Silgan Holdings Inc. Announces Consolidated Unaudited Earnings Results for Fourth Quarter and Full Year Ended Dec. 31, 2013; Provides Earnings Guidance for the First Quarter and Full Year 2014
January 28, 2014 at 09:53 pm
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Silgan Holdings Inc. announced consolidated unaudited earnings results for fourth quarter and full year ended Dec. 31, 2013. For the quarter, the company reported net sales of $864.8 million, income from operations of $55.3 million, income before income taxes of $35.7 million, net income of $23.3 million or $0.36 basic and diluted per share, compared to the net sales of $858.8 million, income from operations of $58.7 million, income before income taxes of $43.3 million, net income of $29.4 million or $0.42 basic and diluted per share, for the same quarter a year ago. The increase in Net Sales were primarily due to an increase in unit volumes in the closures business due principally to the inclusion of net sales from Portola Packaging, higher average selling prices from the pass through of higher raw material costs and the impact of favorable foreign currency translation, partially offset by lower volumes in the metal and plastic container businesses. The decrease in income from operations of were primarily due to lower volumes in the metal and plastic container businesses, higher rationalization charges, the impact of under absorbed operating costs at the new plants in Eastern Europe and the Middle East and the unfavorable impact from the lagged pass through of increases in resin costs, partially offset by improved manufacturing efficiencies across all businesses and a favorable mix of products sold in the plastic container and closures businesses.
For the year, the company reported net sales of $3,708.5 million, income from operations of $324.2 million, income before income taxes of $254.7 million, net income of $185.4 million or $2.87 basic and diluted per share, net cash provided by operating activities of $350.7 million, capital expenditures of $103.1 million compared to the net sales of $3,588.3 million, income from operations of $325.5 million, income before income taxes of $223.8 million, net income of $151.3 million or $2.17 basic and diluted per share, net cash provided by operating activities of $351.7 million, capital expenditures of $119.2 million for the previous year. The increase in Net Sales were the result of an increase in net sales across all businesses. The decrease in income from operations were largely the result of a decrease in income from operations in the closures business primarily in Venezuela and an increase in corporate expenses. These decreases were partially offset by an increase in income from operations in the metal and plastic container businesses.
For the first quarter of 2014, the company expects adjusted net income per diluted share in the range of $0.45 to $0.55, as compared to adjusted net income per diluted share of $0.46 in the first quarter of 2013.
The company announced earnings guidance for full year 2014. In 2014, The company expects to deliver full year adjusted net income per diluted share in a range of $3.10 to $3.30, an increase of 11.9% to 19.1% to the prior year, and free cash flow of approximately $200 million.
Silgan Holdings Inc. is a manufacturer of sustainable rigid packaging solutions for essential consumer goods products. The Companyâs segments include dispensing and specialty closures, metal containers and custom containers. The dispensing and specialty closures segment manufactures and sells dispensing systems and specialty closures for fragrance and beauty, food, beverage, personal and health care, home care and lawn and garden products. The metal containers segment is engaged in the manufacture and sale of steel and aluminum containers for pet and human food and general line products. The custom containers segment manufactures and sells custom designed plastic containers for pet and human food, consumer health and pharmaceutical, personal care, home care, lawn and garden and automotive products. Its products are used for a variety of end markets, and it operates over 107 manufacturing plants in North America, Europe, Asia and South America.
Silgan Holdings Inc. Announces Consolidated Unaudited Earnings Results for Fourth Quarter and Full Year Ended Dec. 31, 2013; Provides Earnings Guidance for the First Quarter and Full Year 2014