Silgan Holdings (SLGN) Misses Q3 EPS by 2c; Narrows Outlook
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Silgan Holdings (NASDAQ: SLGN) reported Q3 EPS of $1.23, $0.02 worse than the analyst estimate of $1.25. Revenue for the quarter came in at $1.14 billion versus the consensus estimate of $1.18 billion.
Silgan Holdings sees Q4 2016 EPS of $0.43-$0.53, versus the consensus of $0.50.
Silgan Holdings sees FY2016 EPS of $2.70-$2.80, versus prior guidance of $2.70-$2.90 and the consensus of $2.80.
“We are pleased with our third quarter 2016 results, as we reported adjusted net income per diluted share of $1.23 which was in line with our expectations,” said Tony Allott, President and CEO. “Volumes in our metal container business were flat compared to the prior year period as a result of stronger sales for pet food, offset by a weaker than anticipated seasonal harvest in Europe due to unfavorable weather conditions across the region. The metal container business is on track with the qualification process of the new can manufacturing facility, allowing for the shutdown of the LaPorte plant in the beginning of October. Our closures business continued to experience strong volume growth due to the demand for single-serve beverages in the U.S., partially offset by softer volumes in Europe as a result of unfavorable weather conditions,” continued Mr. Allott. “As expected, our plastic container business saw sequential improvement in its manufacturing performance, allowing it to close operations in Cape Girardeau at the end of September. Based on our year to date performance and an early completion of the pack season, we are narrowing our full year 2016earnings estimate of adjusted net income per diluted share to a range of $2.70 to $2.80,” continued Mr. Allott.
For earnings history and earnings-related data on Silgan Holdings (SLGN) click here.
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