Silgan Holdings Inc. (Nasdaq:SLGN), a leading supplier of rigid packaging for consumer goods products, today reported first quarter 2012 net income of $32.8 million, or $0.47 per diluted share, as compared to first quarter 2011 net income of $26.1 million, or $0.37 per diluted share. Adjusted net income per diluted share was $0.50 for the first quarter of 2012 as compared to $0.41 for the first quarter of 2011, after adjustments increasing net income per diluted share by $0.03 and $0.04, respectively. 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 are off to another strong start in 2012, as we delivered adjusted net income per diluted share of $0.50, an increase of 22.0 percent over the prior year, took advantage of favorable credit markets and made incremental contributions to fully fund our Company sponsored pension plans,” said Tony Allott, President and CEO. “Each of our businesses performed well for the quarter, showing improvement versus the prior year. Our metal container and closures businesses were favorably impacted by an increase in unit volumes. Our plastic container business benefited from the favorable effect of the lagged pass through of resin costs and began to show improvement in its operating performance,” continued Mr. Allott. “Based on our first quarter performance, we remain positive in our outlook for the year and as a result are confirming our full year 2012 earnings estimate of adjusted net income per diluted share in the range of $2.80 to $2.90,” concluded Mr. Allott.
Net sales for the first quarter of 2012 were $768.4 million, an increase of $65.3 million, or 9.3 percent, as compared to $703.1 million in 2011, as each business posted gains in net sales versus the prior year quarter.