SILGAN ANNOUNCES RECORD EARNINGS

SILGAN ANNOUNCES RECORD THIRD QUARTER EARNINGS AND STABLE GROWTH FOR 2022

US-based Silgan Holdings, a leading provider of sustainable rigid packaging solutions for consumer goods products, has announced record earnings for the third quarter of the year. Specifically, its net income from July to September was $106.3 million.

By business sector, sales in the metal container segment were $942.1 million in this period which is an increase of $85.4 million, up 10 percent when compared to the same period in 2020. According to the company, this increase was primarily the result of the pass-through of an increase in raw material costs, manufacturing costs and higher volumes of approximately 6 percent compared to the prior year’s record quarter, partially offset by a higher percentage of cans sold.

However, there was a decrease in revenues in the metal container segment in this third quarter which reached 94.3 million dollars. This is primarily attributed to operational inefficiencies and higher costs as a result of supply chain challenges, labor and the combined effect of a higher number of small cans sold.

Adam Greenlee, President and CEO explains, %22We were able to maintain near record performance from the prior year as demand for many of our products remains exceptionally high. Record volumes in our dispensing, specialty closures and metal container segments and tremendous operating performance helped offset unprecedented inflation and ongoing supply chain and labor challenges, while strong year-to-date volumes in our custom container segment remain above pre-pandemic levels.%22

Finally, Greenlee adds, %22We are adjusting our earnings estimate for all of 2021 to represent a 9.5 percent increase over record levels in 2020. As we begin to look ahead to next year, we anticipate another 12 months of significant earnings growth.