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Jun 30, 2024
Silgan Q2 2024 Earnings Report
Silgan reported solid second quarter results, driven by volume growth and strength in the dispensing business.
Key Takeaways
Silgan Holdings Inc. reported second quarter 2024 net sales of $1.38 billion and net income of $76.1 million, or $0.71 per diluted share. Adjusted net income per diluted share was $0.88. The company saw volume growth in all segments and expects to achieve its two-year $50 million cost reduction program.
Volume growth in all segments as customer destocking draws to a close.
Dispensing and Specialty Closures year-over-year Adjusted EBIT growth of greater than 20%.
Double digit volume growth in dispensing products.
Announced agreement to acquire Weener Packaging.
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 third quarter of 2024, the Company expects low to mid single digit volume growth in all segments and adjusted net income per diluted share in the range of $1.20 to $1.30.
Positive Outlook
- Volumes in all segments for 2024 are expected to be higher than 2023 levels.
- Adjusted net income per diluted share for the full year of 2024 in the range of $3.55 to $3.75, a 7% increase at the midpoint of the range over adjusted net income per diluted share of $3.40 in 2023.
- The Company is also confirming its estimate of free cash flow in 2024 of approximately $375 million, as compared to $356.7 million in 2023.
- For the third quarter of 2024, the Company expects low to mid single digit volume growth in all segments.
- Adjusted net income per diluted share for the third quarter of 2024 in the range of $1.20 to $1.30, an 8% increase at the midpoint of the range as compared to $1.16 in the third quarter of 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income