Silgan Holdings Inc

Latest Results (25.12.2024):

Net Sales and Income

Silgan Holdings Inc. reported net sales of $1.75 billion for the third quarter of 2024, a decrease from $1.80 billion in the same quarter of 2023. The net income for this period was $100.1 million, or $0.93 per diluted share, compared to $110.6 million, or $1.02 per diluted share, in the third quarter of 2023. Adjusted net income per diluted share for the third quarter of 2024 was $1.21, reflecting adjustments that increased net income per diluted share by $0.28.

Segment Performance

The Dispensing and Specialty Closures segment saw net sales of $563.7 million in the third quarter of 2024, marking a 1% increase from the previous year. The Metal Containers segment experienced a 7% decline in net sales to $1.02 billion, while the Custom Containers segment reported a 6% increase in net sales to $158.8 million. The Dispensing and Specialty Closures segment achieved record Adjusted EBIT of $95.2 million, driven by improved price/cost dynamics.

EBIT and Interest Expenses

Silgan Holdings Inc.'s income before interest and income taxes (EBIT) for the third quarter of 2024 was $167.3 million, down from $194.1 million in the same quarter of 2023. Interest and other debt expenses decreased by $5.4 million to $41.9 million, primarily due to lower borrowings. The effective tax rate for the third quarter of 2024 was 20.2%, favorably impacted by the reversal of tax reserves.

Outlook for 2024

Silgan Holdings Inc. has adjusted its full-year 2024 estimate for adjusted net income per diluted share to a range of $3.55 to $3.65, reflecting a 6% increase at the midpoint over 2023. The company anticipates interest and other debt expenses of approximately $170 million and an effective tax rate of 23-24% for 2024. Free cash flow is expected to be around $375 million, with capital expenditures projected at $255 million.

Conference Call Details

Silgan Holdings Inc. will hold a conference call to discuss its third-quarter 2024 results on October 30, 2024, at 11:00 a.m. Eastern Time. The call will be webcast live, and participants can join via teleconference by dialing specific numbers provided for U.S., Canada, and international callers. The confirmation code for the call is 6661013.