Silgan Holdings reports Q3 adj. EPS 76c, consensus 76c
Reports Q3 revenue $1.32B, consensus $1.32B. "We delivered third quarter 2019 adjusted net income per diluted share of $0.76, in line with our estimates and matching our record performance for the same period in the prior year in spite of a $0.03 non-cash pension headwind in 2019. We fell short of the high end of our expectations largely as a result of pack related shortfalls and challenging economic conditions in Europe," said Tony Allott, chairman and CEO. "Our plastic container business again improved its results over the prior year period, with approximately three percent volume growth and strong operating performance. Our metal container and closures businesses performed largely in line with the prior year, however volumes in both businesses did not meet our expectations as a result of lower than expected pack volumes," continued Mr. Allott. "Based on our performance to date and our outlook for the fourth quarter, which includes an earlier than anticipated end to the fruit and vegetable pack in the beginning of October, we are maintaining our guidance and tightening the range for our full year 2019 earnings estimate of adjusted net income per diluted share to $2.12 to $2.17, which includes the unfavorable non-cash pension headwind of approximately $0.13 per diluted share," concluded Mr. Allott.