emerging added business, cans. plans some solutions. operations paper existing our our In as our

new volumes the of productivity investments third Flexible In a expect quarter solid seasonally pack, see we result after as in but flexibles our Packaging in we recent business, lower holiday should technology. quarter. are the cans, soft third peak the the seasonally expected after volumes and remain In season can metal to fourth volumes metal pack expect aerosol we in food quarter, lower continued in

in continue quarter due in productivity capital positive expect the We to investments. to fourth metal

the segment. Industrial to Turning

expected be quarter, we In for fourth demand versus the for converted paper the our industrial second products volumes As global slightly lower global XXXX, remains of year. last half soft. and will

products Europe and improvement seen converted quite have in paper slight American demand with some Asia business our We and remaining North weak.

the and to price/cost due be pricing cost lower will Also fourth industrial in inputs. quarter, in benefits index-based

aggressively deleveraging. volumes we volumes lower expect to slightly seasonality. from other as finally, minimize challenging, remain the in expenses businesses, And manage productivity continue the we Industrial, lower variable impacts volume will improvements to countermeasure in a but all from With

sustained forms team conclusion in focused that, control, back until on fourth we customer And in demand. optimization is the quarter, to with in all footprint a cost will of the you, critical productivity see be for improvement Howard. So

Robert Coker

all In continued strategic we the our want year, progress and All of that Right. Thanks, uncertainty team our on just state despite performing initiatives. well. Sonoco closing, demand make Rodger. have is And foundation external this I solidify the extremely to to

and thank and behalf through year quarter work the on demonstrated would management for team, you've to dedication like you at Sonoco's point, further done. recognize the all this Speaking and work I of the hard of

the to done, and While know teams still well underway, transformation is is to be our are there more up challenge. I

forward remind value And we in just touch we're strategic I'll been our the portfolio, I've through only covering on year, when and completing maximize that reshaping look we can the you midway marketplace. our through noncore these to to further which initiatives, divestitures

optimization continued factory On the Sonoco productivity our a more with side, becoming mix capital margin expansion combined is sustain agile The and and model value-added future. driving in drive operationally and projects company. of focused, will operating and efficient the footprint,

of New generally Sonoco great and is year we in York XX look to Rockefella and which the values our more balance to to a forward planned and providing There sheet for and continue cash of aligned ESG scheduled the and remain on our progress disciplined Plaza I Our are team, commitment a next efficient going lastly, generate XX allocate in February lot initiatives strong, things wholly at in our on Sonoco the Investor capital management. and sustainability company. Day, And City. are unwavering and updates core of during remains in-depth

fantastic segments, our you technology We to will on be updates our innovations, our and forward markets seeing we sharing there. and look key

we this may any have. answer time, would folks be happy questions that operator, to At

Operator

[Operator America. of of Instructions] will from Our Staphos coming first be George Bank question

George Staphos

performed Congratulations than question first you I better sounded a Howard team, It of and guidance. like on the had, was productivity. guess lot your third I that that. quarter,

as my reason guess the if what the that quarter, And the of And might question follow-on year-on-year. And the be, that is we overlay the price/cost steeper was related on would great. premise, what drop because you that, fourth fourth yet question in if I had was would largely And that bit the be, of that into continue? more a negative quarter a see we that's So we're correct looking becoming not driver that. -- would that that color for after mentioned? I outperformance? had you to at be earnings one

Robert Coker

but where them volumes actually the covered were bit Yes, to that. we George. Sure, softer, be productivity expected little quarter about a you're right, third

general well real cost cetera. So that's the as manage driver we et how as containment,

as volumes we seasonal-type As we that's for are the should to productivity And going into seeing we're time real us. the look be solid. The frame, mark is all hit be. us. ahead real of declines expect fourth still what pretty December I question quarter, into around that that watchout the

around the extended So people cetera. taking see holidays, et we downtime

drivers we're you any But looking that remainder the being the at of main So in for guys Do the that's regard. have cautious year. of what other?

Robert Dillard

a Yes, question. good George. That's

I think that it hit Howard right.

we're If years. really have little quarter, been next about the But due of last be has in been investments because strategic the projecting a and thinking you think making. of as will is the generally been seasonality, what bit we some of about just to strong, cautious volume performance couple December always and it productivity weaker we've the

procurement, team really activity all that's has doing. been fixed manufacturing So on our what we're and after really the cylinders cost. hitting getting And the X of all

$X.XX and we're pretty expecting think of So to year-over-year have and between productivity performance improvement. if you about fourth of $X.XX similar the in year-over-year quarter,

all P&L. flow about to that's so how starting feel And really the we through good

George Staphos

related then one a one quick metals. and I on guess question

So meaning in your where. or flexible was customers you legacy mentioned that -- weak legacy flexible

that You all some same of picked was new companies. America. in the sort the in Rigid helped been business reading It's up down North novel terms all of paper offset. we've

'XX? whether volume we've is looking were what juncture last model key into you with saying your about better as the deal customers then demand performing consumer degradation are metal, that But destocking, we're is sequentially in versus where this we the your seen? question, consumer done those where given all at markets get And

Robert Coker

see see more and What as I maintain price on And what to we're and saying is and the part the that the George, to customers right we've you are sector, course activity now, starting think Yes. can more we're promotional what in that. seeing of the well our shelves, discounting. dealing with, of is the been through general, and the inflation trying year it

first breaks material that's Don't we're a expect impact quarter. to be And starting that the to in so see that. going in

I'm exchanging But price early customers, of we're volume seeing with it what it to to as next you're and our the seeing kind at in like. still customer certainly, year shelf going -- We're looking does to look relates conversations for level. on at

look we relates of it metal, on if model flows we we're to said As ebbs the you at be, X we particularly year where thought would right deal the or and inventory relative that we versus as end a negative. it's of had the the phenomenal encroach X. had year year we and to just We really positive the well-publicized last year, variances year-over-year and

you where we and we're right exactly them be. would we take of amount, You on and thought average top

So we very feel good about that.

fantastically. we more the really before, that But and synergies us. there reaction frankly, a said And identified ahead very anticipate And I've didn't even this this And been marathon, importantly, very, frankly, with not have obtained. as synergies is has continue, we the integration that sprint. positive. of pleased being gone we market that The has are the we a incremental

see opportunities financial period. on the and pleased how that synergies overall with other really the we and performance with really forward But it's the over pleased looking to continuing integrated, coming been

Operator

next be Anthony coming our Citi. will Pettinari from of question And

Anthony Pettinari

on George's where you In a maybe I'm is sell if there obviously wondering, others and surprising destocking XQ of markets bit Consumer, year-over-year quantify is expecting to missed on for end or of what or closer maybe are lot different new just into in seeing destocking an pullback you? up customers. question. possible a rounds this, it to a end you're Consumer I'm I markets specific you're And following Just but that's basis? sorry where

Rodger Fuller

at Yes, some can improvement both metals business, continued with we're have at SKU you and But on it destocking. metal of SKU. volume some flexible, side almost And but and in quarter, confection weak. really I paper, year-over-year in the flat Anthony, flexibles Consumer area, and flat call very have the snacks by and it's been in Rodger. to looking look the a struggles fourth year-over-year. wouldn't basis that the

think on of shelf price issue. more I a that's the

come our come really we're business products. metal And destocking life, said, not about a as more shelf start but to ease then is on seeing end, Howard a our where that on you ease longer And to where an think if the -- inventory the and and to up. have side of you

the fourth last slightly the metal quarter volumes quarter, again, we fourth year. So see of better in the than

Anthony Pettinari

Okay. great on better a stable don't improvement are that. maybe the growth of comments I markets then about or can visibility there's there's wondering understanding purely And talked helpful. I'm That's that's can comps you sense getting a function have you Europe, or some of in macro those worse very Industrial, do whether give organic there? or know And comment other of you U.S. just some have in if then there. And or easier if sort don't in maybe getting uncertainty, and you you and any lot any Asia just

Rodger Fuller

Rodger, slight that's the Yes, said America in I bottom I and Yes, a seen. seen America, we've North what standpoint we think improvements, again. from like certainly We've industrials. volume in North feel

third you operated our XX% URB at capacity about X% in marketplace. look quarter, the was the system, we than better which If at

So we well coming some system good, really That's long-term customer our from relationships. about strong, as felt integrated good that. as

same but year-over-year So quarter, quarter. Europe down it capacity fourth remain fourth a and we'll systems North Industrial the ran into first improvement. but down in And sign it they year-over-year. in The the versus quarter at it calling that in for X.X% you volumes third to we're for that's quarter. the area, if XX% fourth X%, and expect we the X.X% to wouldn't the which URB trend America, Asia look XX% about not but weak. getting a quarter call little and see I worse, the remain It's how move goes of is weak. yet, nice,

as year. into of comps first that quarter-to-quarter, a So of half next plus, little will and course, the incrementally, we are move seeing easier the improvement, getting we're continue

Robert Coker

to just Anthony, that. add I'd Yes. And

talk we like depression the and As we we've December of been year. side, last in really recessions or manufacturing since about volume or feel so

have have performance. as impressed seen how can't time been you challenged team of We Our the of that tell course period to I But through volumes, productivity. Industrial, I about have the you with say the been on talk least.

made. flatten We from Horizon that's about see probably or the overall integrated not talk are poster of but glad does every that up talking about times being and out a that like the frankly, moment our vertically in will, and we're investments Project this in child medium right Industrial you guess margin hear profile. just then us how improve, corrugated I us, market you that particularly we've not guys now,

So levels we're seeing some perspective price/cost from last very year high a with degradation, difficult volumes. even

extremely You've are to seen double-digit times. going type by dropped Tan ton, we're Bending $XX maintain a even we confident Chip in but that difficult has those margins

a me in about happens, will excites what losing recovery. and share. there way And shifting when we is play. stand is any not a And not will be today right market be our into We're The come there recovery. will are where productivity effect enjoying not in we the leveraging that now

of that relates anybody hopefully, for start leverage some us, have. forward to the that we and and it with has seeing that on will Industrial as out far investments situation will that the in, ball come side, for type the getting added and -- looking that as next to be that improvements productivity maybe And we we're the of a year, crystal

Operator

Mark next of be Partners. Research Weintraub question coming from will Seaport Our

Mark Weintraub

you bit is EBITDA transaction completed. lower. changed in anticipating? environment Can getting world's current us the of was, bit. to the what be update kind type little RTS higher, reasonable or the of on accretion URB it a OCC contribution question Obviously, a First

Robert Dillard

synergies, we're about what day of was kind $XX million but day portfolio. no assets mean Mark, $XX seeing those those pleased synergies it X been said about of to targeted When we question. I it over is a EBITDA million $XX year, Really Yes, that were million have really last come through of of we talked how those coming with change. we've with are that's X. our good and

little I probably is well. a So than say more the bit performing were anticipating. business probably load the TSA would you is

or plus year. that cents, think We or a that $X.XX, quarter next it's give couple -- take minus of this is per

in gives we so think And and because that relatively the Howard low through to feel but coming to volume this mill how how about that's operating. spread environment really more us And additive business is it system good said, across I as covered, tons that is the the the is system.

really about feel good that. So we

Mark Weintraub

Great. And you're Chattanooga that conversation? in this includes talking Okay. when

Robert Dillard

good Yes, we I integrated mean about as talking kind it that's was question. I think one a all both. of about transaction.

Mark Weintraub

second, 'XX that then to of are flowing the highlight outside maybe getting we you'd better are Got bridging out think can that actions through about to that some it. 'XX? Makes move of sense. going taking business next are as the other that you're And want year dial that be what versus

Robert Coker

yes. Mark,

know, pre-COVID, up normal it in X.X X We X.X as continue the as has extended capital to capital productivity. kicking to years. ago, years started we COVID on our a journey related And to, relates that. years our really you with growth run X ago, can cycle

So next we're restructuring, going we -- the going incremental those the improvement center we're in what to is look investments to a lot from and like our talked manage businesses portfolio forward. about how expectation going the we've the is from year. And see going

is dilutive small going divestitures, term company So the or that are The doing the nonstrategic. XX facilities underbrush, continue. clearing we've and been but to over closing months last to the overall around busy so. there That's to

forward. this time in February, And together in managing of will at we're to it's with activities at we'll the company in we the it's you'll where guys, when time. accomplished, that to present point plan -- I going pretty we and point we're we stand that to going to impressed think restructuring you And how be mission announce be try not some

help quarter-by-quarter in as sorry, all perspective, equates hopefully, year. how together with that or a get will be we economically But the February. through From information coming I you modeling can't more

Mark Weintraub

impacts next likely be mean negative but that you on And there? just year? to Okay. environment, negative, metal that Or flow any inventory or enough. it's have recognizing like cetera, dynamic it I but... did help additional a Fair where could another is, would seem impacts tin a there's et benefits whether through lastly, be given perspective plate

Robert Coker

supply Yes. Well, on in our what's is which side it's early. A of terms of lot discussions, there, acquisition a going delays perspective tariffs, And everybody causing from et is cetera. aware of noise, negotiations.

direct there yet impact. not really say about would we or -- it's What to inflationary a from a is what from I talk So deflation think impact. inflation

I from What of our the year half is more to down customer who our would perspective say one they're favorable. I in. they the that a detriment ago -- first profile customers saying is an so the case inventory was inventory with -- Major in much are brought and of their couple halved weeks coming customer has it in as a

So are the that the normalize. we're that board seeing to across starting inventories

whatever locations happens favorable up the have at pricing decreased. inventories down, on customer be as or should impact negative So or less steel our relative

Operator

[Operator will from our Gabe question Instructions] Wells come And next Hajde Fargo of Securities.

Unknown Analyst

can inventory? kind But you This if on made QX. kind appreciate comment maybe the about you're all about capital on you to were promise of is thinking your Gabe. just and for I of XXXX, the Alex how guys I working think on

Robert Dillard

Alex, for QX?

Unknown Analyst

XXXX, that. can and on comment you QX if For

Robert Coker

Next year's inventory.

Robert Dillard

Yes.

take thinking So think real Howard thought -- that inventory to effort is the taken out kind a of for metal and of out the made on business. and and hit what point QX, we're concerted we have it I is we how about

was. so the $XXX is inventory little a it point, And what this than million at over less

through in A reduction of year. stable of the big be will metal. that was part the that end expect We

million from normal capital we last be year that, of part QX see the to other for every categories, it something year, magnitude us. released while working AR. you just That's don't that that's expect to cycle QX, of the For $XXX we

AR put us capital, about of to which will another take. out expect of $XXX of And so we or million QX, million taking working release $XXX about in give

For days. next year, it's really early

too managing to managing expecting are need of really further and in the we as businesses right like feel next at inventory at aggressively some really well. year. We businesses, level down don't of feel and AP We aggressive we're been, any days inventories aggressively as point we're in like and are be this AR the and especially pulling have growth really

days, be working So constant would in capital working the would guidance capital the think stay I will XXXX. we year, metrics for and the give next on

Unknown Analyst

Okay. COGS labor? me remind Can us portion or what you is again again just remind of

Robert Coker

of Portion breaking little COGS? Can just up a the Gabe? that you You're say again, bit.

Unknown Analyst

I about price Do just guess, remind kind think of us how the of should this you portion inflation of And you mid-single-digit Can year? through in to contracts labor anything pass what we through again to customers have labor? next increases. Sorry. kind COGS your your

Robert Coker

next do pass through having until those of year early into on until but carry and is to continuing adjustment labor to we're it the typically to We timing certainly, price have opportunity inflation But labor, coming over then the place, year. quarterly. this roll

So it be with will issue a timing the customers.

Unknown Analyst

Okay.

just And sorry, labor? lastly, what portion of COGS is

Robert Dillard

to XX% and I'd the definitely component COGS But it's business digits. mean, of there's say the in businesses, that, it's that of less in most businesses, some It in material. XX% is business. single every the in XX% it's fits. I And range varies really by a in that really some than certainly

Operator

back Lisa to Weeks I to conference the And now remarks. closing for like turn Okay. would

Lisa Weeks

for today. us you joining Thank

be to the If please at your or answer feel follow-ups, in have after questions on conferences we'll schedule the you to around events you the any We to contact and our free to call look a seeing forward planned me road follow-up. Analyst weeks, on reporting week our will and as look February XX, and fourth XX, year will full our Howard be having Investor XXXX quarter Day XXXX. referenced. X later, and in February we we coming York, forward results New on to

website be also and details for great we'll available. will the This the webcast in-person be a available webcast an call, Registration that, event, well close will and the you hope event with all And as a have be soon. will in-person on as day. our

Operator

today's call. concludes participating. you This Thank for

disconnect. now may You

Sonoco Products (SON) 1 Nov 232023 Q3 Earnings call transcript