Silgan Announces Third Quarter 2024 Results
Silgan Holdings (NYSE: SLGN) reported Q3 2024 financial results with net sales of $1.75 billion and net income of $100.1 million ($0.93 per diluted share), compared to Q3 2023 net sales of $1.80 billion and net income of $110.6 million ($1.02 per diluted share). Adjusted net income per diluted share was $1.21 for Q3 2024. The company completed the acquisition of Weener Packaging, renewed a long-term contract with its largest customer, and achieved record volume in dispensing products. The company narrowed its 2024 full-year adjusted EPS guidance to $3.55-$3.65.
Silgan Holdings (NYSE: SLGN) ha riportato i risultati finanziari del terzo trimestre del 2024, con vendite nette di 1,75 miliardi di dollari e un utile netto di 100,1 milioni di dollari (0,93 dollari per azione diluita), rispetto alle vendite nette del terzo trimestre del 2023 di 1,80 miliardi di dollari e un utile netto di 110,6 milioni di dollari (1,02 dollari per azione diluita). L'utile netto rettificato per azione diluita era di 1,21 dollari per il terzo trimestre del 2024. L'azienda ha completato l'acquisizione di Weener Packaging, rinnovato un contratto di lungo termine con il suo cliente più grande e raggiunto volumi record nei prodotti di erogazione. L'azienda ha ridotto la sua previsione di utile per azione rettificato per l'intero anno 2024 a 3,55-3,65 dollari.
Silgan Holdings (NYSE: SLGN) reportó resultados financieros del tercer trimestre de 2024 con ventas netas de 1.75 mil millones de dólares y un ingreso neto de 100.1 millones de dólares (0.93 dólares por acción diluida), en comparación con ventas netas del tercer trimestre de 2023 de 1.80 mil millones de dólares y un ingreso neto de 110.6 millones de dólares (1.02 dólares por acción diluida). El ingreso neto ajustado por acción diluida fue de 1.21 dólares para el tercer trimestre de 2024. La compañía completó la adquisición de Weener Packaging, renovó un contrato a largo plazo con su mayor cliente y logró un volumen récord en productos de dispensación. La empresa ajustó su guía de ganancias por acción ajustadas para todo el año 2024 a 3.55-3.65 dólares.
실간 홀딩스 (NYSE: SLGN)는 2024년 3분기 재무 결과를 보고하였으며, 순매출은 17억 5천만 달러이고 순이익은 1억 1백만 달러 (희석 주당 0.93달러)로 2023년 3분기에 비해 순매출은 18억 달러, 순이익은 1억 1백60만 달러 (희석 주당 1.02달러)였습니다. 2024년 3분기 희석 주당 조정 순이익은 1.21달러였습니다. 이 회사는 Weener Packaging 인수를 완료했으며, 가장 큰 고객과의 장기 계약을 갱신하고 제품 분배량에서 기록을 달성했습니다. 회사는 2024년 전체 연도에 대한 조정 주당 순이익 가이드를 3.55-3.65달러로 축소했습니다.
Silgan Holdings (NYSE: SLGN) a annoncé ses résultats financiers pour le troisième trimestre 2024, avec des ventes nettes de 1,75 milliard de dollars et un bénéfice net de 100,1 millions de dollars (0,93 dollar par action diluée), par rapport aux ventes nettes du troisième trimestre 2023 de 1,80 milliard de dollars et un bénéfice net de 110,6 millions de dollars (1,02 dollar par action diluée). Le bénéfice net ajusté par action diluée s'élevait à 1,21 dollar pour le troisième trimestre 2024. L'entreprise a finalisé l'acquisition de Weener Packaging, renouvelé un contrat à long terme avec son plus grand client et atteint un volume record dans les produits de distribution. L'entreprise a révisé sa prévision de bénéfice par action ajusté pour l'année 2024 à 3,55-3,65 dollars.
Silgan Holdings (NYSE: SLGN) berichtete über die finanziellen Ergebnisse für das 3. Quartal 2024 mit Nettoumsätzen von 1,75 Milliarden Dollar und einem Nettogewinn von 100,1 Millionen Dollar (0,93 Dollar pro verwässerter Aktie), im Vergleich zu einem Nettoumsatz von 1,80 Milliarden Dollar und einem Nettogewinn von 110,6 Millionen Dollar (1,02 Dollar pro verwässerter Aktie) im 3. Quartal 2023. Der bereinigte Nettogewinn pro verwässerter Aktie betrug 1,21 Dollar für das 3. Quartal 2024. Das Unternehmen hat die Übernahme von Weener Packaging abgeschlossen, einen langfristigen Vertrag mit dem größten Kunden erneuert und einen Rekordumsatz bei Distributionsprodukten erzielt. Das Unternehmen hat seine Prognose für den bereinigten Gewinn je Aktie für das Gesamtjahr 2024 auf 3,55-3,65 Dollar eingegrenzt.
- Record Dispensing and Specialty Closures segment Adjusted EBIT of $95.2 million
- Double-digit growth in dispensing products volume
- High single-digit growth in pet food market segment
- Custom Containers segment sales increased 6% to $158.8 million
- Free cash flow estimate maintained at $375 million for 2024
- Net sales decreased 3% to $1.75 billion in Q3 2024
- Net income declined to $100.1 million from $110.6 million YoY
- Metal Containers segment sales decreased 7% to $1.02 billion
- Rationalization charges increased to $19.5 million from $6.4 million YoY
- Lower volumes in fruit and vegetable markets due to severe weather
Insights
Q3 2024 shows mixed results with some concerning trends.
Key segment performance reveals: Dispensing segment achieved record Adjusted EBIT despite modest
2024 guidance narrowed to
The market implications are nuanced. While volume growth in dispensing products and pet food segments demonstrates resilience in consumer essentials, the early end to fruit/vegetable pack season and mixed promotional success indicate potential demand softness. The Weener acquisition strategically positions Silgan in high-growth dispensing markets.
The
Highlights
- Completed acquisition of Weener Packaging
- Renewed long-term contract with largest customer
- Delivered double digit growth and record volume in dispensing products
- Record Dispensing and Specialty Closures segment Adjusted EBIT
- Anticipates significant growth in 2025
Adjusted net income per diluted share for the third quarter of 2024 was
"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. Our global dispensing business delivered another consecutive quarter of double-digit growth in dispensing products and continues to see success in the marketplace as the dispensing partner of choice to the world's most iconic brands driven by our leading innovation and service model. Our Metal Containers business achieved another significant milestone in the quarter, delivering high single digit growth in pet food and successfully extending our decades-long relationship with our largest Metal Containers customer through the renewal and extension of our long-term contract. Our Custom Containers business benefited from the commercialization of new business awards, improved market demand and strong operating performance, and our teams have continued to deliver incremental business wins. Overall, we continue to see positive momentum in our business and remain on track to drive organic growth and margin improvement in 2024, while managing through the impact of severe weather and the mixed success of customer promotional activity," continued Mr. Greenlee. "With our strategic objectives continuing to deliver organic growth and the Weener acquisition, including synergies, contributing to our results, we believe we are well positioned to deliver significant earnings growth in 2025 and beyond," concluded Mr. Greenlee.
Third Quarter Results
Net sales for the third quarter of 2024 were
Income before interest and income taxes (EBIT) for the third quarter of 2024 was
Interest and other debt expense for the third quarter of 2024 was
The effective tax rates were
Third 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 decreased
Custom Containers
Net sales of the Custom Containers segment were
Custom Containers Adjusted EBIT increased
Outlook for 2024
The Company has narrowed its estimate of adjusted net income per diluted share for the full year of 2024 from a range of
The Company anticipates interest and other debt expense in 2024 of approximately
The Company is confirming its estimate of free cash flow in 2024 of approximately
For the fourth quarter of 2024, the Company expects low single digit volume growth in the Dispensing and Specialty Closures and Custom Containers segments. Metal Containers volumes are expected to be below prior year levels due to the early end to the fruit and vegetable pack season in 2024 as compared to strong fruit and vegetable volumes in the fourth quarter of 2023. The Company is providing an estimate of adjusted net income per diluted share for the fourth quarter of 2024 in the range of
Conference Call
Silgan Holdings Inc. will hold a conference call to discuss the Company’s results for the third quarter of 2024 at 11:00 a.m. eastern time on Wednesday, October 30, 2024. 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 nine months ended September 30, |
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(Dollars and shares in millions, except per share amounts) |
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Third Quarter |
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Nine Months |
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2024 |
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2023 |
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2024 |
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2023 |
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|
|
|
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|
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Net sales |
$ |
1,745.1 |
|
$ |
1,803.1 |
|
$ |
4,443.5 |
|
|
$ |
4,648.1 |
|
|
|
|
|
|
|
|
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Cost of goods sold |
|
1,451.8 |
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|
1,517.2 |
|
|
3,670.7 |
|
|
|
3,874.1 |
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|
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|
|
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|
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Gross profit |
|
293.3 |
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|
285.9 |
|
|
772.8 |
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|
774.0 |
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|
|
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|
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|
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Selling, general and administrative expenses |
|
106.4 |
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84.3 |
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314.6 |
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|
287.8 |
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Rationalization charges |
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19.5 |
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6.4 |
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38.0 |
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|
13.2 |
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|
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Other pension and postretirement expense (income) |
|
0.1 |
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|
1.1 |
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|
(0.7 |
) |
|
|
3.7 |
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|
|
|
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|
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|
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Income before interest and income taxes |
|
167.3 |
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|
194.1 |
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|
420.9 |
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|
469.3 |
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|
|
|
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Interest and other debt expense |
|
41.9 |
|
|
47.3 |
|
|
121.9 |
|
|
|
130.8 |
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|
|
|
|
|
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Income before income taxes |
|
125.4 |
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|
146.8 |
|
|
299.0 |
|
|
|
338.5 |
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|
|
|
|
|
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|
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Provision for income taxes |
|
25.3 |
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|
36.2 |
|
|
67.7 |
|
|
|
77.0 |
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Net income |
$ |
100.1 |
|
$ |
110.6 |
|
$ |
231.3 |
|
|
$ |
261.5 |
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Earnings per share (EPS): |
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Basic net income per share |
$ |
0.94 |
|
$ |
1.02 |
|
$ |
2.17 |
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|
$ |
2.39 |
Diluted net income per share |
$ |
0.93 |
|
$ |
1.02 |
|
$ |
2.16 |
|
|
$ |
2.38 |
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Cash dividends per common share |
$ |
0.19 |
|
$ |
0.18 |
|
$ |
0.57 |
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|
$ |
0.54 |
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Weighted average shares: |
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|
|
|
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|||||
Basic |
|
106.8 |
|
|
108.4 |
|
|
106.8 |
|
|
|
109.6 |
Diluted |
|
107.1 |
|
|
108.8 |
|
|
107.1 |
|
|
|
110.0 |
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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Sept. 30, |
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Sept. 30, |
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Dec. 31, |
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2024 |
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2023 |
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2023 |
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Assets: |
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Cash and cash equivalents |
|
$ |
368.5 |
|
$ |
307.1 |
|
$ |
642.9 |
Trade accounts receivable, net |
|
|
1,210.3 |
|
|
1,295.9 |
|
|
599.5 |
Inventories |
|
|
780.4 |
|
|
919.0 |
|
|
940.8 |
Other current assets |
|
|
160.2 |
|
|
139.8 |
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|
165.7 |
Property, plant and equipment, net |
|
|
1,956.0 |
|
|
1,911.6 |
|
|
1,961.6 |
Other assets, net |
|
|
3,272.0 |
|
|
3,238.9 |
|
|
3,300.7 |
Total assets |
|
$ |
7,747.4 |
|
$ |
7,812.3 |
|
$ |
7,611.2 |
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Liabilities and stockholders' equity: |
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Current liabilities, excluding debt |
|
$ |
1,051.4 |
|
$ |
1,017.7 |
|
$ |
1,431.4 |
Current and long-term debt |
|
|
3,808.1 |
|
|
4,210.5 |
|
|
3,426.8 |
Other liabilities |
|
|
833.9 |
|
|
802.2 |
|
|
863.6 |
Stockholders' equity |
|
|
2,054.0 |
|
|
1,781.9 |
|
|
1,889.4 |
Total liabilities and stockholders' equity |
|
$ |
7,747.4 |
|
$ |
7,812.3 |
|
$ |
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 nine months ended September 30, |
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(Dollars in millions) |
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2024 |
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2023 |
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Cash flows provided by (used in) operating activities: |
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Net income |
|
$ |
231.3 |
|
|
$ |
261.5 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
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|
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|
||||
Depreciation and amortization |
|
|
198.6 |
|
|
|
196.7 |
|
Amortization of debt discount and debt issuance costs |
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|
4.0 |
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4.0 |
|
Rationalization charges |
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|
38.0 |
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|
13.2 |
|
Other changes that provided (used) cash: |
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|
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Trade accounts receivable, net |
|
|
(614.6 |
) |
|
|
(638.3 |
) |
Inventories |
|
|
160.8 |
|
|
|
(152.9 |
) |
Trade accounts payable and other changes, net |
|
|
(232.0 |
) |
|
|
(280.2 |
) |
Net cash (used in) operating activities |
|
|
(213.9 |
) |
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|
(596.0 |
) |
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Cash flows provided by (used in) investing activities: |
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Capital expenditures |
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(192.0 |
) |
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|
(173.5 |
) |
Proceeds from asset sales |
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|
3.2 |
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|
1.6 |
|
Other investing activities |
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|
(0.3 |
) |
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|
1.3 |
|
Net cash (used in) investing activities |
|
|
(189.1 |
) |
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|
(170.6 |
) |
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Cash flows provided by (used in) financing activities: |
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Dividends paid on common stock |
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|
(61.8 |
) |
|
|
(59.7 |
) |
Changes in outstanding checks - principally vendors |
|
|
(160.6 |
) |
|
|
(61.4 |
) |
Shares repurchased under authorized repurchase program |
|
|
— |
|
|
|
(174.7 |
) |
Net borrowings and other financing activities |
|
|
356.6 |
|
|
|
783.4 |
|
Net cash provided by financing activities |
|
|
134.2 |
|
|
|
487.6 |
|
|
|
|
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|
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Effect of exchange rate changes on cash and cash equivalents |
|
|
(5.6 |
) |
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|
0.5 |
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|
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Cash and cash equivalents: |
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|
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|
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Net (decrease) |
|
|
(274.4 |
) |
|
|
(278.5 |
) |
Balance at beginning of year |
|
|
642.9 |
|
|
|
585.6 |
|
Balance at end of period |
|
$ |
368.5 |
|
|
$ |
307.1 |
|
|
|
|
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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 nine months ended September 30, |
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(Dollars in millions) |
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Third Quarter |
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Nine Months |
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2024 |
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2023 |
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2024 |
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2023 |
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Net sales: |
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|
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Dispensing and Specialty Closures |
|
$ |
563.7 |
|
|
$ |
559.1 |
|
|
$ |
1,665.0 |
|
|
$ |
1,699.1 |
|
Metal Containers |
|
|
1,022.6 |
|
|
|
1,094.6 |
|
|
|
2,290.5 |
|
|
|
2,475.6 |
|
Custom Containers |
|
|
158.8 |
|
|
|
149.4 |
|
|
|
488.0 |
|
|
|
473.4 |
|
Consolidated |
|
$ |
1,745.1 |
|
|
$ |
1,803.1 |
|
|
$ |
4,443.5 |
|
|
$ |
4,648.1 |
|
|
|
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Income before interest and income taxes (EBIT) |
|
|
|
|
|
|
|
|
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Dispensing and Specialty Closures |
|
$ |
74.7 |
|
|
$ |
78.0 |
|
|
$ |
213.3 |
|
|
$ |
212.6 |
|
Metal Containers |
|
|
89.3 |
|
|
|
110.1 |
|
|
|
187.3 |
|
|
|
231.6 |
|
Custom Containers |
|
|
17.1 |
|
|
|
10.7 |
|
|
|
55.5 |
|
|
|
46.1 |
|
Corporate |
|
|
(13.8 |
) |
|
|
(4.7 |
) |
|
|
(35.2 |
) |
|
|
(21.0 |
) |
Consolidated |
|
$ |
167.3 |
|
|
$ |
194.1 |
|
|
$ |
420.9 |
|
|
$ |
469.3 |
|
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 nine months ended September 30, |
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(Dollars and shares in millions, except per share amounts) |
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Table A |
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Third Quarter |
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Nine Months |
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2024 |
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2023 |
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2024 |
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2023 |
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Net |
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Diluted |
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Net |
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Diluted |
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Net |
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Diluted |
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Net |
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Diluted |
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Income |
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EPS |
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Income |
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EPS |
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Income |
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EPS |
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Income |
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EPS |
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|
|
|
|
|
|
|
||||||||
$ |
100.1 |
|
$ |
0.93 |
|
$ |
110.6 |
|
$ |
1.02 |
|
$ |
231.3 |
|
$ |
2.16 |
|
$ |
261.5 |
|
$ |
2.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjustments (a) |
|
29.8 |
|
|
0.28 |
|
|
15.2 |
|
|
0.14 |
|
|
65.7 |
|
|
0.61 |
|
|
42.4 |
|
|
0.38 |
Non- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
$ |
129.9 |
|
$ |
1.21 |
|
$ |
125.8 |
|
$ |
1.16 |
|
$ |
297.0 |
|
$ |
2.77 |
|
$ |
303.9 |
|
$ |
2.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding - Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
107.1 |
|
|
|
|
108.8 |
|
|
|
|
107.1 |
|
|
|
|
110.0 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(a) Adjustments consist of items in the table below |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter |
|
Nine Months |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
2024 |
|
|
|
2023 |
||
Adjustments: |
|
|
|
|
|
|
|
||||||||
Acquired intangible asset amortization expense |
$ |
12.4 |
|
|
$ |
13.3 |
|
$ |
38.0 |
|
|
$ |
39.9 |
||
Other pension (income) expense for |
|
(0.7 |
) |
|
|
0.6 |
|
|
(3.1 |
) |
|
|
2.2 |
||
Rationalization charges |
|
19.5 |
|
|
|
6.4 |
|
|
38.0 |
|
|
|
13.2 |
||
Costs attributed to announced acquisitions |
|
7.1 |
|
|
|
— |
|
|
12.6 |
|
|
|
— |
||
Pre-tax impact of adjustments |
|
38.3 |
|
|
|
20.3 |
|
|
85.5 |
|
|
|
55.3 |
||
Tax impact of adjustments |
|
8.5 |
|
|
|
5.1 |
|
|
19.8 |
|
|
|
12.9 |
||
Net impact of adjustments |
$ |
29.8 |
|
|
$ |
15.2 |
|
$ |
65.7 |
|
|
$ |
42.4 |
||
Weighted average number of common shares outstanding - Diluted |
|
|
|
|
|
|
|
||||||||
|
107.1 |
|
|
|
108.8 |
|
|
107.1 |
|
|
|
110.0 |
|||
Diluted EPS impact from adjustments |
$ |
0.28 |
|
|
$ |
0.14 |
|
$ |
0.61 |
|
|
$ |
0.38 |
||
|
|
|
|
|
|
|
|
||||||||
Adjusted tax rate |
20.7 |
% |
24.8 |
% |
22.8 |
% |
22.8 |
% |
SILGAN HOLDINGS INC. |
||||||||||||||||
RECONCILIATION OF ADJUSTED EBIT (2) |
||||||||||||||||
(UNAUDITED) |
||||||||||||||||
For the quarter and nine months ended September 30, |
||||||||||||||||
(Dollars in millions) |
||||||||||||||||
|
|
|
|
|
||||||||||||
Table B |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Third Quarter |
|
Nine Months |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Dispensing and Specialty Closures: |
|
|
|
|
|
|
|
|
||||||||
Income before interest and income taxes (EBIT) |
|
$ |
74.7 |
|
|
$ |
78.0 |
|
|
$ |
213.3 |
|
|
$ |
212.6 |
|
Acquired intangible asset amortization expense |
|
|
10.9 |
|
|
|
11.8 |
|
|
|
33.6 |
|
|
|
35.4 |
|
Other pension (income) expense for |
|
|
(0.2 |
) |
|
|
0.2 |
|
|
|
(0.7 |
) |
|
|
0.4 |
|
Rationalization charges |
|
|
9.8 |
|
|
|
3.8 |
|
|
|
19.6 |
|
|
|
5.2 |
|
Adjusted EBIT |
|
$ |
95.2 |
|
|
$ |
93.8 |
|
|
$ |
265.8 |
|
|
$ |
253.6 |
|
|
|
|
|
|
|
|
|
|
||||||||
Metal Containers: |
|
|
|
|
|
|
|
|
||||||||
Income before interest and income taxes (EBIT) |
|
$ |
89.3 |
|
|
$ |
110.1 |
|
|
$ |
187.3 |
|
|
$ |
231.6 |
|
Acquired intangible asset amortization expense |
|
|
0.4 |
|
|
|
0.4 |
|
|
|
1.0 |
|
|
|
1.1 |
|
Other pension (income) expense for |
|
|
(0.5 |
) |
|
|
0.4 |
|
|
|
(1.7 |
) |
|
|
1.1 |
|
Rationalization charges |
|
|
7.9 |
|
|
|
2.6 |
|
|
|
13.9 |
|
|
|
7.9 |
|
Adjusted EBIT |
|
$ |
97.1 |
|
|
$ |
113.5 |
|
|
$ |
200.5 |
|
|
$ |
241.7 |
|
|
|
|
|
|
|
|
|
|
||||||||
Custom Containers: |
|
|
|
|
|
|
|
|
||||||||
Income before interest and income taxes (EBIT) |
|
$ |
17.1 |
|
|
$ |
10.7 |
|
|
$ |
55.5 |
|
|
$ |
46.1 |
|
Acquired intangible asset amortization expense |
|
|
1.1 |
|
|
|
1.1 |
|
|
|
3.4 |
|
|
|
3.4 |
|
Other pension (income) expense for |
|
|
— |
|
|
|
— |
|
|
|
(0.7 |
) |
|
|
0.7 |
|
Rationalization charges |
|
|
1.8 |
|
|
|
— |
|
|
|
4.5 |
|
|
|
0.1 |
|
Adjusted EBIT |
|
$ |
20.0 |
|
|
$ |
11.8 |
|
|
$ |
62.7 |
|
|
$ |
50.3 |
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate: |
|
|
|
|
|
|
|
|
||||||||
(Loss) before interest and income taxes (EBIT) |
|
$ |
(13.8 |
) |
|
$ |
(4.7 |
) |
|
$ |
(35.2 |
) |
|
$ |
(21.0 |
) |
Costs attributed to announced acquisitions |
|
|
7.1 |
|
|
|
— |
|
|
|
12.6 |
|
|
|
— |
|
Adjusted EBIT |
|
$ |
(6.7 |
) |
|
$ |
(4.7 |
) |
|
$ |
(22.6 |
) |
|
$ |
(21.0 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Total adjusted EBIT |
|
$ |
205.6 |
|
|
$ |
214.4 |
|
|
$ |
506.4 |
|
|
$ |
524.6 |
|
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 |
|||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||
|
Fourth Quarter, |
|
Year Ended |
||||||||||||||
|
December 31, |
|
December 31, |
||||||||||||||
|
Estimated |
|
Actual |
|
Estimated |
|
Actual |
||||||||||
|
Low |
|
|
High |
|
|
|
Low |
|
High |
|
|
|||||
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
$ |
56.1 |
|
$ |
66.8 |
|
$ |
64.4 |
|
$ |
287.0 |
|
$ |
297.7 |
|
$ |
326.0 |
Adjustments (a) |
|
27.5 |
|
|
27.5 |
|
|
3.2 |
|
|
93.2 |
|
|
93.2 |
|
|
45.5 |
Non- |
|
|
|
|
|
|
|
|
|
|
|
||||||
$ |
83.6 |
|
$ |
94.3 |
|
$ |
67.6 |
|
$ |
380.2 |
|
$ |
390.9 |
|
$ |
371.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
$ |
0.52 |
|
$ |
0.62 |
|
$ |
0.60 |
|
$ |
2.68 |
|
$ |
2.78 |
|
$ |
2.98 |
Adjustments (a) |
|
0.26 |
|
|
0.26 |
|
|
0.03 |
|
|
0.87 |
|
|
0.87 |
|
|
0.42 |
Non- |
|
|
|
|
|
|
|
|
|
|
|
||||||
$ |
0.78 |
|
$ |
0.88 |
|
$ |
0.63 |
|
$ |
3.55 |
|
$ |
3.65 |
|
$ |
3.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(a) Adjustments consist of items in the table below |
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter, |
|
Year Ended |
|||||||||||
|
December 31, |
|
December 31, |
|||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
Estimated |
|
Actual |
|
Estimated |
|
Actual |
|||||||
Adjustments: |
|
|
|
|
|
|
|
|||||||
Acquired intangible asset amortization expense |
$ |
15.6 |
|
|
$ |
13.3 |
|
|
$ |
53.6 |
|
|
$ |
53.1 |
Other pension (income) expense for |
|
(1.0 |
) |
|
|
1.3 |
|
|
|
(4.1 |
) |
|
|
3.6 |
Rationalization charges (credits) |
|
3.5 |
|
|
|
(4.8 |
) |
|
|
41.5 |
|
|
|
8.4 |
Costs attributed to announced acquisitions |
|
15.0 |
|
|
|
— |
|
|
|
27.6 |
|
|
|
— |
Purchase accounting write-up of inventory |
|
4.0 |
|
|
|
— |
|
|
|
4.0 |
|
|
|
— |
Pre-tax impact of adjustments |
|
37.1 |
|
|
|
9.8 |
|
|
|
122.6 |
|
|
|
65.1 |
Tax impact of adjustments |
|
9.6 |
|
|
|
6.6 |
|
|
|
29.4 |
|
|
|
19.6 |
Net impact of adjustments |
$ |
27.5 |
|
|
$ |
3.2 |
|
|
$ |
93.2 |
|
|
$ |
45.5 |
Weighted average number of common shares outstanding - Diluted |
|
|
|
|
|
|
|
|||||||
|
107.2 |
|
|
|
106.9 |
|
|
|
107.1 |
|
|
|
109.2 |
|
Diluted EPS impact from adjustments |
$ |
0.26 |
|
|
$ |
0.03 |
|
|
$ |
0.87 |
|
|
$ |
0.42 |
|
|
|
|
|
|
|
|
(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
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030409708/en/
Alexander Hutter
Vice President, Investor Relations
AHutter@silgan.com
203-406-3187
Source: Silgan Holdings Inc.
FAQ
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