Shares of packaging solutions provider Silgan Holdings Inc. (SLGN) are falling more than 13% Wednesday morning after reporting lower profit as well as revenue in the second quarter. The company also cut its full-year earnings outlook.
Profit in the second quarter decreased to $78.9 million or $0.71 per share from $92.7 million or $0.83 per share in the same quarter a year ago, primarily due to lower volumes.
Excluding one-time items, earnings were $0.83 per share that missed the average estimate of analysts polled by Thomson-Reuters of $0.89 per share.
Sales for the quarter declined to $1.43 billion from $1.54 billion a year ago. The consensus estimate was for $1.55 billion.
For the full year, the company now expects adjusted EPS to be in the range of $3.40 - $3.60, lower than $3.95 - $4.15 provided earlier. Analysts' expectation stands at $3.98.
SLGN is at $42.19 currently. It has traded in the range of $40.97 - $55.41 in the last 52 weeks.
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