Silgan Holdings Inc. (Nasdaq:SLGN), a leading supplier of rigid consumer goods packaging products, today revised its earnings estimates for 2012 and extended the expiration date of its tender offer to purchase up to $250 million of its common stock to February 5, 2013.
The Company revised its estimate of adjusted net income per diluted share for the full year of 2012 to a range of $2.65 to $2.75 from a range of $2.80 to $2.85. This estimate compares to adjusted net income per diluted share of $2.63 in 2011. A reconciliation of 2011 net income per diluted share to 2011 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 Table A in the back of this press release.
The Company also revised its estimate of adjusted net income per diluted share for the fourth quarter of 2012 to a range of $0.43 to $0.53 from a range of $0.58 to $0.63.
“While volumes for metal food containers are still anticipated to be higher in the fourth quarter of 2012 as compared to the same period in 2011, they will be lower than we had expected,” said Tony Allott, President and CEO. “Additionally, product mix and manufacturing costs have lagged our expectations during the fourth quarter, partly as a result of costs associated with hurricane Sandy which caused the extended shutdown of two facilities. Since the fourth quarter is one of our slowest seasonal periods, lower than anticipated volumes have a significant impact on the ability to absorb manufacturing overhead costs. As a consequence of our revised earnings estimates, we are extending the expiration date of our tender offer to February 5, 2013, five business days after our year end earnings announcement,” concluded Mr. Allott.