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Operator
Operator
Good day, and thank you for standing by. Welcome to the Q1 2024 Sonoco Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.
美好的一天,感謝您的支持。歡迎參加 2024 年第一季 Sonoco 收益電話會議。 (操作員指示)請注意,今天的會議正在錄製中。
I would now like to hand the conference over to your speaker, Lisa Weeks, Vice President of Investor Relations. Please go ahead.
現在我想將會議交給您的發言人、投資者關係副總裁麗莎·威克斯 (Lisa Weeks)。請繼續。
Lisa K. Weeks - VP of IR & Corporate Affairs
Lisa K. Weeks - VP of IR & Corporate Affairs
Thank you, operator, and thanks to everyone for joining us today for Sonoco's first quarter earnings call. Last evening, we issued a news release highlighting our financial performance for the first quarter, 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 sonoco.com.
謝謝運營商,也謝謝大家今天加入我們參加 Sonoco 第一季財報電話會議。昨晚,我們發布了一份新聞稿,重點介紹了我們第一季的財務業績,並準備了一份演示文稿,供我們在本次電話會議期間參考。新聞稿和簡報可在我們網站 sonoco.com 的投資者關係部分線上取得。
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 Slide 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。這些陳述並非對未來績效的保證,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。請花點時間查看簡報投影片 2 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資訊。有關公司使用非公認會計準則財務衡量標準的更多信息,包括定義以及與公認會計準則衡量標準的調節,請訪問我們網站的投資者關係部分。
Joining me this morning are Howard Coker, President and CEO; Rob Dillard, Chief Financial Officer; and Rodger Fuller, Chief Operating Officer.
今天早上和我一起來的是總裁兼執行長霍華德‧科克 (Howard Coker);羅布·迪拉德,財務長;羅傑‧富勒,營運長。
For today's call, we will have a prepared remarks section followed by a discussion of the results for the quarter and outlook for the second quarter, followed by a Q&A.
在今天的電話會議中,我們將有一個準備好的評論部分,然後討論本季的業績和第二季的前景,然後進行問答。
If you will turn to Slide 5 in our presentation, I will now turn the call over to our CEO, Howard Coker, for business update.
如果您想看我們簡報中的幻燈片 5,我現在會將電話轉給我們的執行長 Howard Coker,以了解最新業務情況。
Robert Howard Coker - President, CEO & Director
Robert Howard Coker - President, CEO & Director
Thank you, Lisa, and thank all of you for joining us today. Let me kick off the discussion this morning with an update on our first quarter 2024 overall financial performance. We executed well and delivered solid results in the quarter, which were in line with our expectations. Sales were $1.6 billion, adjusted EBITDA was $245 million, an EBITDA margin of 15%.
謝謝麗莎,也謝謝大家今天加入我們。讓我以 2024 年第一季整體財務表現的最新情況來開始今天早上的討論。我們在本季度執行良好並取得了穩健的業績,這符合我們的預期。銷售額為 16 億美元,調整後 EBITDA 為 2.45 億美元,EBITDA 利潤率為 15%。
Our adjusted earnings per share were $1.12, which was above the midpoint of our guidance and operating cash flow was $166 million with strong working capital management. Productivity in the first quarter came in strong as well at $51 million, which is just an outstanding result from our team's focused execution and operating discipline.
我們調整後的每股盈餘為 1.12 美元,高於我們指引的中點,營運現金流為 1.66 億美元,營運資金管理有力。第一季的生產力也很強勁,達到 5,100 萬美元,這是我們團隊專注執行和營運紀律的出色成果。
Our productivity results are from the value-adding capital investments across our plant network, including automation, process improvements and energy cost reductions, all of which is underpinned by our portfolio simplification activities and strong expense management. So I do want to say thank you to our team for your hard work and commitment for our results this quarter.
我們的生產力成果來自整個工廠網路的增值資本投資,包括自動化、流程改進和能源成本降低,所有這些都以我們的投資組合簡化活動和強大的費用管理為基礎。因此,我確實想對我們的團隊表示感謝,感謝你們的辛勤工作和對我們本季業績的承諾。
If you'll turn to Slide 6, this past February, we were happy to host our Investor Day 2024 in New York, to share our strategy updates and what's next for Sonoco. Since I took over the CEO role in 2020, we've been on a transformation journey to improve the performance of the company, and we are making progress. We have built a strong portfolio that delivers greater value, simplified the company and unified our global operating model to improve financial results while maintaining our disciplined capital structure.
如果您翻到投影片 6,今年 2 月,我們很高興在紐約舉辦 2024 年投資者日,分享我們的策略更新以及 Sonoco 的下一步計畫。自從我2020年接任執行長以來,我們一直走在提高公司績效的轉型之路上,並且正在取得進展。我們建立了強大的投資組合,可以提供更大的價值,簡化公司並統一我們的全球營運模式,以改善財務業績,同時保持嚴格的資本結構。
At our Investor Day, we provided our outlook over the next 5 years where we are targeting adjusted EBITDA of $1.5 billion with high teens EBITDA margin. And we are expecting to generate cumulative operating cash flow of $4 billion to $5 billion, although we remain committed to growing our competitive dividend. Our next era that the enterprise strategy is supported by our commitments to maintain a focused portfolio, align the appropriate capital to our businesses and invest in our people and sustainability while we operate with discipline.
在投資者日,我們提供了未來 5 年的展望,調整後的 EBITDA 目標為 15 億美元,EBITDA 利潤率高達十幾歲。儘管我們仍然致力於增加有競爭力的股息,但我們預計將產生 40 億至 50 億美元的累積營運現金流。我們的下一個時代的企業策略得到了我們承諾的支持,即維持專注的投資組合、為我們的業務調整適當的資本、投資於我們的員工和永續發展,同時我們遵守紀律。
If you turn to Slide 7, we committed to keeping you updated on our progress along the way on our near-term strategic priorities through 2025, which are centered on continued alignment of our portfolio and investments in our four core businesses. We'll continue focused on investing and streamlining operations for these core businesses or we resolve the all other group of businesses.
如果您查看投影片 7,我們致力於讓您隨時了解我們在 2025 年之前的近期策略重點的最新進展,這些重點是持續調整我們的投資組合和對四大核心業務的投資。我們將繼續專注於這些核心業務的投資和簡化運營,或我們解決所有其他業務組。
If you turn to Slide 8, we made an important step towards the all other resolution with the completion of the Protective Solutions divestiture on April 1. This is a great business for Sonoco for many years, but through our portfolio simplification and investment analysis lens, we deem this business to be non-core and took the appropriate action to find the right owner. As we progress through additional portfolio activities, we'll keep you apprised of our progress, which is focused on strategic sales time for value.
如果您翻到幻燈片8,我們將在4 月1 日完成保護解決方案剝離,向所有其他解決方案邁出重要一步。投資組合簡化和投資分析鏡頭,我們認為該業務不是核心業務,並採取了適當的行動來尋找合適的所有者。隨著我們在其他投資組合活動中取得進展,我們將隨時向您通報我們的進展,重點是策略性銷售時間的價值。
In parallel, we announced that as of January 1, 2024, we have taken five businesses that we'll run independently and now merge them under one leader and operating structure in our consumer segment called TFP. This new scaled platform of $1.3 billion based on last year's revenue, it's focused on niche markets where we believe we have the right to win and the right to grow.
同時,我們宣布,自 2024 年 1 月 1 日起,我們將獨立經營五項業務,現在將它們合併到消費領域的一個領導者和營運結構(稱為 TFP)之下。這個新規模的平台基於去年的收入,規模達 13 億美元,專注於利基市場,我們相信我們有權利在這些市場獲勝並有權利發展。
The integration of this business is well underway, and we expect to see operational and sales benefit in the future. The spirit of innovation to drive sales growth in the business is alive and well. Two of our most recent products were recognized PAC Global Awards for 2024. Our EnviroSense PaperBlister Award won the Best in Show for sustainable packaging and our Enviro Paper Can, with a paper bottom also won Best-in-Class Award for sustainable packaging and award for Distinction for Design Innovation. We're delighted to be recognized for our proprietary designs to help our customers achieve their sustainability packaging goals.
該業務的整合正在進行中,我們預計未來將看到營運和銷售效益。推動業務銷售成長的創新精神依然存在。我們最新的兩款產品榮獲 2024 年 PAC 全球獎。創新的傑出表現。我們很高興憑藉我們的專有設計獲得認可,幫助我們的客戶實現其永續發展包裝目標。
In support of our environmental commitments, we were pleased to announce that we entered into a 15-year virtual purchase power agreement with ENGIE's Wind Project. Starting in 2025, we will contract 140 megawatts of electricity through ENGIE, which is almost half of our U.S. electrical needs. Projects like this help in our progress towards our emission targets by consuming clean, reliable power in the communities where we operate.
為了支持我們的環保承諾,我們很高興地宣布,我們與 ENGIE 風電計畫簽訂了為期 15 年的虛擬購買電力協議。從 2025 年開始,我們將透過 ENGIE 承包 140 兆瓦的電力,幾乎是我們美國電力需求的一半。此類項目透過在我們營運所在社區消耗清潔、可靠的電力,幫助我們實現排放目標。
If you'll turn to Slide 9, our sustainability efforts are highlighted in our 2023 Corporate Sustainability Report update, which we published just last week. Similar to last year's report, our materials were prepared in reference to GRI, TDFC and SASB standards and detailed progress to our 2023 targets are in line with the science-based target initiatives.
如果您翻到投影片 9,我們在上週剛發布的 2023 年企業永續發展報告更新中重點介紹了我們在永續發展方面所做的努力。與去年的報告類似,我們的資料是參考 GRI、TDFC 和 SASB 標準編寫的,2023 年目標的詳細進展符合基於科學的目標措施。
On the social side, we have updated our workplace diversity hiring progress, provided updates on our supplier diversity programs as well as our community investments for the Sonoco Foundation. We're grateful for the recognition we received for these efforts, and we are most recently named by Newsweek as one of America's most trustworthy companies, which is fully aligned to the mission and values of Sonoco.
在社交方面,我們更新了工作場所多元化招聘進度,提供了供應商多元化計劃的最新資訊以及對索諾科基金會的社區投資。我們感謝這些努力所獲得的認可,最近我們被《新聞周刊》評為美國最值得信賴的公司之一,這完全符合 Sonoco 的使命和價值觀。
And with that update, I'm going to turn the call over to Rob to take us through more details on our results and second quarter outlook. Rob?
隨著這項更新,我將把電話轉給 Rob,讓我們了解有關我們的業績和第二季前景的更多詳細資訊。搶?
Robert R. Dillard - CFO
Robert R. Dillard - CFO
Thanks, Howard. I'm pleased to present the first quarter 2024 financial results, starting on Page 11 of this presentation. Please note that all results are on an adjusted basis and all growth metrics on a year-over-year basis, unless otherwise stated. The GAAP to non-GAAP EPS reconciliation is in the appendix of this presentation as well as in the press release.
謝謝,霍華德。我很高興從本簡報的第 11 頁開始介紹 2024 年第一季的財務表現。請注意,除非另有說明,所有結果均經過調整,所有成長指標均按年計算。 GAAP 與非 GAAP EPS 調整表位於本簡報的附錄以及新聞稿中。
As Howard said, we've built a solid foundation for continued resilient financial performance, building on our enduring operating model and strong market positions. Our strategy is to deliver shareholder value by growing these positions through disciplined and targeted investments, while also maintaining our investment-grade balance sheet and our differentiating dividend.
正如霍華德所說,我們以持久的營運模式和強大的市場地位為基礎,為持續保持彈性的財務表現奠定了堅實的基礎。我們的策略是透過嚴格和有針對性的投資來擴大這些地位,同時保持我們的投資等級資產負債表和差異化股息,從而實現股東價值。
First quarter results again represent the resilience of our teams and our ability to deliver strong earnings despite a low volume environment. Adjusted EPS was $1.12, which exceeded the midpoint of our guidance range of $1.05 to $1.15. This result was driven by positive productivity of $0.39 per share, offset by negative price cost of $0.51 per share and negative volume mix of $0.12 per share.
第一季的業績再次體現了我們團隊的韌性以及我們在低產量環境下實現強勁盈利的能力。調整後每股收益為 1.12 美元,超出了我們指導範圍 1.05 美元至 1.15 美元的中點。這一結果是由每股 0.39 美元的正生產力推動的,被每股 0.51 美元的負價格成本和每股 0.12 美元的負銷量組合所抵消。
For the quarter, net sales decreased 5% to $1.64 billion due to index-based price pressure. Volume mix was flat due to low single-digit volume declines in consumer, high single-digit volume increases in industrial and double-digit volume declines in all other. These metrics include acquisitions.
由於基於指數的價格壓力,本季淨銷售額下降 5%,至 16.4 億美元。銷售結構持平,原因是消費者銷售出現低個位數下降,工業銷售出現高個位數成長,而所有其他銷售量出現兩位數下降。這些指標包括收購。
Organic volume mix was negative mid-single digits due to lower organic volumes in consumer and flat organic volumes in industrial. Index-based price pressure impacted sales negative $57 million. This result was expected as paper, metal, and some resin indexes have declined from their peaks. Adjusted operating profit was $176 million, a sequential increase due to positive sequential volume mix as well as improved sequential productivity. Adjusted EBITDA was $245 million. We maintained this historically strong profitability to incredibly strong operating performance.
由於消費者的有機銷售量較低和工業的有機銷售量持平,有機銷售組合為負中個位數。基於指數的價格壓力影響銷售額負 5,700 萬美元。這結果在意料之中,因為紙張、金屬和一些樹脂指數已從峰值回落。調整後營業利潤為 1.76 億美元,由於連續銷售組合積極以及連續生產力提高而實現連續增長。調整後 EBITDA 為 2.45 億美元。我們保持了歷史上強勁的獲利能力和令人難以置信的強勁經營業績。
Productivity was positive $51 million. We achieved positive manufacturing productivity due to our lean programs, and we achieved positive fixed cost productivity due to continued efforts to reduce our plant footprint and optimize our supply chains.
生產力為正 5100 萬美元。由於我們的精益計劃,我們實現了積極的製造生產力,並且由於不斷努力減少工廠佔地面積和優化我們的供應鏈,我們實現了積極的固定成本生產力。
From an EBITDA perspective, volume mix was negative $16 million as consumer continues to be impacted by inflationary pricing at retail and industrial begins to improve. Acquisitions were positive $10 million as the Inapel, RTS and Chattanooga acquisitions are all ahead of plan.
從 EBITDA 角度來看,由於消費者繼續受到零售和工業通膨定價的影響,銷售組合為負 1,600 萬美元。由於 Inapel、RTS 和 Chattanooga 的收購均提前於計劃進行,因此收購金額達 1,000 萬美元。
Price cost was negative $67 million as industrial price cost was negative $56 million and metal price overlap was negative $16 million, though price cost of metal was only negative $4 million due to pricing actions. Adjusted EBITDA margin was 14.9%. We expect EBITDA margins to improve throughout 2024 as we anticipate price cost and volume mix to improve in both segments.
價格成本為負 6,700 萬美元,因為工業價格成本為負 5,600 萬美元,金屬價格重疊為負 1,600 萬美元,儘管由於定價行為,金屬價格成本僅為負 400 萬美元。調整後 EBITDA 利潤率為 14.9%。我們預計 EBITDA 利潤率將在 2024 年全年有所改善,因為我們預計這兩個細分市場的價格成本和銷售組合都會有所改善。
Page 12 has our consumer segment results. Consumer net sales decreased 5% to $911 million. Consumer volume mix decreased low single digits due to continued inflationary pricing at retail. Many consumer customers are beginning to return to historical pricing practices, including discounting. However, with list prices at elevated levels, volume have been slow to return to historical patterns.
第 12 頁顯示了我們的消費者細分結果。消費者淨銷售額下降 5%,至 9.11 億美元。由於零售價格持續通膨,消費者數量組合下降了低個位數。許多消費者開始恢復歷史定價做法,包括折扣。然而,由於標價處於較高水平,成交量恢復到歷史水平的速度緩慢。
Despite the year-over-year declines, consumer volumes remain on trend and increased 5% sequentially. As a comparable, Q1 2023 was unusually strong to the end of destocking in most consumer markets. RPC sales declined high single digits due to high single-digit volume mix declines with particular weakness in North America relative to last year's strong comparable. TFP sales were flat as weakness in core flexible segments in cookies and confection and thermoforming food was offset by acquisitions.
儘管同比下降,但消費量仍維持趨勢,較上季成長 5%。相較之下,2023 年第一季大多數消費市場去庫存結束時表現異常強勁。由於銷售組合出現高個位數下降,加上北美地區相對於去年的強勁可比業績尤其疲軟,可循環塑膠銷量出現高個位數下降。 TFP 銷售額持平,因為餅乾、糖果和熱成型食品等核心靈活細分市場的疲軟被收購所抵消。
Metal Packaging sales declined mid-single digits as negative index-based price actions offset low single-digit volume gains. Aerosol volumes were positive and food volumes were slightly negative.
由於基於指數的負面價格走勢抵消了低個位數的銷售成長,金屬包裝銷售額下降了中個位數。氣溶膠體積為正,食物體積略為負。
Consumer EBITDA was flat at $129 million, as $16 million of productivity and $8 million of benefit from restructuring and non-operating benefit was offset by $9 million of price costs and $15 million of volume mix. Consumer EBITDA margin increased 60 basis points to 14.1%. We anticipate that EBITDA margins will increase in Q2 due to improved mix in RPC and increased mix of thermoforming and TFP.
消費者 EBITDA 持平於 1.29 億美元,因為 1600 萬美元的生產力以及 800 萬美元的重組和非經營性收益被 900 萬美元的價格成本和 1500 萬美元的銷售組合所抵消。消費者 EBITDA 利潤率成長 60 個基點,達到 14.1%。我們預計,由於 RPC 組合的改善以及熱成型和 TFP 組合的增加,第二季 EBITDA 利潤率將增加。
Page 13 has our Industrial segment results. Industrial sales decreased 4% to $593 million. The reclassification of recycling reduced sales by $33 million or 5% and as we now account for recycling as a procurement function with recycling sales margins reflected only in cost of sales. This accounting better aligns with our strategy of conducting recycle activities to ensure low cost and available supply of recycled materials. And 2023 recycling contributed $100 million in sales. Adjusted for the impact of recycling reclassification, industrial sales would have increased 2%.
第 13 頁顯示了我們的工業部門業績。工業銷售額下降 4%,至 5.93 億美元。回收的重新分類使銷售額減少了 3,300 萬美元或 5%,因為我們現在將回收視為採購職能,回收銷售利潤僅反映在銷售成本中。這種核算更符合我們進行回收活動的策略,以確保回收材料的低成本和可用供應。 2023 年,回收貢獻了 1 億美元的銷售額。調整回收再分類的影響後,工業銷售將成長 2%。
Industrial volume mix was positive high single digits due to acquisitions and a mid-single-digit recovery in Europe. North American volume mix was positive mid-teens due to acquisitions. Organic volume mix in North America was flat. Industrial volumes are improving, but the recovery is uneven across our markets in a way that is unique relative to historical recoveries. We expect industrial volumes to improve as we are experiencing improved order rates and higher utilization, especially in the North America paper markets.
由於歐洲的收購和中個位數的復甦,工業銷售組合呈現正高個位數。由於收購,北美銷售組合呈正值。北美的有機銷量結構持平。工業產量正在改善,但我們各個市場的復甦並不均衡,這與歷史復甦相比是獨一無二的。我們預計,隨著訂單率的提高和利用率的提高,特別是在北美紙張市場,工業產量將會增加。
Industrial price decreased mid-single digits due to index-based price actions. We achieved the majority of our announced market price increases enacted to offset higher OCC and other inflationary inputs. However, paper index has not met the market. We anticipate paper indexes will correct in the second quarter and industrial prices will more accurately reflect the inflationary environment and the improving market conditions.
由於基於指數的價格走勢,工業價格下降了中個位數。我們宣布的市場價格上漲大部分是為了抵消較高的 OCC 和其他通膨投入而製定的。但紙質指數尚未適應市場。我們預期紙本指數將在第二季調整,工業價格將更準確反映通膨環境和改善的市場狀況。
Industrial EBITDA decreased to $95 million due to $56 million of negative price cost offsetting $28 million of productivity. Industrial EBITDA margin was 16.1%. We believe this is our new low cycle profitability level and margins will improve with volume recovery and future pricing actions.
由於 5,600 萬美元的負價格成本抵消了 2,800 萬美元的生產力,工業 EBITDA 下降至 9,500 萬美元。工業 EBITDA 利潤率為 16.1%。我們相信,這是我們新的低週期獲利水平,隨著銷售的恢復和未來的定價行動,利潤率將得到改善。
We believe we have changed the fundamental profitability of the business through a series of restructuring activities in the last 4 years. We have shuttered 6 older, smaller paper machines and replaced their volume with larger and more efficient machines. We believe that this, along with restructuring our converting network and increased automation have driven lasting profitability improvement.
我們相信,透過過去四年的一系列重組活動,我們改變了業務的基本獲利能力。我們關閉了 6 台較舊、較小的造紙機,並用更大、更有效率的機器取代了它們。我們相信,這一點,加上我們的加工網絡的重組和自動化程度的提高,推動了盈利能力的持久提高。
Page 14 has our results for the all other businesses. All other sales decreased 14% to $134 million due to volume mix to constant Protective Solutions and the ThermoSafe cold chain business. All Other EBITDA decreased to $21 million due to lower volume mix and negative price cost offsetting $7 million of productivity. We completed the sale of Protective Solutions on April 1. This business underperformed in the quarter by $0.03 of adjusted EPS and will now have a negative $0.10 pro forma impact on the year. We continue to evaluate strategic alternatives for the remaining all other businesses. We're being disciplined with our approach to divestitures and our intent on maximizing value over the long term.
第 14 頁包含我們所有其他業務的結果。由於持續的防護解決方案和 ThermoSafe 冷鏈業務的銷售組合,所有其他銷售額下降 14% 至 1.34 億美元。由於產量組合減少和負價格成本抵消了 700 萬美元的生產力,所有其他 EBITDA 下降至 2,100 萬美元。我們於 4 月 1 日完成了 Protective Solutions 的出售。我們繼續評估其餘所有其他業務的策略替代方案。我們的資產剝離方法和長期價值最大化的意圖都受到嚴格約束。
Moving to Page 15. Our capital allocation framework aligns with our business strategy to drive value creation through earnings growth and margin improvement. The four pillars of our capital allocation model are capital investments to drive growth and improve profitability, dividend increases to reward shareholders, programmatic M&A to action the portfolio strategy, and share repurchases to return capital and maximize shareholder value. We are intent on driving shareholder value by maximizing cash flows and investing or returning cash in the most efficient manner. Currently, we're focused on investing in our RPC growth strategy and in M&A with a focus on metal packaging and TFP. We are being disciplined in the disruptive M&A market, and we'll execute the right acquisitions at the right time for us.
翻至第 15 頁。我們資本配置模型的四大支柱是推動成長和提高獲利能力的資本投資、獎勵股東的增加股利、實施投資組合策略的程序性併購,以及回報資本和最大化股東價值的股票回購。我們致力於透過最大化現金流以及以最有效的方式投資或返還現金來推動股東價值。目前,我們專注於投資 RPC 成長策略以及併購,並專注於金屬包裝和 TFP。我們在顛覆性的併購市場中受到紀律約束,我們將在正確的時間執行正確的收購。
On Page 16, we have our cash flow performance for the quarter. In the first quarter, we generated operating cash flow of $166 million. This was a meaningful improvement from a year ago due to strong working capital management and increased focus on other cash costs. Capital expenditures was $86 million for the quarter. We're on track with all major initiatives and anticipate investing approximately $350 million of capital expenditures in 2024.
第 16 頁顯示了本季的現金流表現。第一季度,我們產生了 1.66 億美元的營運現金流。由於強有力的營運資本管理和對其他現金成本的更多關注,與一年前相比這是一個有意義的改進。本季資本支出為 8600 萬美元。我們正在按計劃實施所有重大舉措,預計 2024 年將投資約 3.5 億美元的資本支出。
Turning to Page 17. The foundation of our value creation strategy is disciplined management of our investment-grade balance sheet. Our balance sheet is in excellent condition. We have over $1.1 billion of liquidity. We have a weighted average maturity of 6.9 years and we have a weighted average cost of debt of 3.8%. We developed this position through continued focus on debt reduction and management of our leverage levels. We repaid $22 million of debt in the first quarter of 2024 and reduced net to adjusted EBITDA to 2.8x.
翻到第 17 頁。我們的資產負債表狀況良好。我們擁有超過 11 億美元的流動資金。我們的加權平均期限為 6.9 年,加權平均債務成本為 3.8%。我們透過持續關注債務削減和槓桿水平管理來發展這一立場。我們在 2024 年第一季償還了 2,200 萬美元的債務,並將調整後 EBITDA 淨值降低至 2.8 倍。
Furthermore, we used proceeds from the Protective Solutions divestiture to repay $75 million of debt subsequent to the end of the first quarter. Since the Ball Metalpack acquisition in 2022, we have now repaid gross debt of $375 million.
此外,我們在第一季末後利用剝離 Protective Solutions 的收益償還了 7,500 萬美元的債務。自 2022 年收購 Ball Metalpack 以來,我們現已償還總債務 3.75 億美元。
Page 18 illustrates our history of increasing our dividend. We're excited to increase the quarterly dividend of $0.52 per share. We've now paid a dividend for 99 consecutive years and have increased the dividend on an annual basis for the last 41 years. We're committed to increasing the dividend in place a priority on dividend increases on allocating capital.
第 18 頁說明了我們增加股利的歷史。我們很高興將季度股息提高到每股 0.52 美元。我們現已連續 99 年支付股息,並在過去 41 年中每年增加股息。我們致力於增加股息,將增加股息放在資本配置的優先位置。
Page 19 has our guidance for Q2 2024. Guidance for Q2 2024 adjusted EPS was $1.25 to $1.35. We expect consumer volumes to remain on trend in Q2 and expect year-over-year volumes to increase due to acquisitions. We expect industrial volumes to improve in Q2 as we are experiencing improved order rates and backlogs, especially in the North American paper markets.
第 19 頁提供了我們對 2024 年第二季的指引。我們預計第二季度的消費者數量將保持趨勢,並預計由於收購,同比數量將增加。我們預計第二季工業量將有所改善,因為我們的訂單率和積壓訂單有所改善,尤其是在北美紙張市場。
Industrial price trends are expected to improve and price cost is expected to improve sequentially. OCC is expected to increase in the quarter and Tan Bending Chip is expected to reflect market increases. We're revising our guidance for full year 2024 adjusted EPS to $5 to $5.30. This guidance now includes the sale of Protective Solutions, which reduced results by approximately $0.10.
工業價格趨勢預計將改善,價格成本預計將較上季改善。 OCC 預計將在本季增加,Tan Bending Chip 預計將反映市場的成長。我們正在將 2024 年全年調整後每股收益的指引修訂為 5 至 5.30 美元。該指南現在包括保護解決方案的銷售,這使結果減少了約 0.10 美元。
Similarly, we are revising full year 2024 adjusted EBITDA guidance to $1.05 billion to $1.09 billion. We are reaffirming our operating cash flow guidance to $650 million to $750 million, we're confident in this guidance as we anticipate we can continue to outperform our working capital expectation for the year.
同樣,我們將 2024 年全年調整後 EBITDA 指引修訂為 10.5 億美元至 10.9 億美元。我們重申我們的營運現金流指引為 6.5 億至 7.5 億美元,我們對此指引充滿信心,因為我們預計我們可以繼續超越我們今年的營運資本預期。
Now Rodger will further discuss the outlook for the business.
現在羅傑將進一步討論業務前景。
Rodger D. Fuller - COO
Rodger D. Fuller - COO
Yes. Thanks, Rob. Please turn to Slide 20 for our view of segment performance drivers in the second quarter of 2024. In the Consumer segment, we expect volume to be up sequentially and essentially flat year-over-year. We believe the continued retail price inflation and a slower uptick from promotions are the primary drivers of volume in the second quarter.
是的。謝謝,羅布。請參閱投影片 20,了解我們對 2024 年第二季細分市場業績驅動因素的看法。我們認為,持續的零售價格上漲和促銷活動的放緩是第二季銷售的主要驅動力。
In Rigid Paper Containers, we see sales decline sequentially and year-over-year in the second quarter in North America, primarily in snacks and other discretionary food products. Customer demand is lower than originally forecast, and we see limited impacts from promotions in the near term. Rigid Paper Container net sales for the rest of the world are flat year-over-year where new product launches are progressing against the backdrop of sluggish consumer demand for legacy products in Europe.
在硬紙容器方面,我們看到北美第二季的銷售額環比和年減,主要是零食和其他非必需食品。顧客需求低於最初預測,我們認為短期內促銷活動的影響有限。世界其他地區的硬紙容器淨銷售額較去年同期持平,在歐洲消費者對傳統產品需求低迷的背景下,新產品的推出正在取得進展。
Our newly merged Thermoformed and Flexibles Packaging business, we anticipate sales to be up sequentially in the second quarter from seasonal volume improvements in both Flexibles and Thermoforming. The Thermoforming and Flexible Packaging team is making excellent progress in the integration of the leadership team and plant structure, and we'll see a near-term cost benefits from the integration. Our focus now will be on driving growth through these resin-based businesses.
我們新合併的熱成型和軟包裝業務,我們預計第二季的銷售額將因軟包裝和熱成型的季節性銷售增長而環比增長。熱成型和軟包裝團隊在領導團隊和工廠結構的整合方面取得了巨大進展,我們將看到整合帶來的短期成本效益。我們現在的重點將是透過這些樹脂業務推動成長。
In our Metal Packaging businesses, sales are expected to be up sequentially in both Aerosol and food cans. Aerosol demand improvement is offsetting lower volumes in food cans, and we expect total year-over-year volumes to be up mid-single digits in the second quarter. The first quarter was impacted by metal price overlap, which extended into the second quarter last year. So this will be a net positive for the quarter. It's worth noting that we are carefully monitoring tightening tinplate steel availability, domestic supply constraints as well as uncertainties around import tariffs have created a tight supply market. Our teams are doing a great job of managing this issue, but it bears watching in the near term. Across all of our consumer businesses, we expect strong productivity in the second quarter.
在我們的金屬包裝業務中,氣霧劑和食品罐的銷售額預計將持續成長。氣霧劑需求的改善正在抵消食品罐頭銷售的下降,我們預計第二季總銷量將年增中個位數。第一季受到金屬價格重疊的影響,這種情況一直延續到去年第二季。因此,這將為本季帶來淨利好。值得注意的是,我們正在密切關注馬口鐵供應緊張、國內供應限制以及進口關稅的不確定性,導致供應市場緊張。我們的團隊在解決這個問題方面做得很好,但短期內值得關注。在我們所有的消費業務中,我們預計第二季的生產力將強勁。
In Industrial, we expect sales to be up low single digits year-over-year. In our North American paper businesses, volumes and support of tissue and tile consumer end markets remain strong. And we've seen an improvement in sales to the construction industry versus the lows we saw at the end of last year.
在工業領域,我們預期銷售額將年增低個位數。在我們的北美造紙業務中,生活用紙和瓷磚消費終端市場的銷售和支援仍然強勁。與去年年底的低點相比,我們看到建築業的銷售額有所改善。
The capacity utilization of our North American paper operations will remain strong in the second quarter. The same is true for our North American converting businesses, where volumes are projected to be up organically year-over-year and sequentially in the low single digits.
第二季我們北美造紙業務的產能利用率將保持強勁。我們的北美加工業務也是如此,預計銷量將同比有機成長,並連續保持低個位數成長。
Similar to Q1, we experienced negative price cost for the second quarter as higher input costs such as OCC and wage inflation, have not yet been recovered through pricing increases. We believe this, as Rob said, to be a timing issue as price increases have not been fully reflected in index pricing, but our open market increase in North America has been fully implemented. While overall international sales in industrial will continue to be sluggish, we are seeing some signs of improving volumes in Europe.
與第一季類似,我們在第二季經歷了負價格成本,因為 OCC 和薪資通膨等較高的投入成本尚未透過定價上漲來恢復。正如羅布所說,我們認為這是一個時機問題,因為價格上漲尚未完全反映在指數定價中,但我們在北美的公開市場上漲已經全面實施。儘管工業品的整體國際銷售將繼續低迷,但我們看到歐洲銷售有所改善的跡象。
In All Other, we expect lower-than-expected sales as volume demand remains soft in our temperature assured packaging business due to product transition delays in various shipping products. However, effective price cost is offsetting some impacts from these lower volumes. The remaining businesses and all other are also benefiting from positive productivity.
在所有其他方面,我們預計銷售額將低於預期,因為由於各種運輸產品的產品轉換延遲,我們的保溫包裝業務的銷售需求仍然疲軟。然而,有效的價格成本正在抵消銷售下降的一些影響。其餘企業和所有其他企業也受益於積極的生產力。
Our teams are doing a great job on the productivity front across all businesses, and we expect continued strong productivity results in the second quarter, supported by footprint rationalization, ongoing expense activities and continuous improvement programs. We are very well positioned operationally for volume improvement.
我們的團隊在所有企業的生產力方面都做得很好,我們預計在足跡合理化、持續的費用活動和持續改進計劃的支持下,第二季度將繼續保持強勁的生產力成果。我們在營運方面處於非常有利的位置,可以提高產量。
So with that, Howard, I'll turn it back to you.
那麼,霍華德,我會把它轉回給你。
Robert Howard Coker - President, CEO & Director
Robert Howard Coker - President, CEO & Director
(technical difficulty) tremendous over the last several years for the foundation and look forward (technical difficulty)
(技術難度)過去幾年的基礎與展望(技術難度)龐大
Yes, I'm sorry. We had a little technical issue here. Yes, operator, let's handle any questions that you may have.
是的,對不起。我們在這裡遇到了一些技術問題。是的,接線員,我們來處理您可能有的任何問題。
Operator
Operator
(Operator Instructions) And our first question will be coming from Ghansham Panjabi of Baird.
(操作員說明)我們的第一個問題將來自 Baird 的 Ghansham Panjabi。
Ghansham Panjabi - Senior Research Analyst
Ghansham Panjabi - Senior Research Analyst
I hope I didn't miss too much with the call. But I guess, first off on Consumer, if we kind of look at that segment, is it fair to say that at this point, coming out of 1Q that destocking is behind you for the most part and now you're just kind of bearing what the major end markets are doing. Is that how you see things unfolding here?
我希望我沒有錯過太多電話。但我想,首先在消費者方面,如果我們看看這個細分市場,可以公平地說,在這一點上,從第一季開始,去庫存在很大程度上已經過去了,現在你只是在承受主要終端市場正在做什麼。您是這樣看待這裡發生的事情的嗎?
Robert Howard Coker - President, CEO & Director
Robert Howard Coker - President, CEO & Director
Yes.Ghans, this is Howard. Yes, we feel like we're fairly well through the destocking, and it is market conditions at this point in time.
是的,甘斯,這是霍華德。是的,我們覺得去庫存的過程相當順利,而且這是目前的市場狀況。
Ghansham Panjabi - Senior Research Analyst
Ghansham Panjabi - Senior Research Analyst
Okay. And then in terms of Aerosol, is that -- your performance seems a little bit better than the market. What do you attribute that towards?
好的。然後就氣溶膠而言,你們的表現似乎比市場好一點。您認為這歸因於什麼?
Robert Howard Coker - President, CEO & Director
Robert Howard Coker - President, CEO & Director
Only thing I can say to that is the mix of customers that we have. I think, that's the only way I can really answer that. It's certainly -- I don't think -- I don't see any share movements as much as the customers that we have in our portfolio are doing better than they did, obviously, last year.
我唯一能說的是我們擁有的客戶組合。我想,這是我能真正回答這個問題的唯一方法。當然——我不認為——我沒有看到任何股票變動,因為我們投資組合中的客戶顯然比去年做得更好。
Ghansham Panjabi - Senior Research Analyst
Ghansham Panjabi - Senior Research Analyst
Okay. That's a fair answer. And then last question is on the Consumer segment and the RPC component. Just give us a little bit more color in terms of what drove the extent of that decline and the evolution in terms of getting back towards flat. Is that just a function of easier comparisons as the year unfolds?
好的。這是一個公平的答案。最後一個問題是關於 Consumer 部分和 RPC 組件的。請給我們更多的資訊來說明是什麼推動了下降的程度以及恢復持平的演變。這是否只是隨著時間的推移而更容易進行比較的結果?
Robert Howard Coker - President, CEO & Director
Robert Howard Coker - President, CEO & Director
Yes, I'd say for the quarter, really impressed if you look at internationally with high -- how I can say that, high teens, growth in Asia, South America, relatively lower numbers in Europe. And then we -- in North America really had a difficult quarter. Really around a few discrete customers. And it's back to -- not unique to Sonoco, but in North America, the price versus volume equation and our customers on the RPC side and on the flexible side as well are telling us that they're starting to fill the pain of deleveraging and are planning to start increasing our promotion and marketing activity.
是的,我想說的是,如果你看看國際上的高成長率,我會說,亞洲、南美洲的成長率很高,歐洲的成長率相對較低,我怎麼說呢?然後我們——在北美確實經歷了一個艱難的季度。確實圍繞著一些離散的客戶。這又回到了——不是 Sonoco 獨有的,而是在北美,價格與數量的關係以及我們 RPC 方面和靈活方面的客戶告訴我們,他們正在開始填補去槓桿化和正計劃開始增加我們的促銷和行銷活動。
So as we go into the remainder of the year, we feel like we should see some benefit from that. But it really was a North American story in RPC.
因此,當我們進入今年剩餘時間時,我們覺得我們應該會從中看到一些好處。但這確實是 RPC 中的北美故事。
Operator
Operator
And our next question will be coming from George Staphos of Bank of America Securities.
我們的下一個問題將來自美國銀行證券公司的喬治·斯塔福斯。
George Leon Staphos - MD and Co-Sector Head in Equity Research
George Leon Staphos - MD and Co-Sector Head in Equity Research
I guess first question I had, you generated, I think you said $51 million of productivity Howard or Rodger, on the back of not a lot of volume. And so on the one hand, kudos to everyone on the Sonoco team in that regard, but how much longer can you continue to drive productivity if the volumes don't materialize? Can you remind us what your budgets are for productivity for this year? And how volume dependent they might be?
我想我的第一個問題是,你產生了,我想你說霍華德或羅傑的生產力為 5100 萬美元,但銷量並不多。因此,一方面,在這方面,Sonoco 團隊的每個人都值得稱讚,但如果產量沒有實現,您還能繼續提高生產力多久?您能否提醒我們今年的生產力預算是多少?它們對體積的依賴性有多大?
Rodger D. Fuller - COO
Rodger D. Fuller - COO
Yes, George, this is Rodger. I think we said last quarter, our productivity guide for the year is over $100 million. If you remember last year, we did had a record year in productivity over $100 million last year. Certainly, we're tracking to do better than that this year. As I've said in my comments, second quarter, we should see continued strong productivity. It's volume sensitive to some degree, but the work -- the capital investments you weighed, the footprint work we've done, and that continues this year. We're confident we can have another record year in productivity this year.
是的,喬治,這是羅傑。我想我們上個季度說過,我們今年的生產力指南超過 1 億美元。如果你還記得去年,我們去年的生產力確實創下了超過 1 億美元的紀錄。當然,我們今年的目標是做得更好。正如我在評論中所說,第二季度,我們應該看到持續強勁的生產力。在某種程度上,它對數量敏感,但工作——你權衡的資本投資,我們所做的足跡工作,今年仍在繼續。我們有信心今年的生產力能再創歷史新高。
We don't really guide quarter-to-quarter, as you know. But based on what we see for the year from a volume standpoint, the plans we have in place around productivity, we expect a stronger productivity this year than last year. So hopefully, that helps.
如您所知,我們並沒有真正按季度進行指導。但根據我們對今年銷售的看法,以及我們圍繞生產力製定的計劃,我們預計今年的生產力將比去年更強。希望這會有所幫助。
Robert Howard Coker - President, CEO & Director
Robert Howard Coker - President, CEO & Director
Yes. And George, I'd just say you're right, volume equals leverage, and we're looking forward to volume returning to really start driving the invested at the plant level. Improvements that we've made. And we'll talk about this, I'm sure, but really encouraged with what we're seeing from a loading of our North American paper business.
是的。喬治,我只想說你是對的,銷量等於槓桿,我們期待銷量回升,以真正開始推動工廠層面的投資。我們所做的改進。我確信我們會討論這個問題,但我們從北美造紙業務的負載中看到的情況確實令人鼓舞。
I think it's the first time we've seen the amount of backlogs that we have in place, since we've made some really material capital investments, rationalizations. And so see this as upside as we go forward.
我認為這是我們第一次看到積壓的數量,因為我們已經進行了一些真正實質的資本投資和合理化。因此,在我們前進的過程中,請將此視為積極的一面。
George Leon Staphos - MD and Co-Sector Head in Equity Research
George Leon Staphos - MD and Co-Sector Head in Equity Research
Understood. And not to push too hard on this one, but let's say, hopefully not, we're here in October, and we're talking about this persistent issue, consumer hasn't come back. There's still this lingering destocking if that would even be possible. And let's say, volumes are trending, especially in consumer kind of low single-digit declines. Does that put at risk your productivity target for the year? Just trying to get a sense there.
明白了。不要在這個問題上施加太大壓力,但我們可以說,希望不是,我們在十月在這裡,我們正在討論這個持續存在的問題,消費者還沒有回來。如果有可能的話,去庫存的過程仍然揮之不去。可以說,銷售量呈現趨勢,特別是在消費者領域,銷售量呈現低個位數下降。這是否會危及您今年的生產力目標?只是想了解那裡的感覺。
Rodger D. Fuller - COO
Rodger D. Fuller - COO
No, it does not put at risk the target we laid out for the year of over $100 million.
不,這不會危及我們為今年設定的超過 1 億美元的目標。
George Leon Staphos - MD and Co-Sector Head in Equity Research
George Leon Staphos - MD and Co-Sector Head in Equity Research
Okay. Thanks for your thoughts and your patience on that one. So if we talk about consumer a bit more, I guess the overarching question would be what are your customers especially in paper seeing? It sounds like in answering Ghansham's question, a lot of it is just inflation and the effect on the consumer and their discretionary spending. If I missed that, please relay what you think is happening? And if overall consumer volumes are flat in the quarter coming up, and I think you said metal overall will be up mid-single digits. It would suggest that everything is down, but can you give us a sort of size order, what of the other large consumer segment are down the most and why?
好的。感謝您的想法和耐心。因此,如果我們更多地談論消費者,我想最重要的問題將是您的客戶,尤其是在紙本產品中看到的是什麼?聽起來在回答甘沙姆的問題時,很多只是通貨膨脹以及對消費者及其可自由支配支出的影響。如果我錯過了,請轉述您認為發生了什麼事?如果接下來的季度整體消費量持平,我認為您說過金屬整體將上漲中個位數。這顯示一切都在下降,但是您能給我們一種規模順序嗎?
Rodger D. Fuller - COO
Rodger D. Fuller - COO
Yes, George, Rodger again. RPC Global, we're expecting to be down a little over 1% in the second quarter, which is an improvement, obviously, from the first quarter, and that's driven by, Howard already mentioned, some really nice international growth with a softness in continuing in North America. And it's exactly what you said.
是的,喬治,又是羅傑。 RPC Global,我們預計第二季將下降 1% 多一點,這顯然比第一季有所改善,霍華德已經提到,這是由一些非常好的國際增長推動的,但繼續在北美。這正是你所說的。
Our customers are telling us it's the price on the shelf. They are promoting, but we've seen limited impact from that. Hopefully, that shows up over time. Slightly positive in Flexibles in the second quarter from a year-over-year standpoint and then slightly negative in Thermoforming versus a strong second quarter last year. And then Metal, as you said, up mid-single digits. So that's why we're calling Consumer flat for the second quarter.
我們的客戶告訴我們這是貨架上的價格。他們正在推廣,但我們看到的影響有限。希望隨著時間的推移,這一點會顯現出來。從年比的角度來看,第二季柔性材料略有成長,而與去年第二季的強勁表現相比,熱成型則略有下降。然後是金屬,正如你所說,上升到中個位數。這就是為什麼我們稱第二季消費者為持平。
Operator
Operator
Our next question will be coming from Mark Weintraub of Seaport.
我們的下一個問題將來自 Seaport 的 Mark Weintraub。
Mark Adam Weintraub - MD & Senior Research Analyst
Mark Adam Weintraub - MD & Senior Research Analyst
So if we look at Page 27 or Slide 27, the number that really jumps out was that negative $56 million price cost in industrial. And as you said, you announced a price increase for February, and that didn't get reflected by Pulp and Paper Week in February, March or April. But you are seeing it in our open market transactions. And so I guess the question is, what do you do with Pulp and Paper Week doesn't reflect it? How dependent are -- is your ability to get prices on the converted product, et cetera, for it to be reflected in Pulp and Paper, what options do you have to make sure it happens? And maybe I'll start there.
因此,如果我們查看第 27 頁或投影片 27,真正跳出的數字是工業領域 5,600 萬美元的負價格成本。正如您所說,您宣布了二月份的價格上漲,而二月、三月或四月份的紙漿與造紙週並沒有反映出這一點。但你在我們的公開市場交易中看到了這一點。所以我想問題是,你在製漿造紙週上所做的事情沒有反映這一點?為了將其反映在紙漿和造紙中,您是否有能力獲得轉換後的產品的價格等,您有什麼選擇來確保它發生?也許我會從這裡開始。
Robert Howard Coker - President, CEO & Director
Robert Howard Coker - President, CEO & Director
Mark, I'd say just direct to your question, we have contractual obligations that are aligned to certain indices, and we're going to have to live by those. I think maybe where you're going is a longer-term question, and that's something that we're taking in consideration. But what do you do, if it doesn't happen, we pull the contingency plans that we've got in place to make up for the difference. But you noted exactly right that the uptake from our open market was highly successful. We are running here in North America with backlogs that I just noted a minute ago that we haven't seen in literally in years.
馬克,我想說的是,直接回答你的問題,我們有與某些指數一致的合約義務,我們必須遵守這些義務。我認為也許你要去哪裡是一個長期問題,這是我們正在考慮的事情。但如果這種情況沒有發生,你該怎麼辦,我們會採取現有的應急計畫來彌補差異。但您完全正確地指出,我們的公開市場的吸收非常成功。我們在北美這裡遇到了積壓的訂單,我剛才注意到,我們已經好幾年沒有見過這種情況了。
And that is as far as we can see out, let's just say, end of the third quarter. So I would be shocked if any index didn't reflect those type of market conditions. But I think maybe you're asking a longer-term question, and that's one that we're certainly considering at this point here as well.
據我們所知,這就是第三季末的情況。因此,如果任何指數不能反映此類市場狀況,我會感到震驚。但我認為也許你問的是一個更長期的問題,這也是我們目前也在考慮的問題。
Mark Adam Weintraub - MD & Senior Research Analyst
Mark Adam Weintraub - MD & Senior Research Analyst
That's very helpful. And maybe now with the RTS transaction done as well, could you remind us sensitivities for every $10 per ton change, let's just say, in the index, how it impacts the North American market, how it would flow through to EBITDA?
這非常有幫助。也許現在 RTS 交易也完成了,您能否提醒我們每噸 10 美元變化的敏感性,讓我們說一下,在指數中,它如何影響北美市場,它將如何流入 EBITDA?
Rodger D. Fuller - COO
Rodger D. Fuller - COO
Yes. Each $10 move in Tan Bending Vhip is about $5 million a year, up or down.
是的。 Tan Bending Vhip 每變動 10 美元,每年上漲或下跌約 500 萬美元。
Mark Adam Weintraub - MD & Senior Research Analyst
Mark Adam Weintraub - MD & Senior Research Analyst
I'm sorry, I don't -- maybe I'm asking the wrong question. But don't you have north of 1 million tons of...
抱歉,我不知道——也許我問錯了問題。但你們不是有超過100萬噸的...
Rodger D. Fuller - COO
Rodger D. Fuller - COO
Yes, we have 1.2 million tons in North America. But remember, almost 40% of that does not move off the index. If it's either open market and some OCC movement.
是的,我們北美有 120 萬噸。但請記住,其中近 40% 並未從指數中移出。如果是公開市場和一些 OCC 變動。
Mark Adam Weintraub - MD & Senior Research Analyst
Mark Adam Weintraub - MD & Senior Research Analyst
Okay. Super. That is helpful. And just maybe real quickly to. You noted that OCC you thought would be higher 2Q than 1Q, I believe, yet it had shown signs of moderating in April. Is that just a carryover from 1Q having been rising as it progressed? Or is that, that you're expecting OCC to start ticking higher again?
好的。極好的。這很有幫助。也許真的很快。您指出,您認為 OCC 第二季度會高於第一季度,我相信,但它在 4 月已顯示出放緩的跡象。這是否只是第一季的結轉,隨著它的進展一直在上升?或者說,您預計 OCC 會再次開始走高?
Rodger D. Fuller - COO
Rodger D. Fuller - COO
Some carryover, and we have projected another $5 move in the quarter as we get to the end of the quarter.
一些結轉,我們預計到季度末時本季還會有 5 美元的變動。
Operator
Operator
And our next question will come from Gabrial Hajde of Wells Fargo.
我們的下一個問題將來自富國銀行的 Gabrial Hajde。
Gabrial Shane Hajde - Senior Analyst
Gabrial Shane Hajde - Senior Analyst
I wanted to ask about the food can business. We're reading more reports about imported full cans of vegetables and fruits hitting shelves maybe to circumvent templates steel tariffs and otherwise. I think that's roughly 40% of your food can mix. I'm curious based on conversations with customers, and I know they have to kind of plan for the stuff in terms of plan things, what the expectation is for the upcoming pack season that's embedded in the food can business?
我想問一下食品罐頭生意。我們正在閱讀更多有關進口整罐蔬菜和水果上架的報道,可能是為了規避模板鋼鐵關稅等。我認為大約 40% 的食物可以混合。根據與客戶的對話,我很好奇,我知道他們必須在計劃方面製定計劃,對即將到來的食品罐頭業務包裝季節的期望是什麼?
Robert Howard Coker - President, CEO & Director
Robert Howard Coker - President, CEO & Director
Gabe, I really don't have that level of detail. I heard the same thing in terms of imports. I don't think we're hearing that as a direct impact to our customers. And as we said earlier, we expect to see a slight improvement in the second quarter. And that's feedback from our customers. So at this point in time, I really can't speak to any type of material influence that we are aware of within our customer base related to (inaudible) import materials, certainly, it's out there.
加布,我真的沒有那麼詳細。我在進口方面也聽到了同樣的說法。我認為我們沒有聽到這對我們的客戶有直接影響。正如我們之前所說,我們預計第二季會略有改善。這是我們客戶的回饋。因此,目前,我真的無法談論我們在客戶群中意識到的與(聽不清楚)進口材料相關的任何類型的實質影響,當然,它就在那裡。
Operator
Operator
(Operator Instructions) And our next question will be coming from Gregory Andreopoulos of Citi.
(操作員說明)我們的下一個問題將來自花旗銀行的格雷戈里·安德烈奧普洛斯(Gregory Andreopoulos)。
Gregory Andreopoulos - Research Analyst
Gregory Andreopoulos - Research Analyst
Just a few quick questions for me on consumer price costs. So you mentioned CPGs are kind of stepping up promotions or that could be happening in the near term. So I'm wondering how you think about your -- or the dynamic of CPGs stepping up promotions versus your ability to capture positive pricing in consumer or even positive price cost, depending on how you want to address it? And then I had one follow-up after that.
我想問幾個關於消費者價格成本的簡單問題。所以你提到快速消費品是一種加強促銷的方式,或者這可能會在短期內發生。所以我想知道你如何看待你的——或快速消費品加強促銷的動態與你捕捉消費者積極定價甚至積極價格成本的能力,這取決於你想如何解決這個問題?之後我進行了一次後續行動。
Robert R. Dillard - CFO
Robert R. Dillard - CFO
Yes. I mean, I think that we definitely have seen pricing dynamics at the consumer level. We think that the customer -- our customers are being really dynamic in their response to kind of higher prices on the shelf and our acting appropriately to drive the right volume for them. In terms of our price, how we see that, there are a number of index-based prices that affect that. I think overall, we've got kind of a little bit of price pressure. So I would say low single-digit price pressure going into the second quarter.
是的。我的意思是,我認為我們肯定已經看到了消費者層面的定價動態。我們認為,客戶-我們的客戶對貨架上更高的價格的反應非常活躍,而我們採取適當的行動來為他們提供適當的銷售。就我們的價格而言,我們如何看待這一點,有許多基於指數的價格會影響這一點。我認為總的來說,我們面臨一點價格壓力。因此,我想說第二季的價格壓力將處於較低的個位數。
And I think that some of that is going to be metal probably a little bit more offset, but overall, modest pricing pressure going into the second quarter from a sequential basis and then also on a year-over-year basis.
我認為其中一些可能會被金屬所抵消,但總體而言,進入第二季度的價格壓力從環比和同比來看都是適度的。
Gregory Andreopoulos - Research Analyst
Gregory Andreopoulos - Research Analyst
Okay. That's fair. And I mean, price cost didn't seem as bad as it could have been in 1Q, but down 9%. And I think you mentioned last quarter that you had some contracts resetting lower. So I'm wondering if you could kind of address what kind of cap price cost relatively close to neutral? And then if you could remind us what's implied for the full year guide in terms of consumer price cost for the balance of the year. And I'll turn it over after that.
好的。這還算公平。我的意思是,價格成本似乎沒有第一季那麼糟糕,但下降了 9%。我想你上個季度有提到一些合約的價格重置得較低。所以我想知道您是否可以解決什麼樣的上限價格成本相對接近中性?然後,您能否提醒我們,全年指南在今年剩餘時間的消費者價格成本方面意味著什麼?之後我會把它翻過來。
Robert R. Dillard - CFO
Robert R. Dillard - CFO
Yes. Price cost was -- we had a really strong performance in the businesses. I think they're doing everything they can to kind of manage price with their customers, most of these are index-based prices that are causing a little bit of decline, and that was across the board, across consumer. So it was pretty evenly spread. And Q1 is when we experienced metal price overlap, which was $16 million this year, so a little bit down because we've been managing the inventory at the end of the year. And they did a really good job kind of managing the timing and the activation around that.
是的。價格成本是-我們的業務表現非常強勁。我認為他們正在盡一切努力與客戶一起管理價格,其中大部分是基於指數的價格,導致了一點點下降,而且是全面的、跨消費者的。所以它分佈得相當均勻。第一季我們經歷了金屬價格重疊,今年為 1600 萬美元,所以略有下降,因為我們一直在年底管理庫存。他們在管理時間安排和激活方面做得非常好。
So that, that was only $4 million of the $9 million or $10 million that we had in price negative price cost in Q1. We think that will relieve somewhat in Q2, and actually, we'll get some positive price costs in metal, which will get us to a modest positive in price cost for consumer in the second quarter, and we expect that to continue through the balance of the year.
因此,這只是我們第一季負價格成本 900 萬或 1000 萬美元中的 400 萬美元。我們認為這將在第二季度有所緩解,實際上,我們將獲得一些金屬的正價格成本,這將使我們在第二季度為消費者帶來適度的正價格成本,我們預計這種情況將持續到平衡期今年的。
Operator
Operator
(Operator Instructions) I'm showing no further questions. I would now like to hand the call back to Lisa Weeks for closing remarks.
(操作員說明)我沒有再提出任何問題。現在我想將電話轉回給麗莎·威克斯(Lisa Weeks),讓其致閉幕詞。
Lisa K. Weeks - VP of IR & Corporate Affairs
Lisa K. Weeks - VP of IR & Corporate Affairs
Thank you, again, for joining us today. If you have any follow-up questions, we'll be around after the call. And please feel free to contact me if you'd like to schedule a follow-up meeting. We look forward to seeing you all on the road at our planned conferences and events in the coming weeks, and we look forward to reporting our second quarter results in early August. With that, please have a great day. Thank you.
再次感謝您今天加入我們。如果您有任何後續問題,我們將在通話後為您解答。如果您想安排後續會議,請隨時與我聯繫。我們期待在未來幾週計劃的會議和活動中見到大家,並期待在八月初報告我們的第二季業績。就這樣,祝你有美好的一天。謝謝。
Operator
Operator
And 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。您現在可以斷開連線。