Market News of Note

Sonoco Products Company reported financial results for its Q2 ended June 30, 2024. Net sales decreased 5% to $1.6 billion primarily driven by the Protective Solutions ("Protexic") divestiture, the closure of a thermoformed food packaging plant, the treatment of recycling operations as a procurement function beginning January 1, 2024 and lower selling prices; overall volumes were positive and up low single digits including the impact of acquisitions.

Canfor Corporation reported an operating loss of $250.8 million for the Q2 2024, compared to an operating loss of $85.8 million in the Q1 2024.

West Fraser Timber's Q2 2024 sales were $1.705 billion, compared to $1.627 billion in the Q1 2024. Q2 2024 earnings were $105 million, or $1.20 per diluted share, compared to $35 million, or $0.42 per diluted share in the Q1 2024. Q2 2024 Adjusted EBITDA was $272 million compared to $200 million in the Q1 2024.

International Paper reported Q2 2024 financial results. Net sales for the Q2 increased to $4.73 billion, compared to $4.68 billion in the Q2 2023.

Kimberly-Clark says supplies are constrained and private-label brands are offering more promotions.

UFP Industries, Inc. (UFPI) announced Q2 2024 results including net sales of $1.9 billion, net earnings attributable to controlling interest of $126 million, and earnings per diluted share of $2.05.

In the Packaging segment, corrugated products shipments per day were up 9.2% over last year's Q2 and total shipments, with one additional shipping day, were up 10.9%.

Graphic Packaging Holding Company's net income was $190 million, or $0.62 per share, based upon 306.9 million weighted average diluted shares.

The Company recently completed a share capital reduction which has resulted in the creation of distributable reserves giving maximum flexibility to consider the payment of quarterly dividends and otherwise to return value to our shareholders, should the Board consider it appropriate.

Södra posted a stable result for the second quarter of 2024. Several important decisions were made during the quarter in line with Södra's strategy to increase the added value of its wood raw material and do more with each tree.

The chief financial officer of newly formed paper packaging giant Smurfit WestRock said consumer demand is coming "along nicely" and at similar levels in the second quarter to the growth seen in the first three months of the year.

Smurfit Westrock plc, a global leader in sustainable packaging, is pleased to announce its primary listing on the New York Stock Exchange (NYSE), under the ticker 'SW,' following the completion of the previously announced combination of Smurfit Kappa and WestRock on July 5, 2024.

The new price is valid from August 1, 2024.

London-listed shares in Smurfit Kappa rose on Wednesday after Bloomberg News reported that Smurfit WestRock, the company formed by a merger between the Irish packaging group and U.S. peer WestRock, will be included in S&P Dow Jones Indices's averages.

Hygiene and health company Essity is presenting new financial targets based on the company's portfolio following the divestment of the subsidiary Vinda. The new targets are an increase in ambition with an emphasis on profitable growth and are based on the company's robust platform with leading positions in growing and attractive markets.

Sonoco announced it will raise the price for all converted paperboard products by a minimum of 6 percent, effective with shipments in the United States and Canada, on or after July 10th, 2024. This includes tubes, cores, cones and protective packaging.

Hygiene and health company Essity is presenting new financial targets based on the company's portfolio following the divestment of the subsidiary Vinda. The new targets are an increase in ambition with an emphasis on profitable growth and are based on the company's robust platform with leading positions in growing and attractive markets.

The recent financing, which includes new capital investment and amendments to the Company's credit facilities, was completed in collaboration with the Company's existing lenders and has substantially bolstered the Company's cash liquidity position.

Conifex Timber Inc. announced that it has completed a $25 million secured term loan with PenderFund Capital Management Ltd. ("Pender"), an independent investment firm located in Vancouver, British Columbia, Canada. A portion of the term loan was utilized to repay and retire Conifex's existing lumber segment credit facility with Wells Fargo Capital Finance Corporation Canada in the amount of approximately $11 million. The balance of the term loan will be available for working capital and general corporate purposes.

According to GEF, the tube and core and protective packaging products price increase is a consequence of the URB price increase, the primary raw material contained in those products.

This price action is necessary to offset increased input costs, the company insists.

Sonoco-Alcore S.a.r.l. announced today that due to continued inflationary pressure on the business, it will raise prices by 7% on all tube and core grades sold in the company's EMEA regions. The increase is in direct response to the continued escalation of its cost base and will be effective for all shipments made on or after 15th June, 2024.

Greif, Inc., a world leader in industrial packaging products and services, announced it is implementing a $50 to $70 per short ton increase for all grades of uncoated recycled paperboard (URB) products.

Following the announcement of 25th March 2024, Sonoco announced it is implementing a further price increase as input costs have continued to rise beyond our initial estimation.

During Södra's general meeting in Kalmar, a decision was made to distribute the profit distribution of SEK 1,474 million to the members. During the meeting, evaluation of the southern model, development of the business model and the risk that species protection could render the forest owner disenfranchised were highlighted.