Highlights
*Record earnings per diluted share (EPS) of $1.25
*Record adjusted EPS of $1.27 per diluted share, a 25 percent increase over the prior year quarter
*Year-to-date record adjusted EPS of $3.14 per diluted share, a 20 percent increase over the prior year record
*Achieved record revenue and segment income in each business segment
*Record unit volumes in Dispensing and Specialty Closures
Silgan Holdings Inc. (NYSE:SLGN), a leading supplier of sustainable rigid packaging solutions for consumer goods products, today reported record third quarter net sales of $1.97 billion, a 19.3 percent increase over prior year third quarter net sales of $1.65 billion, and record third quarter 2022 net income of $138.7 million, or $1.25 per diluted share, as compared to third quarter 2021 net income of $106.3 million, or $0.96 per diluted share.
Adjusted net income per diluted share for the third quarter of 2022 was $1.27, after adjustments increasing net income per diluted share by $0.02. Adjusted net income per diluted share for the third quarter of 2021 was $1.02, after adjustments increasing net income per diluted share by $0.06. 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 Silgan team continued to deliver new all-time record adjusted EPS in both the third quarter and year-to-date periods, with a 25 percent increase as compared to the prior year quarter and an over 20 percent increase for the year-to-date period,” said Adam Greenlee, President and CEO. “Each of our businesses continued to consistently and successfully execute our operating plans while deploying a best-in-class service model across a diverse portfolio of essential products that produced record results in the third quarter. Strong operating performance enabled our teams to provide tremendous value and reliability for our customers, while our commercial relationships drove deeper collaboration and partnership with our customers as we worked to reduce the impact of inflation,” continued Mr. Greenlee.
“Given our record performance to date and our expectations for the fourth quarter, we are tightening our estimate of full year 2022 adjusted earnings per diluted share to a range of $3.90 to $4.00, the midpoint of which represents a 16 percent increase over record 2021 earnings. This will be the Company’s 6th consecutive year of record earnings performance. In addition, we are maintaining our full year 2022 free cash flow estimate of approximately $350 million. As we look forward to 2023, we expect organic volume growth, continued benefits from strong operating performance in each of our business segments and a significant increase in free cash flow generation,” concluded Mr. Greenlee.
Net sales for the third quarter of 2022 were $1.97 billion, an increase of $319.3 million, or 19.3 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 third quarter of 2022 was an all-time record $219.4 million, an increase of $51.5 million, or 30.7 percent, as compared to $167.9 million for the third quarter of 2021, and margins increased to 11.1 percent from 10.2 percent for the same periods. The increase in income before interest and income taxes was the result of higher income in each of the segments and lower corporate expenses. The third quarter of 2021 included costs attributed to announced acquisitions and a charge for the write-up of inventory for purchase accounting of $4.1 million and $0.9 million, respectively. Rationalization charges were $2.7 million and $2.3 million in the third quarters of 2022 and 2021, respectively.
details at: https://www.silganholdings.com/news/news-details/2022/Silgan-Announces-All-Time-Record-Quarterly-Earnings-Anticipates-Continued-Growth-and-Increased-Free-Cash-Flow-In-2023/default.aspx