Silgan Holdings (SLGN) Reports In-Line Q3 EPS, Revenues Miss; Lowers FY18 EPS Mid-Point Outlook Below Consensus

Silgan Holdings (NASDAQ: SLGN) reported Q3 EPS of $0.76, in-line with the analyst estimate of $0.76. Revenue for the quarter came in at $1.31 billion versus the consensus estimate of $1.31 billion.

• Record net income per share of $0.76
• Record adjusted net income per share of $0.76, a 15 percent increase over prior year
• Record third quarter segment income in the closures business
• Continued significant improvement in the plastic container business

“The Company delivered record adjusted net income per diluted share of $0.76, an increase of 15 percent over the prior year period, despite significant inflation, largely due to tariffs, and lower than anticipated food can volumes,” said Tony Allott, President and CEO. “Our plastic container business continued to perform well and delivered another quarter of volume growth. Our closures business benefitted from strong operational performance and growth in target markets. Our metal container business was negatively impacted by lower unit volumes primarily as a result of previously discussed customer initiatives that continued through the third quarter and lower than expected soup volume,” continued Mr. Allott. “Based on our performance to date and our fourth quarter outlook which includes the unfavorable impact from a planned reduction in finished goods inventory in the metal container business, we are maintaining our guidance and narrowing the range for our full year 2018 earnings estimate of adjusted net income per diluted share to $2.03 to $2.08, an increase of 25 percent at the midpoint of the range as compared to 2017,” concluded Mr. Allott.

GUIDANCE:

Silgan Holdings sees FY2018 EPS of $2.03-$2.08, versus the consensus of $2.08.

For earnings history and earnings-related data on Silgan Holdings (SLGN) click here.

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