Silgan Holdings reports Q1 adjusted EPS 46c, consensus 43c
Reports Q1 revenue $1.03B, consensus $1.01B. "We are pleased with our first quarter 2019 results, as we reported record adjusted net income per diluted share of $0.46, an increase of approximately 10 percent over the record first quarter last year," said Tony Allott, Chairman and CEO. "Our metal container business performed better than expected primarily due to better than anticipated volumes. Our plastic container business continued its sequential improvement through volume growth and good operating performance. Our closures business experienced a slower start to the year due in part to the timing of certain customer purchases, particularly for metal closures in Europe and the U.S. as customers likely timed purchases around steel cost inflation. As expected, each of our businesses was unfavorably impacted in the quarter by the non-cash reduction in pension income that we will experience throughout the year. In addition, we announced the shutdown of a metal closures manufacturing facility in Spain to further optimize our European footprint. Overall, we feel very good about our start to the year and are confirming our full year 2019 earnings estimate of adjusted net income per diluted share in the range of $2.10 to $2.20, which includes the unfavorable non-cash pension headwind of approximately $0.13 per diluted share."