This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Silgan Announces Record 2011 Earnings; Expects Further Earnings Growth In 2012

Stock quotes in this article: SLGN

Silgan Holdings Inc. (Nasdaq:SLGN), a leading supplier of rigid packaging for consumer goods products, today reported full year 2011 net income of $193.2 million, or $2.75 per diluted share, as compared to full year 2010 net income of $144.6 million, or $1.89 per diluted share. Adjusted net income per diluted share was $2.63 for the full year 2011, after a net adjustment reducing net income per diluted share by $0.12. Adjusted net income per diluted share was $2.22 for the full year 2010, after a net adjustment increasing net income per diluted share by $0.33. A reconciliation of net income per diluted share to “adjusted net income per diluted share,” a Non-GAAP financial measure used by the Company, which adjusts net income per diluted share for certain items, can be found in Tables A and B at the back of this press release.

“We delivered record adjusted net income per diluted share of $2.63 in 2011, an 18.5 percent increase over the prior year. In addition, we continue to position the Company for growth in earnings per share through strategic acquisitions, expanded capital spending and moves to further strengthen our balance sheet,” said Tony Allott, President and CEO. “Our metal container business improved its profitability with the recently acquired Vogel & Noot operations and strong operational performance, which offset lower unit volumes primarily as a result of a weak fruit and vegetable pack in 2011. Our closures business benefited from the recently acquired IPEC and DGS operations and performed well despite a volatile polypropylene resin market and some volume weakness in the single-serve beverage market. As expected, our plastic container business continued to experience higher costs associated with resolving operational issues from recent restructuring activities along with volatility in the resin market and a less favorable mix of sales. However, we will continue to move forward on rationalization efforts to further reduce our cost structure and make necessary moves to support our customers through this challenging time. Once completed, we are confident our plastic container business will be poised for enhanced profit and returns,” continued Mr. Allott. “In total, 2011 was another record year for Silgan, and we anticipate eclipsing it again in 2012 as we deliver continued improvements in each of our businesses,” concluded Mr. Allott.

1 of 10

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,767.59 -37.12 -0.22%
S&P 500 1,933.65 -12.51 -0.64%
NASDAQ 4,394.7060 -27.3790 -0.62%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs