Siligan Holdings Q3 EPS Meets View, Cuts FY Earnings Guidance

(RTTNews) - Silgan Holdings Inc. (SLGN) Wednesday said its third-quarter profit increased amid growth in metal container business and a solid performance in Europe. Earnings per share was in line with analysts' expectations. Revenues, however, missed estimates. The company added that it lowered annual earnings guidance.

Net profit increased to $83.3 million or $1.31 per share, from $77.2 million or $1.21 per share last year. Excluding certain items, the company recorded a profit of $1.33 per share. Adjusted profit was $1.23 per share a year ago.

On average, twelve analysts polled by Thomson-Reuters estimated earnings to be $1.33. Analysts' estimates typically exclude one-time items.

Net sales rose to $1.228 billion from $1.167 billion in the previous year. Analysts projected revenues to be $1.24 billion.

The company lowered its annual guidance for adjusted earnings to $3.10 -$3.20 per share from previous guidance of $3.10 - $3.30 per share. Analysts expect earnings for the full year to be $3.19.