Silgan Holdings Inc. (SLGN: Quote) Thursday reported an increase in profit for the first quarter, due mainly to higher revenues.
The Stamford, Connecticut-based company reported first-quarter net profit of $32.8 million or $0.47 per share, compared to $26.1 million or $0.37 per share last year.
Adjusted earnings for the quarter rose to $0.50 per share from $0.41 per share in the prior-year quarter. On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.46 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 9.3 percent to $768.4 million from $703.1 million in the prior-year quarter. Nine analysts had a consensus revenue estimate of $785.92 million for the quarter.
Looking ahead, the company expects second-quarter adjusted earnings of $0.55 to $0.60 per share. Analysts currently expect the company to earn $0.57 per share for the quarter.
The company confirmed its full-year 2012 earnings guidance in the range of $2.80 to $2.90 per share. Analysts currently expect earnings of $2.88 per share for the year.
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by RTT Staff Writer
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