04.26.17
Silgan Holdings Inc., a supplier of rigid packaging for consumer goods products, and which acquired WestRock’s dispensing systems business earlier this month, has reported first quarter 2017 net income of $23.2 million, or $0.42 per diluted share, as compared to first quarter 2016 net income of $26.6 million, or $0.44 per diluted share.
“We are pleased with our first quarter 2017 results, as we reported record adjusted net income per diluted share of $0.62, representing a 37.8 percent increase over the prior year,” said Tony Allott, president and CEO. “As expected, our metal and plastic container businesses benefitted from lower manufacturing costs and improved efficiencies resulting from our recently completed footprint optimization programs. In addition, our metal container business benefitted from a favorable mix of products sold in the current year period. Our closures business performed well as compared to a record quarter in the prior year. We are off to a good start to the year, driven primarily by timing benefits in the quarter, and are excited to welcome the newly acquired Dispensing Systems business into Silgan. As a result of the net impact of the recent acquisition and financing activities, we are raising our full year 2017 estimate of adjusted net income per diluted share to a range of $3.20 to $3.40,” continued Mr. Allott.
Net sales for the first quarter of 2017 were $805.4 million, an increase of $12.7 million, or 1.6%, as compared to $792.7 million in 2016. This increase was primarily the result of an increase in net sales in the metal container business.
“We are pleased with our first quarter 2017 results, as we reported record adjusted net income per diluted share of $0.62, representing a 37.8 percent increase over the prior year,” said Tony Allott, president and CEO. “As expected, our metal and plastic container businesses benefitted from lower manufacturing costs and improved efficiencies resulting from our recently completed footprint optimization programs. In addition, our metal container business benefitted from a favorable mix of products sold in the current year period. Our closures business performed well as compared to a record quarter in the prior year. We are off to a good start to the year, driven primarily by timing benefits in the quarter, and are excited to welcome the newly acquired Dispensing Systems business into Silgan. As a result of the net impact of the recent acquisition and financing activities, we are raising our full year 2017 estimate of adjusted net income per diluted share to a range of $3.20 to $3.40,” continued Mr. Allott.
Net sales for the first quarter of 2017 were $805.4 million, an increase of $12.7 million, or 1.6%, as compared to $792.7 million in 2016. This increase was primarily the result of an increase in net sales in the metal container business.
