Silgan Holdings profit grows in 4th quarter despite dip in sales

Silgan Holdings sees profit grow in 4Q

STAMFORD, Conn. — Silgan Holdings Inc. on Tuesday reported that its profit grew in the fourth quarter despite a dip in revenue.

The metals and plastic packaging company said improved manufacturing efficiency and cost controls across the business helped offset lower sales.

Silgan said it earned $23.9 million, or 62 cents per share, for the quarter. That’s up from $15.2 million, or 40 cents per share, earned in the same quarter of the prior year.

Adjusted for special items, the company earned 63 cents per share versus 45 cents per share in the prior year. Sales fell nearly 5 percent to $705.3 million.

Analysts polled by Thomson Reuters expected the company to earn 54 cents per share on revenue of $737.3 million. Analyst expectations typically exclude one-time items.

For the full year, the company said it earned $159.4 million, or $4.14 per share, compared with $125 million, or $3.26 per share, in the prior year. Adjusted for several items, the company earned $4.19 for the year, up from $3.51 in the prior year.

The company said it expects to earn $4.25 to $4.45 for the full year, excluding plans to write down operations in Venezuala due to the change in the currency rate and cost of consolidating a facility in Ohio.

Analysts anticipate, on average, the company earning $4.30 per share.

Shares of Silgan fell $1.06 to $52.95 in after-hours trading Tuesday.