This Day On The Street
Continue to site
ADVERTISEMENT
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

Silgan Announces Second Quarter Earnings And Confirms Full Year 2012 Estimate

Silgan Holdings Inc. (Nasdaq:SLGN), a leading supplier of rigid consumer goods packaging products, today reported second quarter 2012 net income of $10.6 million, or $0.15 per diluted share, as compared to second quarter 2011 net income of $51.2 million, or $0.73 per diluted share. Adjusted net income per diluted share was $0.55 for the second quarter of 2012 as compared to $0.53 for the second quarter of 2011, after adjustments increasing net income per diluted share by $0.40 for the second quarter of 2012 and adjustments decreasing net income per diluted share by $0.20 for the second quarter of 2011. 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.

“Second quarter 2012 was a bit more challenging than expected as we delivered adjusted net income per diluted share of $0.55,” said Tony Allott, President and CEO. “While we do expect some volume shift between quarters, we were disappointed with our metal food container volumes thus far as the vegetable pack got off to a slow start and we saw a less favorable mix of products sold versus the prior year period due in large part to the timing of shipments. In addition, weaker demand patterns in Europe negatively impacted volumes and pricing in both our metal containers and closures operations. However, our businesses are reacting well to these challenges, and our plastic container business continues to show signs of improvement in its operating performance,” continued Mr. Allott. “Based on our year-to-date performance and despite caution for the second half of the year, at this time we 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.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,047.18 +12.25 0.07%
S&P 500 2,106.99 +6.59 0.31%
NASDAQ 5,022.8560 +28.2540 0.57%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs