Silgan: leader in sustainable rigid packaging solutions for essential products despite sales decline

U.S.-based can maker Silgan reported a decline in sales and volumes during the third quarter in all of its business divisions. This is mainly because the sector is revising expectations for recovery after the drop in demand caused by the pandemic.

The company, which is dedicated to providing sustainable packaging solutions for essential consumer products worldwide, released its results for the third quarter of this year. This report revealed that net sales fell 8% to US$1.8 billion due to lower average selling prices and reduced volumes of metal and plastic containers.

According to the report, the company reported net earnings per share of $1.16, beating analysts’ predictions for $1.13. In addition, the company increased its EPS forecast for fiscal 2023 to a range between $3.40 and $3.60.

Currently, the company faces a number of challenges such as lack of materials, increased logistics costs and uncertainty about public demand post-pandemic. To counteract these risks, they have taken measures such as improving their operations, increasing prices in some areas and diversifying their suppliers. Despite this, they acknowledge that the outlook remains unstable and that there could be further difficulties in their gross profit in the near future.

Silgan is a leading company in the rigid packaging market, with a wide variety of products including caps, closures, metal and plastic containers for various industries such as food, beverage, personal care, fragrances and beauty. With a worldwide presence through its 110 manufacturing facilities in North and South America, Europe and Asia, the company focuses on providing innovative and sustainable solutions that meet the demands of its customers and consumers.