According to the report filed by Silgan Holdings Inc. net sales of $6.0 billion and net earnings of $326.0 million, equivalent to 2.98 per diluted share for the full year 2023. In comparison, during 2022, net sales were $6.4 billion and net earnings were $340.8 million, or 3.07 per share.
In 2023, net income per diluted share increased to 3.40 after some adjustments that added 0.42 to net income per diluted share. Record net income per diluted share in 2022 was 4.01, including 0.09 per diluted share from non-recurring income related to Russia. After the necessary adjustments, net income per diluted share increased by 0.94.
According to Adam Greenlee, Silgan’s president and CEO, the company has faced a year with unprecedented volume fluctuations and a volatile market, achieving a good performance in a difficult economic context.
“We are pleased to have achieved the second-highest adjusted annual earnings in the company’s history, and our strong and reliable cash generation enabled us to return more than $250 million to shareholders during the year.”
Greenlee said.
“Our unique business model and proven ability to adapt quickly to changing market dynamics continue to create significant value for our shareholders, as evidenced by our 10-year CAGR for adjusted EPS of 10 percent,”
he added.
During 2023, the company continued to be a leader in innovation in the high-value dispensing market. This resulted in solid growth with both new and existing customers, improving the mix and expanding the margins of the business. In addition, the metal container segment also posted record earnings for the year.
“As we approach 2024, we continue to execute on our strategic growth initiatives and are confident that these efforts will drive earnings and cash flow growth in the year. The actions we have already taken to date position the company to deliver on our $50 million cost reduction initiative over the next two years.” indicated.
“We have seen the first signs of recovery in certain categories of customer destocking activities that affected 2023, and we expect these favorable trends to continue to improve during the first half of the year. We believe that our future success will depend on competing and succeeding in our markets, strengthening and expanding our strong customer relationships, and maintaining a disciplined capital investment strategy, concluded.
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