International Paper Reports Second Quarter 2023 Results

Silgan Holdings Inc., a leading supplier of sustainable rigid packaging solutions for the world's essential consumer goods products, today reported third quarter 2024 net sales of $1.75 billion and net income of $100.1 million, or $0.93 per diluted share, as compared to third quarter 2023 net sales of $1.80 billion and net income of $110.6 million, or $1.02 per diluted share. "Our third quarter results continued to benefit from the success of our long-term strategic growth initiatives, the power of the Silgan portfolio and the strength and agility of our operating teams," said Adam Greenlee, President and CEO. "We are pleased to have recently closed the Weener acquisition and to welcome 4,000 new Silgan Team members. This acquisition further expands the breadth, depth and reach of our best-in-class and winning global dispensing business."

Amcor announced the opening of its greenfield packaging facility in Tuas, Singapore. The dedicated healthcare packaging facility will address a current and future market need, as demand for healthcare packaging is rapidly increasing across the region. Amcor’s new Tuas facility comprises cleanroom manufacturing environments, capability in three-, seven- and nine-layer co-extrusion blown film, and state-of-the-art flexographic printing. It is also fully certified to ISO 13485, ensuring the ability to fully satisfy industry regulatory requirements.

Net sales in the third quarter were $3,074 million compared to $3,069 million in the third quarter of 2023 reflecting higher shipments of both global beverage cans and food cans in North America, offset by lower volumes in most other businesses and unfavorable foreign currency translation of $9 million. Income from operations was $444 million in the third quarter compared to $374 million in the third quarter of 2023. Segment income in the third quarter of 2024 was $472 million, up 10%, compared to the $430 million in the prior year third quarter driven by improved results in global beverage operations, partially offset by the impact of lower volumes in Transit Packaging and the beverage can equipment business. Commenting on the quarter, Timothy J. Donahue, Chairman, President and Chief Executive Officer, stated, "The Company continued its strong 2024 performance during the third quarter, with results in each of its global beverage can businesses exceeding original expectations. Global beverage shipments improved 5% during the quarter, with Brazil, Europe, Mexico and the United States all recording increases of 5% or more. Segment income on a combined basis advanced 10% over the prior year third quarter, as the Company benefited from favorable manufacturing performance and exposure to a well-balanced portfolio of end markets. Transit Packaging performed in line with expectations while global manufacturing activity continues in contraction.