Silgan Announces Record Fourth Quarter Results; Expects Significant Earnings and Free Cash Flow Growth in 2025
Highlights
- Completed acquisition of Weener Packaging
- Achieved record Dispensing and Specialty Closures segment Adjusted EBIT
- Delivered three consecutive quarters of double digit volume growth in dispensing products
- Delivered double digit growth in Metal Containers for pet food markets in the fourth quarter
- Exceeded free cash flow estimate through improved working capital with restructuring program
- Anticipates double digit percentage earnings and free cash flow growth in 2025
Adjusted net income per diluted share for the full year of 2024 was
"The Silgan team delivered another year of strong results, with record fourth quarter adjusted EPS and Adjusted EBIT and double digit free cash flow growth, and made significant progress on several important long-term strategic objectives that will benefit our Company in 2025 and beyond. We expanded our market leading dispensing business with the acquisition of Weener Packaging, extended our decades long partnership with our largest customer with another long-term contract extension, and delivered meaningful organic growth. The success of our winning strategy, the power of our portfolio, and the strength of our team continue to create value for our shareholders and position the Company for continued success well beyond 2025," said Adam Greenlee, President and CEO.
"Our Dispensing and Specialty Closures business continues to perform exceptionally well and achieved record full year and fourth quarter Adjusted EBIT and the third consecutive quarter of double-digit organic volume growth in dispensing products during the fourth quarter. Our commercial focus, technological innovation, and the breadth and depth of our expanding product portfolio continue to drive incremental opportunities in new and existing dispensing end markets. Our Metal Containers business showed improving momentum in our strategic focus areas with double-digit volume growth in pet food and strong progress on our cost reduction efforts during the fourth quarter. Our Custom Containers business continued to deliver commercial success, as end market demand improved and our business benefited from the commercialization of new business awards, incremental new business wins, and strong operating performance," continued Mr. Greenlee.
"Earlier this week, we announced that Philippe Chevrier will join our team as Executive Vice President and Chief Operating Officer. Philippe will join our Executive Office in
Fourth Quarter Results
Net sales for the fourth quarter of 2024 were
Income before interest and income taxes (EBIT) for the fourth quarter of 2024 was
Interest and other debt expense before loss on early extinguishment of debt for the fourth quarter of 2024 was
The effective tax rates were
Fourth Quarter Segment Results
Dispensing and Specialty Closures
Net sales of the Dispensing and Specialty Closures segment were
Dispensing and Specialty Closures Adjusted EBIT increased
Metal Containers
Net sales of the Metal Containers segment were
Metal Containers Adjusted EBIT increased
Custom Containers
Net sales of the Custom Containers segment were
Custom Containers Adjusted EBIT increased
Full Year Results
Net sales for 2024 were
Income before interest and income taxes (EBIT) for 2024 was
Interest and other debt expense before loss on early extinguishment of debt for 2024 was
The effective tax rates were
The Company reported net cash provided by operating activities of
Full Year Segment Results
Dispensing and Specialty Closures
Net sales of the Dispensing and Specialty Closures segment were
Dispensing and Specialty Closures Adjusted EBIT increased
Metal Containers
Net sales of the Metal Containers segment were
Metal Containers Adjusted EBIT decreased by
Custom Containers
Net sales of the Custom Containers segment were
Custom Containers Adjusted EBIT increased
Outlook for 2025
The Company currently estimates adjusted net income per diluted share for the full year of 2025 will be in the range of
The Company anticipates interest and other debt expense in 2025 of approximately
The Company currently estimates that free cash flow in 2025 will be approximately
For the first quarter of 2025, the Company expects low to mid single digit organic volume increases and higher Adjusted EBIT in all segments. The Company is providing an estimate of adjusted net income per diluted share for the first quarter of 2025 in the range of
Conference Call
Silgan Holdings Inc. will hold a conference call to discuss the Company’s results for the fourth quarter and full year of 2024 at 11:00 a.m. eastern time on Wednesday, January 29, 2025. The conference call audio will be webcast live, and both the webcast and this press release can be accessed at www.silganholdings.com. Those who wish to participate in the conference call via teleconference from the
* * *
Silgan is a leading supplier of sustainable rigid packaging solutions for the world's essential consumer goods products with annual net sales of approximately
Statements included in this press release which are not historical facts are forward looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934, as amended. Such forward looking statements are made based upon management’s expectations and beliefs concerning future events impacting the Company and therefore involve a number of uncertainties and risks, including, but not limited to, those described in the Company’s Annual Report on Form 10-K for 2023 and other filings with the Securities and Exchange Commission. Therefore, the actual results of operations or financial condition of the Company could differ materially from those expressed or implied in such forward looking statements.
SILGAN HOLDINGS INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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(UNAUDITED) |
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For the quarter and year ended December 31, |
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(Dollars and shares in millions, except per share amounts) |
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|
|
|
|
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|
|
|
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Fourth Quarter |
|
Year Ended |
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|
|
2024 |
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|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
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Net sales |
$ |
1,411.2 |
|
|
$ |
1,340.1 |
|
|
$ |
5,854.7 |
|
|
$ |
5,988.2 |
|
|
|
|
|
|
|
|
|||||||
Cost of goods sold |
|
1,172.2 |
|
|
|
1,121.6 |
|
|
|
4,842.9 |
|
|
|
4,995.6 |
|
|
|
|
|
|
|
|
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Gross profit |
|
239.0 |
|
|
|
218.5 |
|
|
|
1,011.8 |
|
|
|
992.6 |
|
|
|
|
|
|
|
|
|||||||
Selling, general and administrative expenses |
|
123.6 |
|
|
|
96.5 |
|
|
|
438.1 |
|
|
|
384.4 |
|
|
|
|
|
|
|
|
|||||||
Rationalization charges (credits) |
|
21.4 |
|
|
|
(4.8 |
) |
|
|
59.5 |
|
|
|
8.4 |
|
|
|
|
|
|
|
|
|||||||
Other pension and postretirement (income) expense |
|
(0.2 |
) |
|
|
0.7 |
|
|
|
(0.9 |
) |
|
|
4.4 |
|
|
|
|
|
|
|
|
|||||||
Income before interest and income taxes |
|
94.2 |
|
|
|
126.1 |
|
|
|
515.1 |
|
|
|
595.4 |
|
|
|
|
|
|
|
|
|||||||
Interest and other debt expense before loss on early extinguishment of debt |
|
44.5 |
|
|
|
42.5 |
|
|
|
166.3 |
|
|
|
173.3 |
|
|
|
|
|
|
|
|
|||||||
Loss on early extinguishment of debt |
|
1.1 |
|
|
|
— |
|
|
|
1.1 |
|
|
|
— |
|
|
|
|
|
|
|
|
|||||||
Interest and other debt expense |
|
45.6 |
|
|
|
42.5 |
|
|
|
167.4 |
|
|
|
173.3 |
|
|
|
|
|
|
|
|
|||||||
Income before income taxes |
|
48.6 |
|
|
|
83.6 |
|
|
|
347.7 |
|
|
|
422.1 |
|
|
|
|
|
|
|
|
|||||||
Provision for income taxes |
|
4.2 |
|
|
|
19.2 |
|
|
|
72.0 |
|
|
|
96.1 |
|
|
|
|
|
|
|
|
|||||||
Income before equity in earnings of affiliates |
|
44.4 |
|
|
|
64.4 |
|
|
|
275.7 |
|
|
|
326.0 |
|
|
|
|
|
|
|
|
|||||||
Equity in earnings of affiliates, net of tax |
|
0.7 |
|
|
|
— |
|
|
|
0.7 |
|
|
|
— |
Net income |
$ |
45.1 |
|
|
$ |
64.4 |
|
|
$ |
276.4 |
|
|
$ |
326.0 |
|
|
|
|
|
|
|
|
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|
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|
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|
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Earnings per share (EPS): |
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|
|
|
|
|
|
|||||||
Basic net income per share |
$ |
0.42 |
|
|
$ |
0.60 |
|
|
$ |
2.59 |
|
|
$ |
3.00 |
Diluted net income per share |
$ |
0.42 |
|
|
$ |
0.60 |
|
|
$ |
2.58 |
|
|
$ |
2.98 |
|
|
|
|
|
|
|
|
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Cash dividends per common share |
$ |
0.19 |
|
|
$ |
0.18 |
|
|
$ |
0.76 |
|
|
$ |
0.72 |
|
|
|
|
|
|
|
|
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Weighted average shares: |
|
|
|
|
|
|
|
|||||||
Basic |
|
106.8 |
|
|
|
106.6 |
|
|
|
106.8 |
|
|
|
108.8 |
Diluted |
|
107.3 |
|
|
|
106.9 |
|
|
|
107.1 |
|
|
|
109.2 |
SILGAN HOLDINGS INC. |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(UNAUDITED) |
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(Dollars in millions) |
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|
Dec. 31, |
|
Dec. 31, |
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||
|
|
2024 |
|
2023 |
|
||
Assets: |
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
822.9 |
|
$ |
642.9 |
|
Trade accounts receivable, net |
|
|
594.2 |
|
|
599.5 |
|
Inventories |
|
|
928.1 |
|
|
940.8 |
|
Other current assets |
|
|
177.5 |
|
|
165.7 |
|
Property, plant and equipment, net |
|
|
2,282.9 |
|
|
1,961.6 |
|
Other assets, net |
|
|
3,779.0 |
|
|
3,300.7 |
|
Total assets |
|
$ |
8,584.6 |
|
$ |
7,611.2 |
|
|
|
|
|
|
|
||
Liabilities and stockholders' equity: |
|
|
|
|
|
||
Current liabilities, excluding debt |
|
$ |
1,531.0 |
|
$ |
1,431.4 |
|
Current and long-term debt |
|
|
4,136.8 |
|
|
3,426.8 |
|
Other liabilities |
|
|
927.6 |
|
|
863.6 |
|
Stockholders' equity |
|
|
1,989.2 |
|
|
1,889.4 |
|
Total liabilities and stockholders' equity |
|
$ |
8,584.6 |
|
$ |
7,611.2 |
|
SILGAN HOLDINGS INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(UNAUDITED) |
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For the year ended December 31, |
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(Dollars in millions) |
||||||||
|
|
|
|
|
||||
|
|
|
2024 |
|
|
|
2023 |
|
Cash flows provided by (used in) operating activities: |
|
|
|
|
||||
Net income |
|
$ |
276.4 |
|
|
$ |
326.0 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
275.9 |
|
|
|
263.2 |
|
Amortization of debt discount and debt issuance costs |
|
|
5.5 |
|
|
|
5.4 |
|
Rationalization charges |
|
|
59.5 |
|
|
|
8.4 |
|
Loss on early extinguishment of debt |
|
|
1.1 |
|
|
|
— |
|
Stock compensation expense |
|
|
15.5 |
|
|
|
15.6 |
|
Deferred income tax (benefit) provision |
|
|
(33.1 |
) |
|
|
33.1 |
|
Other changes that provided (used) cash: |
|
|
|
|
||||
Trade accounts receivable, net |
|
|
37.4 |
|
|
|
73.7 |
|
Inventories |
|
|
57.7 |
|
|
|
(162.3 |
) |
Trade accounts payable and other changes, net |
|
|
26.0 |
|
|
|
(80.5 |
) |
Net cash provided by operating activities |
|
|
721.9 |
|
|
|
482.6 |
|
|
|
|
|
|
||||
Cash flows provided by (used in) investing activities: |
|
|
|
|
||||
Purchase of business, net of cash acquired |
|
|
(921.6 |
) |
|
|
— |
|
Capital expenditures |
|
|
(262.8 |
) |
|
|
(226.8 |
) |
Proceeds from asset sales |
|
|
7.8 |
|
|
|
1.8 |
|
Other investing activities |
|
|
0.3 |
|
|
|
1.2 |
|
Net cash (used in) investing activities |
|
|
(1,176.3 |
) |
|
|
(223.8 |
) |
|
|
|
|
|
||||
Cash flows provided by (used in) financing activities: |
|
|
|
|
||||
Dividends paid on common stock |
|
|
(82.1 |
) |
|
|
(78.9 |
) |
Changes in outstanding checks - principally vendors |
|
|
(75.6 |
) |
|
|
99.1 |
|
Shares repurchased under authorized repurchase program |
|
|
— |
|
|
|
(174.7 |
) |
Net borrowings and other financing activities |
|
|
820.3 |
|
|
|
(56.9 |
) |
Net cash provided by (used in) financing activities |
|
|
662.6 |
|
|
|
(211.4 |
) |
|
|
|
|
|
||||
Effect of exchange rate changes on cash and cash equivalents |
|
|
(28.2 |
) |
|
|
9.9 |
|
|
|
|
|
|
||||
Cash and cash equivalents: |
|
|
|
|
||||
Net increase |
|
|
180.0 |
|
|
|
57.3 |
|
Balance at beginning of year |
|
|
642.9 |
|
|
|
585.6 |
|
Balance at end of period |
|
$ |
822.9 |
|
|
$ |
642.9 |
|
|
|
|
|
|
SILGAN HOLDINGS INC. |
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CONSOLIDATED SUPPLEMENTAL SEGMENT FINANCIAL DATA |
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(UNAUDITED) |
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For the quarter and year ended December 31, |
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(Dollars in millions) |
||||||||||||||||
|
|
|
|
|
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|
|
|
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||||||||||
|
|
Fourth Quarter |
|
Year Ended |
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|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net sales: |
|
|
|
|
|
|
|
|
||||||||
Dispensing and Specialty Closures |
|
$ |
639.4 |
|
|
$ |
522.3 |
|
|
$ |
2,304.4 |
|
|
$ |
2,221.4 |
|
Metal Containers |
|
|
610.2 |
|
|
|
665.3 |
|
|
|
2,900.7 |
|
|
|
3,140.8 |
|
Custom Containers |
|
|
161.6 |
|
|
|
152.5 |
|
|
|
649.6 |
|
|
|
626.0 |
|
Consolidated |
|
$ |
1,411.2 |
|
|
$ |
1,340.1 |
|
|
$ |
5,854.7 |
|
|
$ |
5,988.2 |
|
|
|
|
|
|
|
|
|
|
||||||||
Income before interest and income taxes (EBIT) |
|
|
|
|
|
|
|
|
||||||||
Dispensing and Specialty Closures |
|
$ |
76.7 |
|
|
$ |
68.4 |
|
|
$ |
290.0 |
|
|
$ |
281.0 |
|
Metal Containers |
|
|
41.6 |
|
|
|
55.8 |
|
|
|
228.9 |
|
|
|
287.4 |
|
Custom Containers |
|
|
(0.1 |
) |
|
|
6.8 |
|
|
|
55.4 |
|
|
|
52.8 |
|
Corporate |
|
|
(24.0 |
) |
|
|
(4.9 |
) |
|
|
(59.2 |
) |
|
|
(25.8 |
) |
Consolidated |
|
$ |
94.2 |
|
|
$ |
126.1 |
|
|
$ |
515.1 |
|
|
$ |
595.4 |
|
SILGAN HOLDINGS INC. |
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RECONCILIATION OF ADJUSTED NET INCOME PER DILUTED SHARE (1) |
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(UNAUDITED) |
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For the quarter and year ended December 31, |
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(Dollars and shares in millions, except per share amounts) |
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Table A |
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||||||||||||||||
|
Fourth Quarter |
|
Year Ended |
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|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||||||
|
Net |
|
Diluted |
|
Net |
|
Diluted |
|
Net |
|
Diluted |
|
Net |
|
Diluted |
||||||||
|
Income |
|
EPS |
|
Income |
|
EPS |
|
Income |
|
EPS |
|
Income |
|
EPS |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
$ |
45.1 |
|
$ |
0.42 |
|
$ |
64.4 |
|
$ |
0.60 |
|
$ |
276.4 |
|
$ |
2.58 |
|
$ |
326.0 |
|
$ |
2.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjustments (a) |
|
45.7 |
|
|
0.43 |
|
|
3.2 |
|
|
0.03 |
|
|
111.4 |
|
|
1.04 |
|
|
45.5 |
|
|
0.42 |
Non- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
$ |
90.8 |
|
$ |
0.85 |
|
$ |
67.6 |
|
$ |
0.63 |
|
$ |
387.8 |
|
$ |
3.62 |
|
$ |
371.5 |
|
$ |
3.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding - Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
107.3 |
|
|
|
|
106.9 |
|
|
|
|
107.1 |
|
|
|
|
109.2 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(a) Adjustments consist of items in the table below |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
Year Ended |
|||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|||
Adjustments: |
|
|
|
|
|
|
|
|||||||||||
Acquired intangible asset amortization expense |
$ |
14.6 |
|
|
$ |
13.3 |
|
|
$ |
52.6 |
|
|
$ |
53.1 |
|
|||
Other pension (income) expense for |
|
(1.0 |
) |
|
|
1.3 |
|
|
|
(4.2 |
) |
|
|
3.6 |
|
|||
Rationalization charges (credits) |
|
21.4 |
|
|
|
(4.8 |
) |
|
|
59.5 |
|
|
|
8.4 |
|
|||
Costs attributed to announced acquisitions |
|
15.7 |
|
|
|
— |
|
|
|
28.4 |
|
|
|
— |
|
|||
Purchase accounting write-up of inventory |
|
6.1 |
|
|
|
— |
|
|
|
6.1 |
|
|
|
— |
|
|||
Loss on early extinguishment of debt |
|
1.1 |
|
|
|
— |
|
|
|
1.1 |
|
|
|
— |
|
|||
Pre-tax impact of adjustments |
|
57.9 |
|
|
|
9.8 |
|
|
|
143.5 |
|
|
|
65.1 |
|
|||
Tax impact of adjustments |
|
12.2 |
|
|
6.6 |
|
|
|
32.1 |
|
|
|
19.6 |
|
||||
Net impact of adjustments |
$ |
45.7 |
|
|
$ |
3.2 |
|
|
$ |
111.4 |
|
|
$ |
45.5 |
|
|||
|
|
|
|
|
|
|
|
|||||||||||
Weighted average number of common shares outstanding - Diluted |
|
|
|
|
|
|
|
|||||||||||
|
107.3 |
|
|
|
106.9 |
|
|
|
107.1 |
|
|
|
109.2 |
|
||||
Diluted EPS impact from adjustments |
$ |
0.43 |
|
|
$ |
0.03 |
|
|
$ |
1.04 |
|
|
$ |
0.42 |
|
|||
|
|
|
|
|
|
|
|
|||||||||||
Adjusted tax rate |
15.5 |
% | 27.7 |
% | 21.2 |
% | 23.8 |
% |
SILGAN HOLDINGS INC. |
||||||||||||||||
RECONCILIATION OF ADJUSTED EBIT (2) |
||||||||||||||||
(UNAUDITED) |
||||||||||||||||
For the quarter and year ended December 31, |
||||||||||||||||
(Dollars in millions) |
||||||||||||||||
|
|
|
|
|
||||||||||||
Table B |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Fourth Quarter |
|
Year Ended |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Dispensing and Specialty Closures: |
|
|
|
|
|
|
|
|
||||||||
Income before interest and income taxes (EBIT) |
|
$ |
76.7 |
|
|
$ |
68.4 |
|
|
$ |
290.0 |
|
|
$ |
281.0 |
|
Acquired intangible asset amortization expense |
|
|
13.1 |
|
|
|
11.8 |
|
|
|
46.7 |
|
|
|
47.2 |
|
Other pension (income) expense for |
|
|
(0.2 |
) |
|
|
0.7 |
|
|
|
(1.0 |
) |
|
|
1.1 |
|
Equity in earnings of affiliates, net of tax |
|
|
0.7 |
|
|
|
— |
|
|
|
0.7 |
|
|
|
— |
|
Rationalization charges |
|
|
3.5 |
|
|
|
6.1 |
|
|
|
23.1 |
|
|
|
11.3 |
|
Purchase accounting write-up of inventory |
|
|
6.1 |
|
|
|
— |
|
|
|
6.1 |
|
|
|
— |
|
Adjusted EBIT |
|
$ |
99.9 |
|
|
$ |
87.0 |
|
|
$ |
365.6 |
|
|
$ |
340.6 |
|
|
|
|
|
|
|
|
|
|
||||||||
Metal Containers: |
|
|
|
|
|
|
|
|
||||||||
Income before interest and income taxes (EBIT) |
|
$ |
41.6 |
|
|
$ |
55.8 |
|
|
$ |
228.9 |
|
|
$ |
287.4 |
|
Acquired intangible asset amortization expense |
|
|
0.4 |
|
|
|
0.4 |
|
|
|
1.4 |
|
|
|
1.4 |
|
Other pension (income) expense for |
|
|
(0.6 |
) |
|
|
0.4 |
|
|
|
(2.3 |
) |
|
|
1.5 |
|
Rationalization charges (credits) |
|
|
0.5 |
|
|
|
(15.8 |
) |
|
|
14.4 |
|
|
|
(7.9 |
) |
Adjusted EBIT |
|
$ |
41.9 |
|
|
$ |
40.8 |
|
|
$ |
242.4 |
|
|
$ |
282.4 |
|
|
|
|
|
|
|
|
|
|
||||||||
Custom Containers: |
|
|
|
|
|
|
|
|
||||||||
Income before interest and income taxes (EBIT) |
|
$ |
(0.1 |
) |
|
$ |
6.8 |
|
|
$ |
55.4 |
|
|
$ |
52.8 |
|
Acquired intangible asset amortization expense |
|
|
1.1 |
|
|
|
1.1 |
|
|
|
4.5 |
|
|
|
4.5 |
|
Other pension (income) expense for |
|
|
(0.2 |
) |
|
|
0.2 |
|
|
|
(0.9 |
) |
|
|
1.0 |
|
Rationalization charges |
|
|
17.4 |
|
|
|
4.9 |
|
|
|
22.0 |
|
|
|
5.0 |
|
Adjusted EBIT |
|
$ |
18.2 |
|
|
$ |
13.0 |
|
|
$ |
81.0 |
|
|
$ |
63.3 |
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate: |
|
|
|
|
|
|
|
|
||||||||
(Loss) before interest and income taxes (EBIT) |
|
$ |
(24.0 |
) |
|
$ |
(4.9 |
) |
|
$ |
(59.2 |
) |
|
$ |
(25.8 |
) |
Costs attributed to announced acquisitions |
|
|
15.7 |
|
|
|
— |
|
|
|
28.4 |
|
|
|
— |
|
Adjusted EBIT |
|
$ |
(8.3 |
) |
|
$ |
(4.9 |
) |
|
$ |
(30.8 |
) |
|
$ |
(25.8 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Total Adjusted EBIT |
|
$ |
151.7 |
|
|
$ |
135.9 |
|
|
$ |
658.2 |
|
|
$ |
660.5 |
|
SILGAN HOLDINGS INC. |
|||||||||||||||||
RECONCILIATION OF ADJUSTED NET INCOME PER DILUTED SHARE (1) |
|||||||||||||||||
(UNAUDITED) |
|||||||||||||||||
For the quarter and year ended, |
|||||||||||||||||
(Dollars and shares in millions, except per share amounts) |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Table C |
|||||||||||||||||
|
First Quarter, |
|
Year Ended |
||||||||||||||
|
March 31, |
|
December 31, |
||||||||||||||
|
Estimated |
|
Actual |
|
Estimated |
|
Actual |
||||||||||
|
Low |
|
High |
|
|
|
Low |
|
High |
|
|
||||||
|
2025 |
|
2025 |
|
2024 |
|
2025 |
|
2025 |
|
2024 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
$ |
66.4 |
|
$ |
77.1 |
|
$ |
55.2 |
|
$ |
380.6 |
|
$ |
402.1 |
|
$ |
276.4 |
Adjustments (a) |
|
13.1 |
|
|
13.1 |
|
|
18.0 |
|
|
49.4 |
|
|
49.4 |
|
|
111.4 |
Non- |
|
|
|
|
|
|
|
|
|
|
|
||||||
$ |
79.5 |
|
$ |
90.2 |
|
$ |
73.2 |
|
$ |
430.0 |
|
$ |
451.5 |
|
$ |
387.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
$ |
0.62 |
|
$ |
0.72 |
|
$ |
0.52 |
|
$ |
3.54 |
|
$ |
3.74 |
|
$ |
2.58 |
Adjustments (a) |
|
0.12 |
|
|
0.12 |
|
|
0.17 |
|
|
0.46 |
|
|
0.46 |
|
|
1.04 |
Non- |
|
|
|
|
|
|
|
|
|
|
|
||||||
$ |
0.74 |
|
$ |
0.84 |
|
$ |
0.69 |
|
$ |
4.00 |
|
$ |
4.20 |
|
$ |
3.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(a) Adjustments consist of items in the table below |
|
|
|
|
|
|
|
|
|
|
|
First Quarter, |
|
Year Ended |
|||||||||||||
March 31, |
|
December 31, |
|||||||||||||
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Estimated |
|
Actual |
|
Estimated |
|
Actual |
|||||||||
Adjustments: |
|
|
|
|
|
|
|
||||||||
Acquired intangible asset amortization expense |
$ |
15.0 |
|
|
$ |
13.3 |
|
|
$ |
59.8 |
|
|
$ |
52.6 |
|
Other pension income for |
|
(0.9 |
) |
|
|
(1.2 |
) |
|
|
(3.7 |
) |
|
|
(4.2 |
) |
Rationalization charges |
|
3.2 |
|
|
|
11.7 |
|
|
|
8.9 |
|
|
|
59.5 |
|
Costs attributed to announced acquisitions |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
28.4 |
|
Purchase accounting write-up of inventory |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6.1 |
|
Loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.1 |
|
Pre-tax impact of adjustments |
|
17.3 |
|
|
|
23.8 |
|
|
|
65.0 |
|
|
|
143.5 |
|
Tax impact of adjustments |
|
4.2 |
|
|
|
5.8 |
|
|
|
15.6 |
|
|
|
32.1 |
|
Net impact of adjustments |
$ |
13.1 |
|
|
$ |
18.0 |
|
|
$ |
49.4 |
|
|
$ |
111.4 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding - Diluted |
|
|
|
|
|
|
|
||||||||
|
107.4 |
|
|
|
107.1 |
|
|
|
107.5 |
|
|
|
107.1 |
|
|
Diluted EPS impact from adjustments |
$ |
0.12 |
|
|
$ |
0.17 |
|
|
$ |
0.46 |
|
|
$ |
1.04 |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
SILGAN HOLDINGS INC. |
|
||||||||||
RECONCILIATION OF FREE CASH FLOW (3) |
|
||||||||||
(UNAUDITED) |
|
||||||||||
For the year ended December 31, |
|
||||||||||
(Dollars and shares in millions, except per share amounts) |
|
||||||||||
|
|
||||||||||
Table D |
|
||||||||||
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
Net cash provided by operating activities |
|
|
|
$ |
721.9 |
|
|
$ |
482.6 |
|
|
|
|
|
|
|
|
|
|
||||
Capital expenditures |
|
|
|
|
(262.8 |
) |
|
|
(226.8 |
) |
|
Proceeds from asset sales |
|
|
|
|
7.8 |
|
|
|
1.8 |
|
|
Changes in outstanding checks |
|
|
|
|
(75.6 |
) |
|
|
99.1 |
|
|
Free cash flow |
|
|
|
$ |
391.3 |
|
|
$ |
356.7 |
|
|
|
|
|
|
|
|
|
|
||||
Net cash provided by operating activities per diluted share |
|
|
|
$ |
6.74 |
|
|
$ |
4.42 |
|
|
|
|
|
|
|
|
|
|
||||
Free cash flow per diluted share |
|
|
|
$ |
3.65 |
|
|
$ |
3.27 |
|
|
|
|
|
|
|
|
|
|
||||
Weighted average diluted shares |
|
|
|
|
107.1 |
|
|
|
109.2 |
|
|
|
|
|
|
|
|
|
|
(1) The Company has presented adjusted net income per diluted share for the periods covered by this press release, which measure is a Non-GAAP financial measure. The Company’s management believes it is useful to exclude acquired intangible asset amortization expense, other pension (income) expense for
(2) The Company has presented Adjusted EBIT for the periods covered by this press release, which measure is a Non-GAAP financial measure. The Company’s management believes it is useful to exclude acquired intangible asset amortization expense, other pension (income) expense for
(3) The Company has presented free cash flow in this press release, which is a Non-GAAP financial measure. The Company’s management believes that free cash flow is important to support its stated business strategy of investing in internal growth and acquisitions. Free cash flow is defined as net cash provided by operating activities adjusted for changes in outstanding checks, reduced by capital expenditures and increased by proceeds from asset sales. At times, there may be other unusual cash items that will be excluded from free cash flow. Net cash provided by operating activities is the most comparable financial measure under
View source version on businesswire.com: https://www.businesswire.com/news/home/20250129643120/en/
Alexander Hutter
Vice President, Investor Relations
AHutter@silgan.com
203-406-3187
Source: Silgan Holdings Inc.