Silgan Holdings Inc., a company that specializes in manufacturing packaging for consumer goods, announced in its fourth-quarter earnings report that it expects an increase in yearly earnings. According to the report, the company projects its per share income excluding certain elements for the year to be between $3.55 to $3.75. This represents a 7 percent increase at the midpoint range compared to the previous year's $3.40 per share.
A survey of 11 analysts conducted by Thomson Reuters shows an average estimation of $3.61 earnings per share for the year. These forecasts generally do not consider special items.
Looking ahead to the first quarter of 2024, Silgan predicts continued customer destocking to affect volume sales. The company anticipates a low single-digit volume drop in the Dispensing and Specialty Closures and Metal Containers segments, alongside a mid-to-high single-digit volume drop in the Custom Containers segment compared to the same period of the previous year.
In terms of income per share for the first quarter, the company predicts adjusted earnings between $0.60 to $0.70, which is less than the previous year's $0.78 and analyst estimates of $0.72 per share.
Trading for Silgan was up by 5.64 percent, with each share priced at $46.10 in premarket trading on the New York Stock Exchange.
