Silgan announces record Q2 results
Silgan Holdings Inc, supplier of sustainable rigid packaging solutions for consumer goods products, has reported record second quarter net sales of $1.54 billion, a 14.5% increase over the prior year second quarter net sales of $1.35 billion, and second quarter 2022 net income of $92.7 million, or $0.83 per diluted share, as compared to record second quarter 2021 net income of $94.5 million, or $0.85 per diluted share.
Adjusted net income per diluted share for the second quarter of 2022 was $1.08, after adjustments increasing net income per diluted share by $0.25.
“The power of the Silgan portfolio and our on-going ability to deliver record results through dynamic economic circumstances continued to drive our outstanding performance in the second quarter, as we delivered an all-time record adjusted net income per diluted share of $1.08, a 27.1 per cent increase as compared to $0.85 in the prior year second quarter,” said Adam Greenlee, Silgan president and CEO.
“All of our business segments continued to deliver strong operating performance and benefited from the successful pass through of inflationary costs and our market leading capabilities to drive superior service levels for our customers even as many customers experienced other supply chain, labour and ingredients supply challenges. Our recent acquisitions in 2021 are performing well and continue to deliver results above our initial expectations. In addition, our volumes in the Dispensing and Specialty Closures and Metal Containers businesses continue to outperform pre-pandemic volumes for the same period,” continued Greenlee.
“While we expect continued economic volatility and ongoing supply chain disruptions in the second half of 2022, given our results to date and our disciplined business model we are confident in our ability to continue to drive operating improvements in our plants, leverage our market leading service model for our customers and recover inflationary costs. These benefits are expected to offset the negative impact from rising interest rates and foreign currency translation. Therefore, we are maintaining our estimate of full year 2022 adjusted earnings per diluted share in a range of $3.90 to $4.05, which represents a 17 per cent increase at the midpoint over record 2021 earnings. We are also maintaining our full year 2022 free cash flow estimate of approximately $350 million. For the third quarter of 2022, we anticipate delivering another new all-time record adjusted earnings per diluted share in a range of $1.15 to $1.30, a 20 per cent increase at the midpoint of the range over our prior record of $1.02 in the third quarter of 2021,” concluded Greenlee.