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Mar 31, 2024
Silgan Q1 2024 Earnings Report
Silgan's first quarter results for 2024 were announced, with adjusted EPS at the high end of the estimated range and confirmation of full-year estimates.
Key Takeaways
Silgan Holdings Inc. reported first quarter 2024 net sales of $1.32 billion and net income of $55.2 million, or $0.52 per diluted share. Adjusted net income per diluted share for the first quarter of 2024 was $0.69. The company is confirming its estimate of adjusted net income per diluted share for the full year of 2024 in the range of $3.55 to $3.75.
First quarter 2024 adjusted EPS was at the high end of the estimated range.
The company expects improving demand trends in the second quarter of 2024.
Significant progress was made on the multi-year $50 million cost reduction program.
Full-year estimates were confirmed.
Silgan
Silgan
Silgan Revenue by Segment
Revenue by Segment
Dispensing & Specialty Closures Revenue
CapyFin.comMetal Containers Revenue
CapyFin.comCustom Containers Revenue
CapyFin.com Forward Guidance
The Company is confirming its estimate of adjusted net income per diluted share for the full year of 2024 in the range of $3.55 to $3.75. For the second quarter of 2024, the Company expects adjusted net income per diluted share in the range of $0.82 to $0.92.
Positive Outlook
- Volumes in all segments for 2024 are expected to be higher than 2023 levels.
- The Company anticipates interest and other debt expense in 2024 of approximately $170 million.
- The company estimates that free cash flow in 2024 will be approximately $375 million as compared to $356.7 million in 2023.
- Capital expenditures are expected to be approximately $240 million in 2024.
- For the second quarter of 2024, the Company expects low to mid single digit volume growth in the Dispensing and Specialty Closures segment, low single digit volume growth in the Custom Containers segment, and comparable volumes in the Metal Containers segment as compared to the prior year period.
Revenue & Expenses
Visualization of income flow from segment revenue to net income