Silgan releases Q2 report
Silgan Holdings Inc has today reported second quarter 2015 net income of $42.2 million.
“As expected, our footprint optimisation programs in each of our businesses impacted second quarter results as we delivered adjusted net income per diluted share of $0.71 in the second quarter of 2015,” said Tony Allott, president and CEO. “Our metal container business achieved 11% growth in volumes for the quarter which, as anticipated, created additional strain on our existing infrastructure and temporarily increased our freight and logistics costs. Our closures business also saw volume growth in the quarter and completed its planned inventory reductions from higher levels in the prior year due to the Portola integration. Our plastic container business continued to be impacted by soft market demand and incurred additional costs associated with the realignment of equipment to optimise plant production and grow strategically with select customers.
“We knew these activities across each of our businesses were going to create near term challenges, but we remain convinced of the long-term benefits to our franchise market positions. Based on our year-to-date performance and our outlook for the remainder of the year, we are confirming our full year 2015 earnings estimate of adjusted net income per diluted share in a range of $3.10 to $3.30,” concluded Allott.