Silgan Holdings Inc. (Nasdaq:SLGN), a leading supplier of rigid packaging for shelf-stable food and other consumer goods products, today reported second quarter 2013 net income of $59.5 million, or $0.93 per diluted share, as compared to second quarter 2012 net income of $10.6 million, or $0.15 per diluted share.
“Our businesses generally performed as expected and we delivered record second quarter adjusted net income per diluted share of $0.63, an increase of nearly 15 percent over the same period in 2012,” said Tony Allott, President and CEO. “Our metal container business benefited from continued volume growth, which more than offset ongoing economic challenges in Europe. Our plastic container business benefited from the inclusion of the plastic food container operations, continued improvements in operating performance and a more favorable product mix, which were partially offset by expected volume declines as we continue to rebalance the portfolio of the business. Our closure business performed well in the face of volume declines in single-serve beverages in the U.S. as a result of much cooler weather conditions this spring versus unseasonably warm weather in the second quarter of 2012. Internationally, both the metal container and closure businesses were challenged by economic uncertainty caused by the ongoing political instability in the Middle East and Venezuela,” continued Mr. Allott. “Primarily as a result of the challenges in Venezuela, we are revising our full year 2013 earnings estimate of adjusted net income per diluted share to a range of $3.00 to $3.15,” concluded Mr. Allott.
Adjusted net income per diluted share was $0.63 for the second quarter of 2013 as compared to $0.55 for the second quarter of 2012, after adjustments decreasing net income per diluted share by $0.30 for the second quarter of 2013 and adjustments increasing net income per diluted share by $0.40 for the second quarter of 2012. 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.