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Silgan Announces Record Third Quarter Earnings Per Share

Stocks in this article: SLGN

The effective tax rate was 32.4 percent and 34.0 percent for the first nine months of 2012 and 2011, respectively. The effective tax rate for the first nine months of 2012 was favorably impacted by changes to statutory tax rates enacted in certain jurisdictions and the resolution of certain issues with tax authorities.

Acquisition

On August 30, 2012, the Company acquired the plastic thermoformed food business of Rexam PLC. This business, with anticipated sales of approximately $100 million in 2012, provides thermoformed packaging solutions such as retortable bowls and barrier trays to the world’s leading packaged food and ready-meal companies.

Capital Stock and Dividends

The Company repurchased an aggregate of 288,655 shares of its common stock at an average price per share of $40.80, for a total purchase price of $11.8 million, in the third quarter of 2012.

On September 18, 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 September 4, 2012. This dividend payment aggregated $8.4 million.

Outlook for 2012

The Company refined its estimate of adjusted net income per diluted share for the full year of 2012 in the range of $2.80 to $2.85 from the previous range of $2.80 to $2.90. This estimate compares to adjusted net income per diluted share of $2.63 for 2011.

The Company is providing an estimate of adjusted net income per diluted share for the fourth quarter of 2012 in the range of $0.58 to $0.63. This estimate compares to adjusted net income per diluted share of $0.56 in the fourth quarter of 2011.

Conference Call

Silgan Holdings Inc. will hold a conference call to discuss the Company’s results for the third quarter of 2012 at 11:00 a.m. eastern time on October 24, 2012. The toll free number for those in the U.S. and Canada is (888) 401-4691, and the number for international callers is (719) 325-2453. For those unable to listen to the live call, a taped rebroadcast will be available through November 7, 2012. To access the rebroadcast, U.S. and Canadian callers should dial (888) 203-1112, and international callers should dial (719) 457-0820. The pass code is 9647919.

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