Silgan Holdings Inc. (NYSE: SLGN), a leading supplier of sustainable rigid packaging solutions for the world’s essential consumer goods products, today reported first quarter 2024 net sales of $1.32 billion and net income of $55.2 million, or $0.52 per diluted share, as compared to first quarter 2023 net sales of $1.42 billion and net income of $72.0 million, or $0.65 per diluted share.
Adjusted net income per diluted share for the first quarter of 2024 was $0.69, after adjustments increasing net income per diluted share by $0.17. Adjusted net income per diluted share for the first quarter of 2023 was $0.78 after adjustments increasing net income per diluted share by $0.13.
“The Silgan team delivered strong first quarter results at the high end of our guidance range, which continued to display the power of our diverse portfolio and winning long-term business strategy,” said Adam Greenlee, President and CEO. “Our global dispensing business is well positioned to deliver another year of growth and strong results through market leading innovation, strong end market demand, additional business wins and significant momentum in the marketplace. Consumer demand for our food and beverage products remains resilient, and our first quarter volumes, as expected, were impacted by our customers’ first half destocking priorities. In certain markets, customers accelerated those activities to be more weighted to the first quarter than initially anticipated. In our Custom Containers business, we’re encouraged that volumes improved sequentially, and we have also successfully commercialized a new business award as expected in the first quarter. Overall, we continue to see positive signs in each of our businesses with increased promotional activity at retail and improving demand trends,” continued Mr. Greenlee. “We remain focused on meeting the unique needs of our customers while actively managing what is within our control. We have made significant progress towards our $50 million cost reduction program and are confident in our ability to deliver $20 million of cost savings in 2024. Importantly, we are on track to deliver our 2024 objectives and are encouraged with the opportunities that remain in 2024 and beyond,” concluded Mr. Greenlee.
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