Silgan Holdings Inc, (SLGN), a manufacturer of rigid packaging for shelf-stable food and other consumer goods products, Wednesday posted a lower profit for the first quarter in spite of increase in revenues, which was offset by higher selling, general and administrative expenses. The company's outlook remained unchanged.
For the three-month period, the firm reported net income of $25.4 million or $0.38 per share, compared with $32.8 million or $0.47 per share.
Adjusted net income per share was $0.46 for the quarter, compared to $0.51 reported last year quarter.
Twelve analysts, on average, surveyed by Thomson Reuters expected the company to report earnings per share of $0.47 for the first quarter. Analyst estimates typically exclude one-time items.
The company recorded net sales of $795.7 million, a 3.6 percent increase from last year's $768.4 million. The increase was pinned to higher sales of metal container and plastic container businesses. Analyst expected the company to report revenues of $811.96 million for the quarter.
The company confirmed its guidance for adjusted net income per diluted share for the full year in the range of $3.05 to $3.20, which excludes rationalization charges, plant start-up costs, the loss on early extinguishment of debt and the impact from the re-measurement of net assets in Venezuela.
For the second quarter, the company is expecting earnings of $0.60 to $0.70 per share, excluding rationalization charges and plant start-up costs.
Analysts expect the company to report earnings of $0.64 per share for the second quarter, and $3.12 per share for the full year.
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