Silgan Announces All-Time Record Quarterly Earnings and Estimates Higher Earnings Next Quarter

Highlights
*Earnings per diluted share (EPS) of $0.83
*Record adjusted EPS of $1.08 per diluted share, a 27 percent increase over the prior year quarter
*Achieved record revenue in each business segment
*Achieved record segment income in Dispensing and Specialty Closures and Custom Containers
*Confirmed record full year earnings outlook
*Renewed long-term contract with largest steel food container customer
*Announced transfer of stock listing to NYSE, effective August 1, 2022

Silgan Holdings Inc. (Nasdaq:SLGN), a leading supplier of sustainable rigid packaging solutions for consumer goods products, today reported record second quarter net sales of $1.54 billion, a 14.5 percent increase over the prior year second quarter net sales of $1.35 billion, and second quarter 2022 net income of $92.7 million, or $0.83 per diluted share, as compared to record second quarter 2021 net income of $94.5 million, or $0.85 per diluted share.

Adjusted net income per diluted share for the second quarter of 2022 was $1.08, after adjustments increasing net income per diluted share by $0.25. Adjusted net income per diluted share for the second quarter of 2021 was $0.85. A reconciliation of net income per diluted share to “adjusted net income per diluted share,” a Non-GAAP financial measure used by the Company that adjusts net income per diluted share for certain items, can be found in Tables A and B at the back of this press release.

“The power of the Silgan portfolio and our on-going ability to deliver record results through dynamic economic circumstances continued to drive our outstanding performance in the second quarter, as we delivered an all-time record adjusted net income per diluted share of $1.08, a 27.1 percent increase as compared to $0.85 in the prior year second quarter,” said Adam Greenlee, President and CEO. “All of our business segments continued to deliver strong operating performance and benefited from the successful pass through of inflationary costs and our market leading capabilities to drive superior service levels for our customers even as many customers experienced other supply chain, labor and ingredients supply challenges. Our recent acquisitions in 2021 are performing well and continue to deliver results above our initial expectations.”

Net sales for the second quarter of 2022 were $1.54 billion, an increase of $195.1 million, or 14.5 percent, as compared to the same period in the prior year. This increase was the result of higher net sales in all segments.

Income before interest and income taxes for the second quarter of 2022 was a record $158.0 million, an increase of $5.0 million, or 3.3 percent, as compared to $153.0 million for the second quarter of 2021, while margins decreased to 10.2 percent from 11.3 percent for the same periods.
more at: https://www.silganholdings.com/news/news-details/2022/Silgan-Announces-All-Time-Record-Quarterly-Earnings-and-Estimates-Higher-Earnings-Next-Quarter/default.aspx

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