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.
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