Silgan Holdings, a leading rigid packaging solutions company, has released its annual financial results for 2021. The company had a historic adjusted EBIT in its metal packaging division and announced a long-term plan to reduce costs by US$50 million. During the past year, Silgan used more than US$250 million to repurchase shares and pay dividends to its shareholders.
Silgan’s President and CEO, Adam Greenlee, praised the company’s ability to remain strong in a volatile market and achieve good results. Looking ahead, the company is confident in its strategic growth plans for 2024 and expects to increase profits and cash flow.
In the last quarter of 2023, Silgan reported an 8% decrease in net sales, totaling US$1.3 billion. Net income for the period was US$64.4 million, equivalent to US$0.60 per diluted share. These figures show a significant increase compared to the same period last year, where the company posted a net profit of US$24.6 million or US$0.22 per diluted share. In addition, the effective tax rates for the fourth quarter were 23.0% in 2023 and 47.2% in the same period of the previous year.
Silgan has positive forecasts for 2024, where it expects a 7% increase in adjusted net income per diluted share over the previous year. In addition, free cash flow in this same year is estimated to be approximately US$375 million, exceeding US$356.7 million in 2023.
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