Sonoco Products Co (SON) 2022 Q2 法說會逐字稿

Thanks to everyone for joining us today for Sonoco's Second Quarter 2022 Earnings Call. Joining me this morning are Howard Coker, President and CEO; and Rob Dillard, Chief Financial Officer; and Rodger Fuller, Chief Operating Officer. Earlier this morning, we issued a news release highlighting our financial performance for the second quarter of 2022, and we prepared a presentation that we will reference during this call. The press release and presentation are available online under the Investor Relations section of our website at www.sonoco.com.

感謝大家今天參加 Sonoco 的 2022 年第二季度財報電話會議。今天早上加入我的是總裁兼首席執行官霍華德科克；和首席財務官 Rob Dillard；和首席運營官羅傑·富勒。今天早上早些時候，我們發布了一份新聞稿，重點介紹了我們 2022 年第二季度的財務業績，並準備了一份演示文稿，我們將在本次電話會議中參考。新聞稿和演示文稿可在我們網站 www.sonoco.com 的投資者關係部分在線獲取。

As a reminder, during today's call, we will discuss a number of forward-looking statements based on current expectations, estimates and projections. These statements are not guarantees of future performance and are subject to certain risks and uncertainties. Therefore, actual results may differ materially. Please take a moment to review the forward-looking statements on Page 2 of the presentation.

提醒一下，在今天的電話會議中，我們將討論一些基於當前預期、估計和預測的前瞻性陳述。這些陳述不是對未來業績的保證，並受到某些風險和不確定性的影響。因此，實際結果可能存在重大差異。請花點時間查看演示文稿第 2 頁上的前瞻性陳述。

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

此外，今天的演示文稿還包括使用非公認會計原則財務指標，管理層認為這些指標為投資者提供了有關公司財務狀況和經營業績的有用信息。有關公司使用非公認會計原則財務措施的更多信息，包括定義以及與公認會計原則措施的對賬，請參閱我們網站的投資者關係部分。

For today's call, Howard will begin by covering a summary of second quarter performance. Rob will then review our detailed financial results for the second quarter and discuss our guidance update for the third quarter and the full year of 2022. Howard will then provide a progress report on our strategic priorities, followed by a Q&A session joined by Rodger Fuller.

對於今天的電話會議，霍華德將首先介紹第二季度的業績摘要。然後，羅布將審查我們第二季度的詳細財務業績，並討論我們對第三季度和 2022 年全年的指導更新。霍華德隨後將提供關於我們戰略重點的進度報告，隨後羅傑·富勒將參加問答環節。

If you will please turn to Slide 4 in our presentation. I will now turn the call over to our CEO, Howard Coker.

如果您願意，請轉到我們演示文稿中的幻燈片 4。我現在將把電話轉給我們的首席執行官霍華德·科克。

Thank you, Lisa, and thanks to everyone for joining our call today. Hopefully, you've seen our press release and the strong financial results we delivered in the second quarter, which exceeded the high end of our recently raised guidance. We've made tremendous progress on our strategic priorities that enable the quarter's performance and our outstanding first half of 2022.

謝謝你，麗莎，也感謝大家今天加入我們的電話會議。希望您已經看到我們的新聞稿和我們在第二季度交付的強勁財務業績，這超出了我們最近提出的指導的高端。我們在實現本季度業績和 2022 年上半年出色表現的戰略重點方面取得了巨大進展。

Revenue for the quarter was up 38% over last year and the $1.9 billion quarterly sales marked the highest in the history of Sonoco. Our revenue performance was driven by the continued benefit of our ongoing strategic pricing actions, great performance from the Sonoco Metal Packaging acquisition, relative stability in volume mix and solid operational improvements.

本季度收入比去年增長 38%，季度銷售額 19 億美元，創下 Sonoco 歷史最高紀錄。我們的收入表現得益於我們持續的戰略定價行動的持續收益、Sonoco Metal Packaging 收購的出色表現、銷量組合的相對穩定性和穩健的運營改進。

As you have no doubt heard repeatedly from companies across various industries, global supply challenges and inflationary issues persist. Despite this, we expanded our base EBITDA margins over 200 basis points to 16% compared to last year from strong profit performance across the entire portfolio. On the bottom line, we grew base earnings per share to $1.76, which was 89% above our result in Q2 of last year. Based on our first half results and third quarter outlook, we're again raising our full year base earnings per share guidance to a range of $6.20 and $6.30. Our operational, commercial excellence and supply chain teams have just done an outstanding job, and I want to extend a special thanks to the entire Sonoco organization for delivering these results while continuing to support our customers.

毫無疑問，正如您從各行各業的公司那裡反复聽到的那樣，全球供應挑戰和通脹問題依然存在。儘管如此，由於整個投資組合的強勁利潤表現，我們將基本 EBITDA 利潤率與去年相比擴大了 200 個基點以上至 16%。最重要的是，我們將每股基本收益提高到 1.76 美元，比我們去年第二季度的結果高出 89%。根據我們的上半年業績和第三季度展望，我們再次將全年每股基本收益指引上調至 6.20 美元和 6.30 美元之間。我們的運營、商業卓越和供應鏈團隊剛剛完成了出色的工作，我要特別感謝整個 Sonoco 組織在繼續支持我們的客戶的同時取得這些成果。

We've had great execution in the first half of the year. And again, these results are not by chance. We have been working very hard on a set of strategic priorities to make our great company even better. And later in the call, I'll provide further updates on this progress.

今年上半年我們的執行力非常好。同樣，這些結果並非偶然。我們一直在努力製定一系列戰略重點，以使我們偉大的公司變得更好。稍後在電話會議中，我將提供有關此進展的進一步更新。

Now to go over more details on our second quarter performance and our guidance, let me introduce you to our new CFO, Rob Dillard. Rob has been with Sonoco since 2018, handling corporate strategy and M&A activities. Rob is a strategic leader of our company and brings extensive experience in corporate finance and accounting, operations, strategy and corporate development from both Fortune 500 companies and investment banking. Rob has a deep understanding of Sonoco's culture and strategic opportunities to partner with our global business leaders to further drive performance improvements and shareholder value.

現在要詳細了解我們第二季度的業績和我們的指導，讓我向您介紹我們的新首席財務官 Rob Dillard。 Rob 自 2018 年以來一直在 Sonoco 工作，負責公司戰略和併購活動。 Rob 是我們公司的戰略領導者，他在財富 500 強公司和投資銀行部門帶來了企業財務和會計、運營、戰略和企業發展方面的豐富經驗。 Rob 對 Sonoco 的文化和戰略機會有著深刻的理解，可以與我們的全球業務領導者合作，進一步推動業績改進和股東價值。

Let me say, congratulations, Rob, on your new role, and I'll now turn the call over to you.

讓我說，祝賀你，Rob，你的新角色，現在我將把電話轉給你。

Thanks, Howard. On Slide 5, we start our financial review with GAAP EPS and the reconciliation of GAAP EPS to base EPS. GAAP EPS was $1.33 for the quarter, a meaningful increase from the same period in 2021. As Howard said, the strong performance was due to continued strategic pricing performance, a relatively stable demand environment, strong performance in metal packaging and improved productivity. This improved profitability resulted in base EPS of $1.76, an 89% increase from the same period in 2021. The reconciliation from GAAP EPS to base EPS has $0.43 of adjustments, primarily related to the amortization expense of the Metal Packaging acquisition, increase in LIFO reserve and the exit of our Russian operations, which impacted restructuring.

謝謝，霍華德。在幻燈片 5 上，我們從 GAAP EPS 以及 GAAP EPS 與基礎 EPS 的對賬開始我們的財務審查。本季度 GAAP 每股收益為 1.33 美元，與 2021 年同期相比有顯著增長。正如霍華德所說，強勁的業績是由於持續的戰略定價表現、相對穩定的需求環境、金屬包裝的強勁表現和生產力的提高。盈利能力的提高導致基本每股收益為 1.76 美元，比 2021 年同期增長 89%。從公認會計原則每股收益與基本每股收益的對賬調整為 0.43 美元，主要與收購金屬包裝的攤銷費用、後進先出準備金增加有關以及我們俄羅斯業務的退出，這影響了重組。

Slide 6 has our base P&L summary for the period. These exceptional results illustrate the power of our positions in stable and defensive end markets where we differentiate ourselves as a supplier of choice. We achieved value for this differentiation through strategic pricing performance that greatly contributed to our net sales growth of 38% to $1.9 billion in the quarter.

幻燈片 6 是我們在此期間的基本損益摘要。這些非凡的結果說明了我們在穩定和防禦性終端市場中的地位的力量，我們在這些市場中脫穎而出，成為首選供應商。我們通過戰略定價表現實現了這種差異化的價值，這極大地促進了我們本季度的淨銷售額增長 38% 至 19 億美元。

Furthermore, this price is translating into strong operating leverage. This is best exhibited by our 62% increase in base EBITDA and our 78% increase in base operating profit in the quarter. Base EBITDA was $306 million and base operating profit was $250 million in the quarter. We increased base EBITDA margin 230 basis points to 16% and base operating profit margin 290 basis points to 13.1% in the quarter. This focus on margin improvement is strategic and is backed by portfolio management actions, footprint optimization activities, value-enhancing capital investments and ongoing strategic self-help programs.

此外，這個價格正在轉化為強大的經營槓桿。本季度我們的基本 EBITDA 增長 62% 和基本營業利潤增長 78% 最能體現這一點。本季度基本 EBITDA 為 3.06 億美元，基本營業利潤為 2.5 億美元。我們在本季度將基本 EBITDA 利潤率提高 230 個基點至 16%，將基本營業利潤率提高 290 個基點至 13.1%。這種對利潤率提高的關注具有戰略意義，並得到投資組合管理行動、足跡優化活動、增值資本投資和持續的戰略自助計劃的支持。

Turning to Page 7. Net sales grew $531 million versus the same period in 2021. This strong performance was driven by several key factors. First, volume mix was negative 1% in the quarter, was largely an indicator of relatively stable demand conditions in our increasingly defensive, consumer-oriented market profile. Best exhibited by our market-leading global rigid paper cans business, which achieved 1% volume mix growth. This growth and growth in our other core U.S. businesses was offset by strategic actions that led to volume declines as well as market weakness in consumer durable markets and international industrial markets.

轉到第 7 頁。與 2021 年同期相比，淨銷售額增長了 5.31 億美元。這種強勁的表現是由幾個關鍵因素推動的。首先，本季度銷量組合為負 1%，這在很大程度上表明在我們日益防禦性、以消費者為導向的市場格局中需求狀況相對穩定。最能體現在我們市場領先的全球硬紙罐業務上，實現了 1% 的銷量組合增長。我們其他美國核心業務的增長和增長被導致銷量下降以及耐用消費品市場和國際工業市場疲軟的戰略行動所抵消。

Pricing performance in the quarter was particularly strong with net price of $297 million, contributing 21% to growth in the period. This figure excludes the pricing performance of Metal Packaging, which was also strong. This exceptional pricing performance was both contractual and strategic in nature and is the product of our commercial excellence strategy.

本季度的定價表現尤為強勁，淨價為 2.97 億美元，為本期增長貢獻了 21%。這個數字不包括同樣強勁的金屬包裝的定價表現。這種卓越的定價表現具有合同性質和戰略性質，是我們卓越商業戰略的產物。

Acquisitions and divestitures generated $290 million of sales in the quarter as Metal Packaging continues its strong performance. Excluding the impact of acquisitions, net sales growth was still 17% in the quarter. Finally, FX and others was negative $44 million in the quarter. It's important to note that approximately 72% of our net sales are generated in the U.S.

隨著 Metal Packaging 繼續保持強勁表現，收購和資產剝離在本季度創造了 2.9 億美元的銷售額。剔除收購的影響，本季度的淨銷售額增長仍為 17%。最後，FX 和其他在本季度為負 4400 萬美元。值得注意的是，我們大約 72% 的淨銷售額來自美國。

As shown on Slide 8, base operating profit increased $109 million or 78% from the same period in 2021. As previously stated, the primary drivers for this growth were strong price/cost performance, acquisitions and divestitures and improved productivity. Metal packaging was largely responsible for the acquisition growth. This business achieved 21% operating profit margin in the quarter due to strong price cost performance and the benefits of integration.

如幻燈片 8 所示，與 2021 年同期相比，基本營業利潤增加了 1.09 億美元或 78%。如前所述，這一增長的主要驅動力是強勁的價格/成本表現、收購和資產剝離以及生產力的提高。金屬包裝是收購增長的主要原因。由於強勁的價格成本表現和整合的好處，該業務在本季度實現了 21% 的營業利潤率。

Slide 9 has our segment analysis and base figures. This analysis illustrates the strong performance across the breadth of our diverse and improving portfolio of businesses. Consumer net sales grew 66% to $990 million in the quarter. Consumer volume mix was essentially flat during the second quarter as strong international rigid paper can volume mix and 4% flexibles volume growth was offset by mix and flexibles and strategic volume reductions in our perimeter store business. Consumer operating profit grew 114% to $139 million, a 320 basis point increase in operating profit margin to 14.1% due to strong price cost and productivity.

幻燈片 9 有我們的細分分析和基本數據。該分析說明了我們多元化和不斷改進的業務組合的廣泛表現。本季度消費者淨銷售額增長 66% 至 9.9 億美元。第二季度消費者銷量組合基本持平，因為強勁的國際硬紙罐銷量組合和 4% 的柔性紙罐銷量增長被我們周邊商店業務的混合和柔性紙罐以及戰略銷量減少所抵消。由於價格成本和生產力強勁，消費者營業利潤增長 114% 至 1.39 億美元，營業利潤率增長 320 個基點至 14.1%。

Industrial paper net sales increased 20% and to $727 million, the eighth consecutive quarter of record net sales. Industrial paper volume has declined approximately 2% in the quarter due to disrupted demand in international markets and the impact of a tight URB market in the U.S. This URB market conditions are moderating in Europe as our U.K. paper mill is again operational after a capital project. We anticipate that the U.S. URB market will be in balance once the Project Horizon is completed. Industrial paper operating profit grew 57% to $94 million, a 310 basis point increase in operating profit margin to 13% due primarily to price cost.

工業用紙淨銷售額增長 20%，達到 7.27 億美元，連續第八個季度創下淨銷售額紀錄。由於國際市場需求中斷以及美國 URB 市場緊張的影響，本季度工業用紙量下降了約 2%。由於我們的英國造紙廠在完成一項資本項目後再次投入運營，歐洲的 URB 市場狀況正在放緩。我們預計，一旦 Project Horizon 完成，美國 URB 市場將保持平衡。工業用紙營業利潤增長 57% 至 9400 萬美元，營業利潤率增長 310 個基點至 13%，主要是由於價格成本。

Turning to Slide 10. Year-to-date, operating cash flow was $184 million. This strong performance was despite a $258 million increase in net working capital in the first half of 2022. This increase in net working capital was primarily associated with the effects of inflation, Metal Packaging seasonality, the elevated levels of inventories associated with buffering disrupted supply chains and to better serve our customers. Capital expenditures were $144 million in the first half of 2022. We're maintaining our guidance of $325 million in capital expenditures for 2022. Finally, we paid $92 million in dividends in the period in support of our mission to provide an ongoing return to shareholders and support a market-leading yield.

轉到幻燈片 10。年初至今，經營現金流為 1.84 億美元。儘管 2022 年上半年淨營運資金增加了 2.58 億美元，但仍表現強勁。淨營運資金的增加主要與通貨膨脹、金屬包裝季節性、與緩衝供應鏈中斷相關的庫存水平升高有關並更好地為我們的客戶服務。 2022 年上半年的資本支出為 1.44 億美元。我們維持對 2022 年資本支出 3.25 億美元的指導。最後，我們在此期間支付了 9200 萬美元的股息，以支持我們為股東提供持續回報的使命並支持市場領先的收益率。

Slide 11 has our balance sheet as of July 3, 2022, our balance sheet is largely reflective of our strong performance and conservative capital structure. At the completion of 2022, we anticipate our net debt as a multiple of base EBITDA will be well below 3x. We intend to manage our capital structure appropriately to maintain our strong investment-grade credit rating.

幻燈片 11 有我們截至 2022 年 7 月 3 日的資產負債表，我們的資產負債表在很大程度上反映了我們強勁的業績和保守的資本結構。到 2022 年底，我們預計我們的淨債務與基本 EBITDA 的倍數將遠低於 3 倍。我們打算適當管理我們的資本結構，以維持我們強大的投資級信用評級。

Next, Slide 12 has our guidance update. Our strategy is gaining traction, and this enables us to raise our third quarter and full year guidance. We are raising our third quarter base EPS guidance to $1.35 to $1.45. Additionally, we are raising our full year base EPS guidance to $6.20 to $6.30. We're also increasing our full year base EPS guidance -- EBITDA guidance to $1.125 billion to $1.15 billion.

接下來，幻燈片 12 有我們的指導更新。我們的戰略正在獲得牽引力，這使我們能夠提高第三季度和全年的指導。我們將第三季度基本每股收益指引上調至 1.35 美元至 1.45 美元。此外，我們將全年基本每股收益指引上調至 6.20 美元至 6.30 美元。我們還將全年基本每股收益指引——EBITDA 指引提高到 11.25 億美元至 11.5 億美元。

We're not raising our cash flow guidance despite our expected strong operating performance due to uncertainty in supply chains and the impact of inflation on net working capital. Of note, our updated guidance reflects the shutdown of our #10 paper machine for Project Horizon. We anticipate that this will have a $10 million to $15 million impact on base operating profit in the third quarter and the full year. Production will resume in the fourth quarter (inaudible) 2024 working capital.

儘管由於供應鏈的不確定性和通貨膨脹對淨營運資本的影響，我們預計經營業績強勁，但我們沒有提高我們的現金流指導。值得注意的是，我們更新的指南反映了我們為 Project Horizon 關閉的 #10 造紙機。我們預計這將對第三季度和全年的基本營業利潤產生 1000 萬至 1500 萬美元的影響。生產將在 2024 年第四季度（聽不清）營運資金中恢復。

Now Howard will conclude our prepared remarks.

現在霍華德將結束我們準備好的發言。

Thanks, Rob. And if you'll turn to Slide 13 in the presentation, I'm going to provide an update on the progress of our strategic priorities. Let me remind you that Sonoco is on a journey. I took the role of CEO 1 month before the COVID outbreak in 2020. At that time, I challenged the team to really start thinking about a better operating model to optimize our portfolio and footprint and asked them to imagine what the organization would look like to support us.

謝謝，羅伯。如果您將轉到演示文稿中的幻燈片 13，我將提供有關我們戰略重點進展的最新信息。讓我提醒您，Sonoco 正在旅途中。我在 2020 年 COVID 爆發前 1 個月擔任 CEO。當時，我要求團隊真正開始考慮更好的運營模式來優化我們的投資組合和足跡，並讓他們想像一下組織會是什麼樣子支持我們。

I'll remind you that these planning sessions were going on amidst

我會提醒你，這些計劃會議正在進行中

(technical Difficulty]

（技術難度）

We're getting some feedback in our room. I'm hoping this is carrying through, and I will continue with my comments and repeat. I'll remind you that these planning sessions were going on amidst a global pandemic compounded by worsening supply chain conditions. Fundamentally, our aim was to be a much stronger company and to build a playbook that would result in long-term step change in profitability and value creation for our shareholders.

我們在房間裡收到了一些反饋。我希望這是通過，我將繼續我的評論並重複。我會提醒您，這些計劃會議是在全球流行病以及供應鏈狀況惡化的情況下進行的。從根本上說，我們的目標是成為一家更強大的公司，並製定一個劇本，為我們的股東帶來盈利能力和價值創造的長期變化。

To do that, we have to first look at our portfolio. We are intentionally aligning to fewer, bigger businesses, focused on markets where we believe we have a right to win and gain leadership positions. Today, our Consumer Packaging segment represents over 50% of our business, and industrial paper packaging has retracted to around 38%. We're using a rigorous portfolio management lens to determine where and how we invest organically and otherwise.

為此，我們必須首先查看我們的投資組合。我們有意與更少、更大的業務保持一致，專注於我們認為我們有權贏得併獲得領導職位的市場。今天，我們的消費品包裝部門占我們業務的 50% 以上，而工業紙包裝已縮減至 38% 左右。我們正在使用嚴格的投資組合管理鏡頭來確定我們在哪里以及如何進行有機投資和其他投資。

In parallel, we're focusing on optimizing our manufacturing footprint. The outcome of these efforts have been to exit some unprofitable operations in Europe and North America as well and to scale growth opportunities, particularly in Asia, South America, Europe, and yes, here in the United States. Our couple focused portfolio and operational strategy is centered on serving our customers in the right locations with maximum efficiency to drive superior service and, of course, improve margins.

與此同時，我們專注於優化我們的製造足跡。這些努力的結果是退出歐洲和北美的一些無利可圖的業務，並擴大增長機會，特別是在亞洲、南美、歐洲，是的，在美國。我們以夫婦為重點的投資組合和運營戰略的核心是在正確的地點以最大的效率為我們的客戶提供服務，以推動卓越的服務，當然還有提高利潤率。

Secondly, we're aligning our organizational structure and talent to support these larger scale businesses with a simpler infrastructure, leveraging centers of excellence and shared services. We're doing this with a greater focus on process standardization to lower operating expenses. In this more streamlined model, we're building a diverse and inclusive workplace through a set of focused actions to promote and hire the best talent in a highly competitive labor market. We have a great leadership team at all levels to execute on these positive long-term changes for the company.

其次，我們正在調整我們的組織結構和人才，以通過更簡單的基礎設施、卓越中心和共享服務來支持這些更大規模的企業。我們這樣做的重點是流程標準化，以降低運營費用。在這個更加精簡的模式中，我們正在通過一系列集中行動來建立一個多元化和包容性的工作場所，以在競爭激烈的勞動力市場中促進和僱用最優秀的人才。我們在各個層面都有一支優秀的領導團隊來為公司執行這些積極的長期變革。

Thirdly, we're investing to grow our consumer and industrial business with high-return capital projects for organic growth and productivity improvement. In 2022, we have allocated a record $325 million on capital projects,, of course, led by Project Horizon, which Rob spoke to earlier.

第三，我們通過高回報資本項目投資發展我們的消費和工業業務，以實現有機增長和生產力提高。 2022 年，我們為資本項目分配了創紀錄的 3.25 億美元，當然，由 Rob 早些時候談到的 Project Horizon 領導。

We're also investing more than $60 million to expand our global paper can production, $60 million to grow our flexible packaging business and recently $25 million into our domestic metal can division, to name a few of our other new investments. As we shared in our December Analyst Meeting, we are further investing in self-help actions with operational, commercial and supply chain excellence programs for EBITDA growth and margin improvement over the next several years. In addition to organic investments, we will evaluate targeted opportunities to inorganically augment these core businesses.

我們還投資超過 6000 萬美元來擴大我們的全球紙罐生產，6000 萬美元用於發展我們的軟包裝業務，最近還向我們的國內金屬罐部門投資了 2500 萬美元，僅舉幾例我們的其他新投資。正如我們在 12 月的分析師會議上所分享的，我們正在通過運營、商業和供應鏈卓越計劃進一步投資自助行動，以在未來幾年內實現 EBITDA 增長和利潤率提高。除了有機投資外，我們還將評估以無機方式增強這些核心業務的目標機會。

Lastly, executing on sustainability initiatives is central to our mission, and we're increasing our focus on sustainability to reduce the environmental footprint of our operations and commercially through the products we design. These work hand in glove with our customers and supplier partnerships to drive circular economy solutions that support both our commitments to improve recycling and recyclability of our products while meeting our aggressive targets to reduce greenhouse gas emissions by 25% by 2030. You can get more information on sustainability progress when we publish our updated corporate responsibility report later this quarter.

最後，執行可持續發展計劃是我們使命的核心，我們正在增加對可持續發展的關注，以通過我們設計的產品減少我們運營和商業上的環境足跡。這些與我們的客戶和供應商合作夥伴密切合作，推動循環經濟解決方案，支持我們提高產品回收利用和可回收性的承諾，同時實現我們到 2030 年將溫室氣體排放量減少 25% 的積極目標。您可以獲得更多信息當我們在本季度晚些時候發布更新的企業責任報告時，我們將討論可持續發展的進展情況。

As we continue to navigate these initiatives, we will keep capital allocation aligned to our strategic priorities. We're committed to returning cash to shareholders as evidenced by our 40 consecutive years of increasing dividends and maintaining a strong balance sheet.

隨著我們繼續推進這些舉措，我們將保持資本分配與我們的戰略重點保持一致。我們致力於向股東返還現金，這從我們連續 40 年增加股息和保持強勁的資產負債表中得到證明。

In closing, I've been with Sonoco for over 35 years, and I've never been more excited to be a part of this organization. We are making step change improvements in how we more efficiently operate the company that is yielding the strongest financial performance in our history. I am optimistic about the actions we're taking to make Sonoco a better company and the value we will create for shareholders not only this year, but on into the future.

最後，我在 Sonoco 工作了超過 35 年，成為這個組織的一員我從未像現在這樣興奮。我們正在逐步改進我們如何更有效地運營這家在我們歷史上產生最強勁財務業績的公司。我對我們為使 Sonoco 成為更好的公司而採取的行動以及我們將為股東創造的價值感到樂觀，不僅是今年，而且是未來。

So thank you for your support. Thank you for your interest in Sonoco, and we certainly welcome any questions you may have.

所以感謝您的支持。感謝您對 Sonoco 的關注，我們當然歡迎您提出任何問題。

(Operator Instructions) Our first question comes from the line of Cleve Rueckert from UBS.

（操作員說明）我們的第一個問題來自 UBS 的 Cleve Rueckert。

Congratulations on new set of results. Just sort of 2 high-level questions for me on the guidance. Firstly, I'm just curious, I appreciate the cash flow is sort of second half weighted, but I'd like to understand what it would take to unlock the working capital that you called out and perhaps outperform the cash flow guidance. And then just secondly, I think in the release, you talked about returning to a more normalized margin in the future. And I'd just like to know if you can give us a sense of what that margin run rate is and whether it's contemplated in your implied Q4 guidance?

祝賀新的結果集。對我來說只是關於指導的 2 個高級問題。首先，我只是好奇，我很欣賞現金流在下半年是加權的，但我想了解釋放您所呼籲的營運資本並可能優於現金流指導的情況。其次，我認為在發布中，您談到了將來恢復到更加正常化的利潤率。我只是想知道您是否可以讓我們了解保證金運行率是多少，以及您隱含的第四季度指導是否考慮到了這一點？

Yes, sure. I'll -- Cleve, thanks for that question. I'll take the cash flow question and then we can let Howard and Rodger discuss margins as well. So I would say on working capital, we were conservative. The inflation trends that we've seen have still persisted in some areas. We're seeing nice trends there. But that definitely has impacted net working capital in the first half, and so has kind of continued just supply chain disruptions, which has led to kind of elevated inventory levels as we've persisted in kind of being a stable supplier for our customers. And we're starting to release some of these excess levels.

是的，當然。我會-- Cleve，謝謝你的問題。我會回答現金流問題，然後我們可以讓霍華德和羅傑也討論利潤率。所以我會說在營運資金方面，我們是保守的。我們看到的通脹趨勢在某些地區仍然持續存在。我們在那裡看到了不錯的趨勢。但這肯定影響了上半年的淨營運資金，供應鏈中斷也持續存在，這導致庫存水平上升，因為我們一直堅持成為客戶的穩定供應商。我們開始釋放其中一些多餘的水平。

We also have of note, relatively meaningful seasonality in metal packaging. And that packaging, as you can imagine, releases in the fourth quarter after the past season.

我們還注意到金屬包裝的相對有意義的季節性。您可以想像，該包裝將在上一季之後的第四季度發布。

I'd say the other thing kind of, of note to your question on how we unlock this value, that's exactly what we're focused on now, and we want to guide to what we control -- can control, and we're -- we've got new and accelerated initiatives really to manage working capital in the future. We think there's a meaningful opportunity to improve asset efficiency. And it's really just the timing to achieve the key variable, whether or not it will be this year or next, but we're opportunistic about what's ahead there.

我想說的另一件事是關於我們如何解鎖這個價值的問題，這正是我們現在關注的重點，我們想要指導我們控制的東西——可以控制的東西，我們是——我們有新的和加速的舉措來真正管理未來的營運資金。我們認為這是一個提高資產效率的有意義的機會。這實際上只是實現關鍵變量的時機，無論是今年還是明年，但我們對未來的發展持機會主義態度。

Yes. Cleve, let me talk about the commentary on normalized margins. That's really talking into the third and fourth quarter. We've got the inflation, that discrete inflation that Rob alluded to. We also have the impact noted between $10 million and $15 million on the industrial side with our #10 shutdown and restart. So we've got some exposure, supply chain, et cetera, that we'll publicize and retirements as we finished out the year.

是的。 Cleve，讓我談談關於標準化邊距的評論。這真的是在談論第三和第四季度。我們得到了通貨膨脹，Rob 提到的那種離散的通貨膨脹。我們的#10 關閉和重啟在工業方面也產生了 1000 萬至 1500 萬美元的影響。所以我們有一些曝光、供應鍊等，我們將在今年結束時進行宣傳和退休。

If you go beyond this year, we are extremely bullish about not only the performance this year, but continuing that all into next year and beyond. And just to kind of give you some color to really macro things that are going on right now.

如果您超越今年，我們不僅對今年的表現非常看好，而且對明年及以後的所有表現都非常看好。只是為了給你一些顏色給現在正在發生的真正宏觀的事情。

If you think about #10, the costs that we're going to incur this year and the benefit next year. Back in December, we talked about our walk to $180 million of self-help work. We've been working that, frankly, for the last year, 1.5 years, with some, but little benefit.

如果您考慮＃10，我們今年將產生的成本和明年的收益。早在 12 月，我們就談到了我們走向 1.8 億美元的自助工作。坦率地說，在過去的 1.5 年裡，我們一直在努力，取得了一些成果，但收益甚微。

I think the most benefit we've seen is on the commercial excellence side. But we've got that tailwind as that really starts kicking in into next year, synergies from the acquisition, and frankly, continued improvements on the capital that the prior owners put into the metal business and that we're putting into the business today, portfolio optimization, and I could keep going on.

我認為我們看到的最大好處是在商業卓越方面。但我們已經有了順風，因為明年真正開始發揮作用，收購產生的協同效應，坦率地說，繼續改善先前所有者投入金屬業務以及我們今天投入業務的資本，投資組合優化，我可以繼續。

So the real headline here is we're having a remarkable this year, and we do not expect to step back from that going into next year in the future and the expectation is to improve on that year on and year out.

因此，這裡真正的標題是我們今年的表現非常出色，我們預計未來不會從明年退步，並期望在那一年和一年之後有所改善。

Our next question comes from the line of George Staphos from Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 George Staphos。

Thanks for the details and congratulations on the quarter. Rob, we look forward to working with you. Congratulations. I wanted to pick up on that question. Howard, could you give us a sense for on the shared services and that area of self-help what we could be looking at into 2023? It sounds like there's not been as much, for understandable reasons, pickup on that this year. But next year, if you could help us understand what that could be perhaps. And if not, quantitatively, sort of directionally, if there's any way to talk to that point.

感謝您提供本季度的詳細信息和祝賀。 Rob，我們期待與您合作。恭喜。我想回答這個問題。霍華德，您能否讓我們了解一下我們在 2023 年可以看到的共享服務和自助領域？聽起來，出於可以理解的原因，今年並沒有那麼多。但明年，如果你能幫助我們了解那可能是什麼。如果沒有，從數量上講，有點方向，如果有任何方法可以談到這一點。

Yes. George, I do not want to take up the entire Q&A session to talk through all of the work we're doing, and I'm going to try to summarize. Basically, we're taking a different approach and look towards the company. So we've identified what we call our core businesses, and those are our can businesses, our flexibles businesses and our global integrated paper business. And we're structuring our centralized functions and support of those critical long-standing businesses within the company.

是的。 George，我不想佔用整個問答環節來討論我們正在做的所有工作，我將嘗試總結一下。基本上，我們正在採取不同的方法並著眼於公司。因此，我們已經確定了我們所謂的核心業務，這些業務是我們的罐頭業務、我們的柔性業務和我們的全球綜合紙業務。我們正在構建我們的集中職能，並為公司內那些長期存在的關鍵業務提供支持。

On the other side, we have a group of disparate businesses in the all other category that we're going to manage differently. We are no longer going to support from center. We're going to allow them to -- they're not integrated. They -- there's not a lot of relationship between many of these. So we're going to step them up to stand alone and will be supported by -- or from center when that makes sense to the core from a cost perspective.

另一方面，我們在所有其他類別中有一組不同的業務，我們將以不同的方式管理。我們不再從中心支持。我們將允許他們——他們沒有被整合。他們——其中許多之間沒有太多的關係。因此，我們將讓他們獨立起來，並在從成本角度來看對核心有意義的情況下，將得到 - 或來自中心的支持。

But the end result is going to be a much greater focus on those, again, core businesses. It's going to be more focused as it relates to how we support and manage those core businesses, and it will provide significant SG&A savings as we fully implement that. So it is a totally different view of how we're going to be managing the company into the future. Rodger is heading that up, and he may have a couple of comments that he would like to make as well.

但最終結果將是更加關注這些核心業務。它將更加專注於我們如何支持和管理這些核心業務，並且隨著我們的全面實施，它將顯著節省 SG&A。因此，對於未來我們將如何管理公司，這是一個完全不同的觀點。羅傑正在推動這一點，他可能還有一些他想發表的評論。

Yes, I think you covered it well, Howard. But George, I'd add, we've talked a lot about automation, and we've got a tremendous amount of really strong capital automation projects going through that will be hitting next year. A lot of focus on operational technology and how do we give our operators, our maintenance teams better online data to improve productivity. And as you know, productivity has been very tough this year. I think the team has done a fantastic job under very difficult situation with supply chain challenges and labor challenges. So unlocking that productivity in '23 is going to be critical, and I'm feeling very, very bullish about that as well. So we'll start to see those projects pay off as we head into early '23 as well.

是的，我認為你講得很好，霍華德。但是喬治，我要補充一點，我們已經談論了很多關於自動化的話題，我們已經完成了大量非常強大的資本自動化項目，這些項目將在明年實現。很多關注操作技術以及我們如何為我們的操作員、我們的維護團隊提供更好的在線數據以提高生產力。如您所知，今年的生產力非常艱難。我認為團隊在供應鏈挑戰和勞動力挑戰非常困難的情況下做得非常出色。因此，在 23 年釋放這種生產力將是至關重要的，我對此也感到非常非常樂觀。因此，隨著我們進入 23 年初，我們將開始看到這些項目得到回報。

And Howard, would it be fair to say that '23, clearly, the incremental pickup will be more than what you saw in '22 and that, in turn, it would be more than what you see incrementally '24 versus '23?

霍華德，公平地說，'23 顯然，增量拾取將比你在 '22 中看到的更多，反過來，它會比你在 '24 與 '23 中看到的增量更多？

That's correct.

這是正確的。

Okay. Two others for me, and I'll turn it over. One, can you talk about the trajectory that you're seeing in industrial as the quarter progressed May into June. And then I realize we're not that deep into the third quarter, but any views that you could share with us in terms of what you're seeing in industrial early third quarter? And similar question, looking at consumer there's some puts and takes. Your important businesses did well, is my take, obviously, in cans and flexibles. Any change in the trajectory of the businesses as the quarter progressed and then early into 3Q?

好的。還有兩個給我，我會翻過來的。一，你能談談你在工業中看到的軌跡，因為這個季度從 5 月到 6 月進展。然後我意識到我們還沒有深入到第三季度，但是您可以就您在第三季度初看到的工業情況與我們分享任何觀點嗎？和類似的問題，看看消費者有一些投入和接受。你的重要業務做得很好，顯然是我的看法，在罐頭和軟包裝方面。隨著季度的進展以及進入第三季度的早期，業務發展軌跡是否有任何變化？

George, Rodger. On Industrial, as we look at the third quarter, surprisingly, the U.S. is maintaining a really good strength. If you look at the tubes and cores business in the U.S. in the second quarter, came in 1.6% positive, strong film results, strong textile, tape and specialty, a little bit of downside on paper mill cores, but strong. And we've seen that continue into the first part of July, and we expect very similar trends in North America -- in the U.S. and North America than we had in the second quarter. So we're really not seeing any kind of slowing to speak of.

喬治，羅傑。在工業方面，當我們看第三季度時，令人驚訝的是，美國保持著非常好的實力。如果你看一下美國第二季度的管材和芯材業務，其增長為 1.6%，薄膜業績強勁，紡織、膠帶和特種產品強勁，造紙廠芯材略有下降，但強勁。而且我們已經看到這種情況一直持續到 7 月上旬，我們預計北美的趨勢非常相似——在美國和北美，與第二季度相比。所以我們真的沒有看到任何放緩的跡象。

As you would expect, Europe and China, specifically in Asia was difficult. Our tube and core numbers in Europe were down about 6%, but we had the Russia exit. We've exited plant in Saudi Arabia. We exited a losing -- a profit losing plant in France. So we're making really smart moves. You take that out, and the European business was down about 3%. Most of that is coming from textiles, and that textile softness is really generated by the war in Ukraine and the supply chain disruptions we're seeing there.

正如你所料，歐洲和中國，特別是亞洲，是困難的。我們在歐洲的管道和核心數量下降了約 6%，但我們退出了俄羅斯。我們已經退出了沙特阿拉伯的工廠。我們退出了虧損——一家在法國虧損的工廠。因此，我們正在採取非常明智的舉措。你把它排除在外，歐洲業務下降了約 3%。其中大部分來自紡織品，而紡織品的柔軟度實際上是由烏克蘭戰爭和我們在那裡看到的供應鏈中斷產生的。

Asia, overall was weak, and that's driven by China. As an example, China, our cone business, which is textile focused, was down 37% year-over-year. So China was soft. So for me, other than the incremental energy challenges that we may see in Europe in the second quarter, we're seeing very similar trends as we move into the second quarter. So the most optimistic piece is really that U.S. Canada piece, which is holding up well.

亞洲整體表現疲弱，這是由中國推動的。例如，我們以紡織為重點的錐體業務在中國同比下降了 37%。所以中國是軟的。所以對我來說，除了第二季度我們可能在歐洲看到的增量能源挑戰之外，隨著我們進入第二季度，我們看到了非常相似的趨勢。因此，最樂觀的部分確實是美國加拿大部分，它表現良好。

No significant changes as we rolled into the third quarter in our can business. We are seeing a rebound in our powdered infant formula business. There's a well-publicized challenge with 1 of our large customers in the powdered infant formula business. That seems to be behind us now. So our North American paper can business should be stronger.

當我們進入第三季度的罐頭業務時，沒有重大變化。我們看到我們的嬰兒配方奶粉業務出現反彈。我們在嬰兒配方奶粉業務中的一位大客戶面臨著一個廣為人知的挑戰。現在，這似乎已經過去了。所以我們的北美紙罐業務應該會做強一些。

Rob has already mentioned, seasonally, the second half in metal can is softer than the first. That's in the guidance. And really, I want to call it our plastic food business. Yes, the volume was down, but it was down by our choice. We've been talking now for 3 or 4 quarters about the consolidation, plant consolidations we're doing in that business, the pricing strategy we have in that business and we've walked away from some unprofitable business. So the volume was down in plastic foods, but they had a record profit performance. So I'll take that tradeoff at any time.

Rob 已經提到，季節性地，金屬罐的後半部分比前半部分更軟。這是在指導。真的，我想把它稱為我們的塑料食品業務。是的，音量下降了，但我們選擇下降。我們已經討論了 3 或 4 個季度的整合，我們在該業務中進行的工廠整合，我們在該業務中的定價策略，我們已經擺脫了一些無利可圖的業務。因此，塑料食品的銷量有所下降，但它們的盈利表現卻創歷史新高。所以我會隨時權衡取捨。

So really, the only significant change we're seeing is really energy focused in the third quarter, and that's a watchout, not only price of energy but availability of energy, specifically Germany, as we get into the quarter.

所以真的，我們看到的唯一重大變化是第三季度真正關注能源，當我們進入該季度時，這不僅是能源價格，而且是能源供應，特別是德國。

Our next question comes from the line of Mark Weintraub from Seaport Research Partners.

我們的下一個問題來自 Seaport Research Partners 的 Mark Weintraub。

Another really good quarter. And also thank you for laying out some of the controllables that you're going to be -- the levers you're going to be pulling to drive profits going forward. One thing you helped us out with in the first quarter is you had noted that there had been about $0.30 to $0.35 from quasi onetime price cost. Was there much, if any, in the second quarter as we start thinking about what's the right platform to think 2023, where kind of the starting number should be? Is there a number for the second quarter that would be equivalent to that $0.30 to $0.35 you talked about in the first quarter?

另一個非常好的季度。還要感謝您列出了您將要成為的一些可控因素-您將要拉動以推動利潤向前發展的槓桿。您在第一季度幫助我們解決的一件事是您注意到準一次性價格成本大約為 0.30 至 0.35 美元。當我們開始思考什麼是思考 2023 年的正確平台時，第二季度是否有很多（如果有的話），起始數字應該在哪裡？第二季度是否有一個數字相當於您在第一季度談到的 0.30 美元到 0.35 美元？

Yes. Mark, for the second quarter, really across several divisions, we probably saw in that $0.08 to $0.10 type benefit. And so you can back that out and say the rest was pretty much pure. Your question really is around how do we comp that to next year. And there you go, I'm not going to repeat all the things that we have from a tailwind perspective that #10 is a great headline.

是的。馬克，對於第二季度，確實跨越了幾個部門，我們可能看到了 0.08 到 0.10 美元的類型收益。因此，您可以支持這一點，並說其餘部分非常純正。您的問題實際上是關於我們如何將其計算到明年。你去了，我不會從順風的角度重複我們所擁有的所有事情，即#10 是一個很好的標題。

But as George asked, we haven't seen a lot because we're in the planning cycles right now in terms of structural transformation. We expect that to truly kick in next year. And again, I'm not going to repeat all the things, but -- well, I will say, if you look at #10, that's been like the poster child because it's such a large -- our largest-ever capital investment.

但正如喬治所問的那樣，我們還沒有看到很多，因為我們現在正處於結構轉型的規劃週期中。我們預計這將在明年真正開始。再說一遍，我不會重複所有的事情，但是——好吧，我會說，如果你看看#10，那就像典型的孩子，因為它是如此之大——我們有史以來最大的資本投資。

But we've got just, I don't know, 10, 20, 30, 40, 50 #10-like projects that are in the $1 million, $5 million and $10 million type range that drive us up to that $325 million in capital spending and increased capital spending last year and the returns coming from those are really going to start kicking in next year.

但我不知道，我們有 10、20、30、40、50 個類似於 #10 的項目，它們在 100 萬美元、500 萬美元和 1000 萬美元的類型範圍內，推動我們在 3.25 億美元去年的資本支出和增加的資本支出以及由此帶來的回報將真正在明年開始發揮作用。

And then finally, synergies have started with the acquisition that we expect to see meaningful improvement and tailwinds from that as well. So you talked about the $0.30 to $0.10. And while you guys -- whether we've gone from 3 93 to 6 20 something in 1 year, we expect to be able to maintain that going forward because of all the work that this great team has undertaken over the last 2 years.

最後，協同效應已經從收購開始，我們期望從中看到有意義的改進和順風。所以你談到了 0.30 美元到 0.10 美元。雖然你們——無論我們在 1 年內從 3 93 到 6 20 多少，我們都希望能夠保持這種狀態，因為這個偉大的團隊在過去 2 年中所做的所有工作。

And you also -- I guess, 1 question folks have been asking, the volumes were flat, down a little bit. You called out the plastic food if you -- if it's possible to sort of put to the side where you made decisions to essentially sell less, can you give us a sense as to what kind of the remaining business volumes would have looked like?

你也——我猜，人們一直在問 1 個問題，數量持平，略有下降。如果你把塑料食品放在一邊——如果你可以把塑料食品放在你決定基本上減少銷售的一邊，你能給我們一個關於剩餘業務量是什麼樣的感覺嗎？

Yes. I don't think we can hit a number for you, but it is something that we are going to start pointing out going forward. When you say you're 1% down and whatever, we do make strategic decisions that actually can impact that 1%. And that was a great example that Rodger pointed out where our perimeter store business was 9% down, which is in our consumer sector, 9% down. And we had profits that we haven't ever had in that business, making smart moves, sacrificing volume in exchange for much, much higher profits.

是的。我不認為我們可以為你打出一個數字，但這是我們將要開始指出的事情。當你說你下降了 1% 之類的時候，我們確實會做出實際上可以影響那 1% 的戰略決策。這是一個很好的例子，羅傑指出我們的周邊商店業務下降了 9%，在我們的消費領域，下降了 9%。我們獲得了該業務從未有過的利潤，採取了明智的舉措，犧牲了數量以換取更高得多的利潤。

So Mark, sorry, I can't just sit here and say, "Here is a number," but we are recognizing that we're not giving you guys the total picture of what is actually a market-driven versus our own self actions that are causing our volumes to be down. That will be coming in the future.

所以馬克，對不起，我不能只是坐在這裡說，“這是一個數字”，但我們認識到，我們並沒有讓你們全面了解市場驅動與我們自己的行為這導致我們的交易量下降。這將在未來出現。

(Operator Instructions) Our next question comes from the line of Gregory Andreopoulos from Citigroup.

（操作員說明）我們的下一個問題來自花旗集團的 Gregory Andreopoulos。

Greg on for Anthony. I just had a quick question about the full year guide, kind of circling back to that. So the rate of $6.20 to $6.30, to my mind, that's above what the 2Q preannounced would have implied. So my thought process is your expectations for the second half are above what they were back in April when you updated us last.

格雷格替補安東尼。我剛剛有一個關於全年指南的快速問題，有點繞回那個問題。因此，在我看來，6.20 美元至 6.30 美元的匯率高於第二季度預告所暗示的價格。因此，我的思考過程是，您對下半年的期望高於 4 月份您上次更新我們時的預期。

So I guess my 2 kind of related questions. First question is, how has the second half outlook changed since April or since earlier this year? And is it possible to kind of parse out some of the drivers of the guidance raise? And also, I just wanted to kind of know how costs are trending in July in terms of resin, OCC, natural gas and kind of what levels of inflation the full year guide assumes for the rest of the year.

所以我猜我有兩種相關的問題。第一個問題是，自 4 月或今年早些時候以來，下半年前景有何變化？是否有可能解析出一些指導性加薪的驅動因素？而且，我只是想知道 7 月份樹脂、OCC、天然氣的成本趨勢如何，以及全年指南假設今年剩餘時間的通脹水平如何。

Yes, Gregory. Good question. In terms of the guide, the real kind of drivers there and how we're thinking about it sequentially from the first quarter, second quarter and then third, as you mentioned, kind of the increasing guide for the year as we are, as Rodger said, really monitoring and participating really actively in our markets and understanding the demand drivers.

是的，格雷戈里。好問題。就指南而言，那裡的真正驅動因素以及我們如何從第一季度，第二季度和第三季度依次考慮它，正如你提到的那樣，就像我們羅傑一樣，今年的指南越來越多說，真正監控和真正積極參與我們的市場並了解需求驅動因素。

And I would say that in our really defensive consumer markets like rigid paper cans, metal foods and flexibles and thermoforming food, we're able -- we feel really good about kind of stability there and defensibility there. And that should just continue to provide kind of performance opportunities on the price side. And on industrial, it is cyclical, and we are kind of monitoring it as Rodger and Howard both said that there's various kind of puts and takes there, but we aren't predicting kind of a meaningful downturn in our core U.S. tube and core and paper markets, those markets continue to be relatively strong.

我想說的是，在我們真正具有防禦性的消費市場中，比如硬紙罐、金屬食品和柔性食品以及熱成型食品，我們能夠——我們對那裡的穩定性和防禦性感覺非常好。這應該會繼續在價格方面提供某種表現機會。在工業方面，它是周期性的，我們正在對其進行監控，因為羅杰和霍華德都說那裡有各種各樣的看跌期權，但我們並沒有預測我們的核心美國管和核心市場會出現有意義的下滑紙市場，這些市場繼續相對強勁。

I think that 1 component on the guide that is unique was that metal packaging does have material seasonality through the year and that the first half has pretty meaningful profitability this year, and we're expecting that profitability will be -- I would say this is a component where profitability will be normalized for the remainder of the year, and that margins will normalize from their current kind of 21% range that we saw in the second quarter.

我認為指南中獨特的一個組成部分是金屬包裝全年確實存在重大季節性，今年上半年的盈利能力相當可觀，我們預計盈利能力將是 - 我會說這是在今年餘下的時間裡，盈利能力將正常化，利潤率將從我們在第二季度看到的目前的 21% 範圍內正常化。

But I think that all this -- the big driver here remains price/cost. And I think we really want to make the point that we're not kind of oscillating around kind of a neutral price/cost where margins would continually kind of revert to some mean that we've been really focused on margin expansion and pricing to value. And that as a result, we think price/cost for the full year, of which we've gotten $164 million this year should be in the range of $250 million to $300 million for the full year. And that's really the driver for a lot of the earnings for the rest of the year.

但我認為這一切——這裡的主要驅動因素仍然是價格/成本。而且我認為我們真的想說明一點，我們並不是在一種中性價格/成本左右搖擺不定，在這種情況下，利潤率會不斷恢復到某種程度，這意味著我們一直專注於利潤率擴張和價值定價.因此，我們認為全年的價格/成本（我們今年獲得 1.64 億美元）應該在 2.5 億美元到 3 億美元之間。這確實是今年餘下時間大量收入的驅動因素。

Yes. This is Rodger. On the inflation side, we feel like inflation peaked in the second quarter. Now having said that, there will continue to be supply chain challenges and inflation challenges, but we do feel like we're seeing some easing up in freight finally, truck availability, driver availability, some offset, obviously, in diesel cost. Some drop in things like aluminum ingot.

是的。這是羅傑。在通脹方面，我們認為通脹在第二季度見頂。話雖如此，供應鏈挑戰和通脹挑戰仍將繼續存在，但我們確實覺得我們最終看到貨運、卡車可用性、司機可用性以及柴油成本的一些抵消。一些下降的東西，如鋁錠。

There really -- and keep in mind what resin Sonoco purchases, but we are calling our resin inflation going up for the year. We're about 18% in last quarter, and now it's up to about 26%. But 50% of the resin we buy, we bought 500 million pounds a year, 50% of we buy is PET, and it looks like PET is going to escalate to 30 -- 40% to 45% this year. So you've got to keep that in mind.

確實存在 - 請記住 Sonoco 購買的樹脂，但我們稱今年的樹脂通脹率會上升。上個季度我們大約是 18%，現在已經上升到大約 26%。但是我們購買的樹脂中有 50%，我們每年購買 5 億英鎊，我們購買的 50% 是 PET，看起來 PET 今年將升級到 30-40% 到 45%。所以你必須記住這一點。

But I think the point on the second half -- in the first quarter, we didn't know what we didn't know about, supply chain challenges and inflation. We've got a better view for it now. We've been more precise. And to Rob's point on strategic pricing, you build that in with a little bit of easing and inflation in the second half, that helps you understand the guidance changes for the second half.

但我認為下半年的重點——在第一季度，我們不知道我們不知道什麼，供應鏈挑戰和通貨膨脹。我們現在對它有了更好的看法。我們已經更精確了。對於 Rob 關於戰略定價的觀點，您可以在下半年通過一些寬鬆和通脹來構建它，這有助於您了解下半年的指導變化。

Our next question comes from the line of Kyle White from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Kyle White。

Congrats, Rob, on the new role and looking forward to working more closely with you going forward. I guess just to start, curious overall across the business if you guys are starting to see any kind of trade down impacts, maybe consumers moving more to food cans or rigid paper containers versus fresh foods, anything that you would call out?

恭喜 Rob，擔任新角色，並期待在未來與您更緊密地合作。我想只是開始，如果你們開始看到任何形式的貿易下降影響，整個行業都很好奇，也許消費者更多地轉向食品罐或硬紙容器而不是新鮮食品，你會說什麼？

I don't think we're seeing -- the only areas within the portfolio that are notable would be actually on the more high-value parts of our business, and that's the supply into the white goods industry, refrigerators, washer, dryers. Some of that is related to their own supply chain issues, but our customers are telling us they're seeing some pullbacks. But we're not seeing, at this point what we normally would see in a recessionary period, and that is a fairly substantial tick-up in the staple foods side of our business. So it's kind of business as normal at this point in time.

我認為我們沒有看到——投資組合中唯一值得注意的領域實際上是我們業務中價值更高的部分，那就是白色家電行業、冰箱、洗衣機、烘乾機的供應。其中一些與他們自己的供應鏈問題有關，但我們的客戶告訴我們他們看到了一些回調。但在這一點上，我們沒有看到我們通常在經濟衰退時期看到的情況，這是我們業務的主食方面相當大的增長。所以在這個時間點，這是一種正常的業務。

That makes sense. And then, Rob, since you're not new to Sonoco and you already have an understanding of the business, just kind of curious what strategic actions you might be looking to implement here from day 1. Anything you're thinking about in changing in regards to the capital allocation? Or what's your view on leverage and share buybacks?

那講得通。然後，Rob，由於您對 Sonoco 並不陌生，而且您已經對業務有所了解，所以有點好奇從第一天起您可能希望在這裡實施哪些戰略行動。您在改變時考慮的任何事情關於資本配置？或者您對槓桿和股票回購有何看法？

Yes. We're still evaluating that. I mean it's early days. I think the legacy practices has certainly served us well. We definitely have a dedication to being investment grade and are thinking really thoughtfully about what that means for the capital structure and what strategic alternatives are. We've bought back shares in the past, and we consider doing that, but we really like returning capital to the shareholders through the dividend and think about that every quarter with the Board.

是的。我們仍在評估這一點。我的意思是現在還早。我認為傳統做法確實為我們提供了很好的服務。我們絕對致力於成為投資級別，並且正在認真思考這對資本結構意味著什麼以及戰略選擇是什麼。我們過去回購了股票，我們考慮這樣做，但我們真的很喜歡通過股息向股東返還資本，並在每個季度與董事會一起考慮這一點。

Our next question comes from the line of Adam Josephson from KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Adam Josephson。

Rob, congratulations. I look forward to working with you as others have said. One, on the price cost, Rob, that you gave your updated expectation of $250 million to $300 million benefit for the year. If memory serves, the company's expectation coming into the year was 125 plus. So it's gone up -- it's more than doubled since the beginning of the year. Can you help me with which segments that's in? And just frame for us the magnitude of that full year price/cost benefit compared to what the company has experienced historically.

羅布，恭喜。正如其他人所說，我期待與您合作。第一，關於價格成本，Rob，您給出的最新預期是今年 2.5 億至 3 億美元的收益。如果沒記錯的話，該公司對今年的預期是125+。所以它上升了——自今年年初以來增加了一倍多。你能幫我看看是哪個部分嗎？與公司歷史上的經歷相比，只需為我們確定全年價格/成本收益的幅度。

Yes, Adam, that's a good question, and it's something we're really focused on. I mean if you think about it in a historical context. Over the last 2 years, we've experienced negative price cost of $153 million. And in the first half of this year, we were back to positive $164. So really offsetting really just was 2 years of a negative trend.

是的，亞當，這是一個很好的問題，也是我們真正關注的問題。我的意思是，如果您在歷史背景下考慮它。在過去 2 年中，我們經歷了 1.53 億美元的負價格成本。而在今年上半年，我們又回到了正值 164 美元。因此，真正抵消的只是 2 年的負面趨勢。

I would say that, that whole 2 years and this year, we've been really working on getting price in a really strategic way and thinking about how to deliver value in the right way to our customers and receive the right value for what we're delivering. And so that's changed a lot of how we think about price and how we think about margin.

我想說的是，整整 2 年和今年，我們一直在努力以一種真正具有戰略意義的方式獲得價格，並思考如何以正確的方式為我們的客戶提供價值，並為我們的產品獲得正確的價值。重新交付。所以這改變了我們對價格和利潤的看法。

That's really the driver for how we think that this price/cost curve over the 3-year period that you're thinking about if you include the last 2 years, will actually just show if you get to the $250 million to $300 million, just the good work that we've done over the last couple of years. So we feel really confident about that. It's a capability we've been building for a number of years and one that we've increasingly gotten focused on.

這確實是我們認為如果包括過去 2 年，您正在考慮的 3 年期間價格/成本曲線的驅動因素，實際上只會顯示您是否達到 2.5 億至 3 億美元，只是我們在過去幾年中所做的出色工作。所以我們對此非常有信心。這是我們多年來一直在建立的一項能力，也是我們越來越關注的一項能力。

I think Rodger can talk a little bit more about some of the puts and takes. I mean there's definitely businesses that are experiencing better pricing. But I would say, it's a core capability that we're pushing from center and that it's across the board, we're seeing price. There is no just 1 pocket of price here or there, every business is really seeing price.

我認為羅傑可以多談談一些看跌期權。我的意思是肯定有企業正在經歷更好的定價。但我想說，這是我們從中心推動的核心能力，而且是全面的，我們看到了價格。這里或那裡不只是一袋價格，每個企業都真正看到了價格。

Yes. That's well said, Rob. I think the only thing I would add, Adam, is we've talked about it now for 18 months or more. The other initiative is really going through all contracts with all customers across primarily the consumer and industrial, our 2 platform businesses and really understanding price change mechanisms and timing on those price change mechanism using the correct pricing mechanism. But most importantly, in the environment over the last 18 months, making sure we can recover as we should be able to up labor increases and all other increases, all the materials besides things like OCC and resin and metals.

是的。說得好，羅伯。亞當，我想我唯一要補充的是，我們現在已經討論了 18 個月或更長時間。另一個舉措是真正與所有客戶簽訂所有合同，主要是消費者和工業，我們的兩個平台業務，並使用正確的定價機制真正了解價格變化機制和這些價格變化機制的時間安排。但最重要的是，在過去 18 個月的環境中，確保我們能夠恢復，因為我們應該能夠增加勞動力和所有其他增加，除了 OCC、樹脂和金屬等所有材料。

So I think as Rob said, the team has done a fantastic job. I think that's the driver of most of the incremental that you're calling out, and we continue to push that going forward, and we see that continuing in the second half of the year.

所以我認為正如 Rob 所說，團隊做得非常出色。我認為這是您所呼籲的大部分增量的驅動力，我們將繼續推動這一進程，我們認為這將在今年下半年繼續。

And I would add to the COVID period, it's really rare. I can't think of one to mind where we actually materially caused downtime for our customer during these difficult supply chain situations. And I think it just really helped pull forward our customers' recognition of the value of doing business with a global company like Sonoco that when we have discrete raw material shortage that we have literally, a global reach and are willing to do whatever it takes to make sure our customers stay in the market and deliver that value that we have for so long. And I think they, too, are understanding that, and we're being rewarded for that in terms of margin improvement.

而且我會添加到 COVID 時期，這真的很罕見。我想不出在這些困難的供應鏈情況下，我們實際上在哪里為我們的客戶造成了停機。而且我認為這確實有助於推動我們的客戶認識到與像 Sonoco 這樣的全球公司開展業務的價值，即當我們確實存在離散的原材料短缺時，我們擁有全球影響力並願意盡一切努力確保我們的客戶留在市場上並提供我們長期以來所擁有的價值。我認為他們也理解這一點，我們在利潤率提高方面得到了回報。

No, I appreciate that, Howard and everybody. Just one clarification on that. So you recouped all of what you lost over the past 2 years, just in the first half, and then you're going to get -- you're expecting a lot more in the second half. But then I think in response to Cleve's question, you were saying, Howard, that you don't think you'll be in effect overearning this year despite what appears to be a historically large price cost benefit. Is that because you were thinking perhaps you're, in effect, under pricing in recent years, plus you had that drag over the past 2 years that you recouped in the first half? Is that how you would have us think about that issue?

不，我很感激，霍華德和每個人。對此只有一個澄清。所以你收回了過去兩年失去的所有東西，就在上半場，然後你會得到——你對下半場的期望會更多。但後來我想，在回答克利夫的問題時，霍華德，你不認為你今年實際上會超額賺錢，儘管這似乎是歷史上巨大的價格成本收益。那是因為你在想也許你實際上是在最近幾年定價過低，再加上你在過去 2 年的拖累在上半年得到了彌補？你會讓我們這樣思考這個問題嗎？

That is how we think about it. It's -- look, I mean, in a perfect world, price has nothing to do with cost, right? And our customers are understanding that doing business with Sonoco is the right partner to be doing business with. And that we keep them -- so our value recognition is higher today than it ever has been. And as Rodger talked to, we've been working at this for 1.5 years, 2 years really in terms of our commercial excellence and making sure we're getting that message out.

這就是我們的想法。這是——看，我的意思是，在一個完美的世界裡，價格與成本無關，對吧？我們的客戶明白，與 Sonoco 開展業務是開展業務的正確合作夥伴。我們保留它們——所以我們今天的價值認可比以往任何時候都高。正如羅傑所說，我們已經為此工作了 1.5 年，實際上是 2 年，以確保我們在商業上的卓越表現，並確保我們正在傳達這一信息。

It's just COVID just absolutely reinforced to our customers that we are the right folks to be doing business with because, look, we have a major recession. We have a hurricane coming, it's not coming. I don't -- it's like that, but it can happen literally in a matter of weeks, that we have a global supply chain issues. Our customers know that we will keep them in supply at whatever cost. And it may be a short-term impact to our P&L, but we are going to be there to serve them.

只是 COVID 向我們的客戶絕對強化了，我們是與之開展業務的合適人選，因為，看，我們正面臨嚴重的經濟衰退。我們有颶風來了，它沒有來。我不 - 就像那樣，但它可以在幾週內發生，我們有一個全球供應鏈問題。我們的客戶知道，我們將不惜一切代價讓他們保持供應。這可能對我們的損益表產生短期影響，但我們將在那里為他們服務。

I appreciate that. And just one other one on the URB business, which is obviously in '08, '09 that business took a very big hit both in terms of volume and profitability. And I know you think about the business a lot differently in the industry for that matter much differently than you -- than it was back then. Can you just remind us of that?

我很感激。還有一個是 URB 業務，顯然是在 08 年和 09 年，該業務在數量和盈利能力方面都受到了很大的打擊。而且我知道您對行業中的業務的看法與您當時的情況大不相同 - 與當時相比。你能提醒我們一下嗎？

And then more near term, I think, Rob, you expressed confidence that the North American tubes and cores demand would hold up. What gives you that confidence given the economic sensitivity of those end markets, particularly given what that business saw in '08, '09 volume-wise.

然後更近期，我認為，Rob，你表達了對北美管和芯需求將保持下去的信心。考慮到這些終端市場的經濟敏感性，特別是考慮到該業務在 08 年和 09 年的數量方面，是什麼讓你有信心。

Well, I'm looking around, who's going to answer that? Okay. I'll start. Look, the balance in terms of -- we've been short here already. We've talked about that quarter-after-quarter allocations. With #10 coming on, we hope to get our inventories back up. And let me add to that. I mean, the productivity -- negative productivity that we've seen through this period of shortness where we've been changing over, moving volume from mill to mill to mill just to keep ourselves and our trade customers and supply.

好吧，我環顧四周，誰來回答這個問題？好的。我會開始的。看，平衡方面 - 我們已經在這裡做空了。我們已經討論了季度後的分配。隨著#10 的到來，我們希望能夠恢復我們的庫存。讓我補充一下。我的意思是，生產力——我們在這段短暫的時期中看到的負生產力，我們一直在改變，將產量從一個工廠轉移到另一個工廠，只是為了保持我們自己和我們的貿易客戶和供應。

Look, it's still a very tight market. #10 is going to come on, we'll see relief, we'll see inventories hopefully get up to the appropriate level. So our productivity will improve substantially. And we just think that overall market conditions are set to sustain the type of margins that we've enjoyed.

看，這仍然是一個非常緊張的市場。 #10 將會出現，我們會看到緩解，我們會看到庫存有望達到適當的水平。因此，我們的生產力將大大提高。我們只是認為整體市場狀況將維持我們所享有的利潤率。

And Adam, it's Rodger. I think -- you have to go back before Project Horizon. If you remember, we've put tens of millions of dollars of capital investments into our paper mill system. Focusing on expanding the capacity of our lowest cost machines and aggressively taking out our high-cost capacity, and that continued for -- after the recession for several years, leading up to Project Horizon. And Project Horizon is just going to build on that. And then we'll continue with that. So Project Horizon is not the last investment we'll make in URB.

還有亞當，是羅傑。我認為 - 你必須回到 Project Horizon 之前。如果您還記得，我們已經在我們的造紙廠系統中投入了數千萬美元的資本投資。專注於擴大我們成本最低的機器的產能並積極淘汰我們的高成本產能，這種情況持續了幾年——在經濟衰退之後，直到 Project Horizon。 Project Horizon 將以此為基礎。然後我們將繼續。因此，Project Horizon 並不是我們對 URB 的最後一次投資。

So the whole -- our system, our URB system is much lower cost. We've committed to keeping capacity basically flat, and that's what we've been doing, and that's our commitment going forward. So it's really a different market today than it was back in '08 and '09, in my opinion.

所以整個——我們的系統，我們的URB系統的成本要低得多。我們致力於保持產能基本持平，這就是我們一直在做的事情，也是我們未來的承諾。因此，在我看來，與 08 和 09 年相比，今天的市場確實是一個不同的市場。

(Operator Instructions) I would now like to turn the conference back over to Lisa Weeks for closing remarks.

（操作員說明）我現在想把會議轉回 Lisa Weeks 來做閉幕詞。

Thank you again for joining our call today, and thank you for your interest in Sonoco. If you have any follow-up questions, don't hesitate to give us a call, and please enjoy the rest of your day.

再次感謝您今天加入我們的電話會議，並感謝您對 Sonoco 的興趣。如果您有任何後續問題，請隨時給我們打電話，請盡情享受您接下來的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。