Silgan Holdings Inc. (Nasdaq:SLGN), a leading supplier of rigid consumer goods packaging products, today reported third quarter 2012 net income of $78.7 million, or $1.13 per diluted share, as compared to third quarter 2011 net income of $78.8 million, or $1.12 per diluted share. Adjusted net income per diluted share was $1.17 for the third quarter of 2012 as compared to $1.14 for the third quarter of 2011, after adjustments increasing net income per diluted share by $0.04 for the third quarter of 2012 and $0.02 for the third 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.
“Silgan had another strong quarter and performed as expected in the face of continued volatility in growing conditions and European economic challenges. We delivered adjusted net income per diluted share of $1.17 for the third quarter of 2012 and $2.22 for the first nine months of 2012, which was an increase of 7.2 percent over the prior year comparable nine month period,” said Tony Allott, President and CEO. “Our metal container business benefited slightly from domestic fresh pack volumes that were better than the prior year, but were well short of our initial expectations. In addition, our metal container business reduced inventory by a greater amount than in the third quarter of 2011 and was therefore negatively impacted by under absorbed overhead costs. Unit volumes in our closures business benefited from the continuation of strong single-serve beverage volumes in the U.S., but our European closures operations continued to experience weaker demand patterns which we attribute to general economic conditions. Our plastic container business benefited from improved operating performance and effect of the timing of resin pass throughs, which more than overcame expected volume shortfalls. Our recent acquisition of the plastic food container business from Rexam PLC has been integrated into our plastic container segment and we are very pleased with its performance thus far,” continued Mr. Allott. “Based on our year-to-date performance and continued caution given the global economic environment, we are refining our full year 2012 earnings estimate of adjusted net income per diluted share in the range of $2.80 to $2.85,” concluded Mr. Allott.
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