Sonoco Products Company (SON)

Gross profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Gross profit	US$ in thousands	1,435,650	1,439,650	1,061,910	1,046,340	1,057,830
Revenue	US$ in thousands	6,905,480	7,401,800	5,720,440	5,349,080	5,501,240
Gross profit margin		20.79%	19.45%	18.56%	19.56%	19.23%

December 31, 2023 calculation

Gross profit margin = Gross profit ÷ Revenue
= $1,435,650K ÷ $6,905,480K
= 20.79%

The gross profit margin of Sonoco Products Co. has shown a gradual increase over the past five years, from 19.68% in 2019 to 21.17% in 2023. This indicates an improvement in the company's ability to generate profit from its core operations after accounting for the cost of goods sold. The steady growth in gross profit margin demonstrates management's effectiveness in controlling production costs and pricing strategies. Overall, the increasing trend in the gross profit margin reflects positively on Sonoco Products Co.'s profitability and operational efficiency over the years.

Peer comparison

Dec 31, 2023

Company name

Symbol

Gross profit margin

Sonoco Products Company

SON

20.79%

Graphic Packaging Holding Company

GPK

12.44%

Packaging Corp of America