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Silgan Announces Second Quarter Earnings And Confirms Full Year 2012 Estimate

Interest and other debt expense before loss on early extinguishment of debt for the first six months of 2012 was $31.6 million, an increase of $1.2 million as compared to the first six months of 2011. This increase was primarily due to higher average outstanding borrowings, largely attributable to the refinancing of the senior secured credit facility in July 2011 and the issuance in March 2012 of $500 million of 5% Senior Notes due 2020, partially offset by lower average interest rates.

The effective tax rate was 32.4 percent and 34.3 percent for the first six months of 2012 and 2011, respectively. The effective tax rate for the first six months of 2012 was favorably impacted by the cumulative adjustment of reductions in the enacted tax rates in certain foreign countries.

Acquisition

On July 10, 2012, the Company acquired Öntaş Öner Teneke Ambalaj Sanayii Ve Tikaret A.S., which operates under the name of Öntaş in Izmir, Turkey. Öntaş, with sales of approximately $30 million in 2011, is a leading supplier of food cans and vacuum closures in the Turkish market.

Capital Stock and Dividends

The Company repurchased an aggregate of 396,679 shares of its common stock at an average price per share of $43.03, for a total purchase price of $17.1 million, in the second quarter of 2012.

On June 15, 2012, the Company paid a quarterly cash dividend in the amount of $0.12 per share to holders of record of common stock of the Company on June 1, 2012. This dividend payment aggregated $8.5 million.

Outlook for 2012

The Company confirmed its estimate of adjusted net income per diluted share for the full year of 2012 in the range of $2.80 to $2.90, but acknowledged increased risk around the midwest vegetable pack and operations in Europe due to weak economic conditions. This estimate compares to adjusted net income per diluted share of $2.63 for 2011.

Stock quotes in this article: SLGN 

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