Silgan Announces Third Quarter Earnings
Net sales for the third quarter of 2021 were $1.65 billion, an increase of $162.6 million, or 10.9 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 2021 was $167.9 million, a decrease of $6.1 million, or 3.5 percent, as compared to $174.0 million for the third quarter of 2020, and margins decreased to 10.2 percent from 11.7 percent for the same periods. The decrease in income before interest and income taxes was primarily the result of higher costs attributed to announced acquisitions and lower income in the Dispensing and Specialty Closures segment, partially offset by higher income in the Custom Container segment. Costs attributed to announced acquisitions for the third quarter of 2021 were $4.1 million for the acquisitions of Gateway Plastics and Unicep Packaging in September 2021 and Easytech Closures S.p.A in October 2021. Costs attributed to announced acquisitions were $0.7 million for the third quarter of 2020. Rationalization charges were $2.3 million and $2.5 million in the third quarters of 2021 and 2020, respectively.