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.
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