Silgan Announces First Quarter 2024 Results

Silgan Holdings Inc. (NYSE: SLGN), a leading supplier of sustainable rigid packaging solutions for the world’s essential consumer goods products, today reported first quarter 2024 net sales of $1.32 billion and net income of $55.2 million, or $0.52 per diluted share, as compared to first quarter 2023 net sales of $1.42 billion and net income of $72.0 million, or $0.65 per diluted share.

Adjusted net income per diluted share for the first quarter of 2024 was $0.69, after adjustments increasing net income per diluted share by $0.17. Adjusted net income per diluted share for the first quarter of 2023 was $0.78 after adjustments increasing net income per diluted share by $0.13.

“The Silgan team delivered strong first quarter results at the high end of our guidance range, which continued to display the power of our diverse portfolio and winning long-term business strategy,” said Adam Greenlee, President and CEO. “Our global dispensing business is well positioned to deliver another year of growth and strong results through market leading innovation, strong end market demand, additional business wins and significant momentum in the marketplace. Consumer demand for our food and beverage products remains resilient, and our first quarter volumes, as expected, were impacted by our customers’ first half destocking priorities. In certain markets, customers accelerated those activities to be more weighted to the first quarter than initially anticipated. In our Custom Containers business, we’re encouraged that volumes improved sequentially, and we have also successfully commercialized a new business award as expected in the first quarter. Overall, we continue to see positive signs in each of our businesses with increased promotional activity at retail and improving demand trends,” continued Mr. Greenlee. “We remain focused on meeting the unique needs of our customers while actively managing what is within our control. We have made significant progress towards our $50 million cost reduction program and are confident in our ability to deliver $20 million of cost savings in 2024. Importantly, we are on track to deliver our 2024 objectives and are encouraged with the opportunities that remain in 2024 and beyond,” concluded Mr. Greenlee.
more at: https://s29.q4cdn.com/241493639/files/doc_financials/2024/q1/Silgan-Holdings-1Q24-Earnings-Press-Release.pdf

Related Posts

Sealed Air Announces Support of the World Food Programme’s Innovation Accelerator

Sealed Air Corporation announced its participation in the United Nations World Food Programme (WFP)’s Innovation Accelerator, an initiative that convenes the brightest minds in science and technology to develop and scale high-potential solutions for ending hunger worldwide. Sealed Air has partnered with World Food Program USA since 2017 in support of its mandate to reach zero hunger and respond to critical needs caused by the COVID-19 pandemic. Through relentless innovation, Sealed Air is developing the next generation of sustainable packaging solutions to address some of society’s most pressing challenges including food safety, eliminating waste, and reducing greenhouse gas emissions. “We’re on a mission to leave the world better than we found it,” said Steve Garland, Sealed Air’s Chief Innovation Officer. “Now more than ever, collaboration is needed to help communities around the world fight hunger. We value the opportunity to contribute Sealed Air’s expertise in science, engineering, research, and development and technological innovation to the World Food Programme.”

Mixing sustainability and convenience: Mondi and Baumit launch water-soluble bag for dry mix mortar

Mondi is introducing SolmixBag, a water-soluble bag for the construction industry. SolmixBag is a one-ply paper bag created to store and transport dry construction materials such as cement and dry mix mortar products. It’s designed to dissolve when getting in contact with water during the mixing process - the fibre of the packaging simply integrates with the product as it is mixed. This eliminates waste, reduces paper waste management costs and minimises dust on the construction site, as the bag is simply placed into the mixer without the necessity to open it up front. The bag is produced in-house thanks to the company’s uniquely integrated value chain: SolmixBag is created from Mondi’s water-soluble sack kraft paper and uses 20% less paper than the industry standard 2-ply paper bags. The solution is able to run on existing filling machines, and it is available in standard sizes, offering customers a smooth transition from their existing solutions. SolmixBag provides the same strength and shelf-life as its predecessors, with good printing results for a quality, stand-out appearance on shelf.

Bemis Company Reports 2017 Results and 2018 Outlook

During 2017, the Company launched an improvement plan called “Agility” to fix, strengthen, and grow its business. As part of this three-pronged approach, the fix aspect involves the restructuring and…

Back To Top
×Close search
Search