Silgan, a sustainable packaging provider for consumer goods, has reported a net income of $326m for financial year 2023 (FY23), compared to $340.8m in FY22.  

The company’s diluted net earnings per share (EPS) fell from $3.07 to $2.98. 

During the year ending 31 December 2023, the net sales of Silgan was $6bn, marking a 7% decrease from the $6.4bn reported in the prior year.  

When excluding sales from Russia, amounting to $70.6m in 2022, the company’s decline in net sales for FY23 stands at 6%. 

Its income before interest and income taxes (EBIT) was $595.4m in FY23, a slight decrease from $602m in FY22.

In the fourth quarter (Q4) of FY23, the net income of Silgan increased to $64.4m from $24.6m in the same period a year ago. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Its EPS for the quarter also rose to $0.60 from $0.22 in Q4 FY22. 

The company’s EBIT also increased to $126.1m in Q4 FY23, against $81.1m in the prior year quarter, driven by the $66.6m of rationalisation charges in the prior year’s period.  

Silgan’s EBIT across its Dispensing and Specialty Closures, Metal Containers, and Custom Containers segments for Q4 FY23 were $68.4m, $55.8m, and $6.8m, respectively. 

The company delivered total net sales of $1.3bn in Q4 FY23, marking an 8% decrease compared to the same period in the previous year, predominantly due to lower volumes.  

Silgan president and CEO Adam Greenlee said: “The Silgan team navigated yet another year of unprecedented volume fluctuations and volatile market conditions and delivered strong performance in a challenging economic environment.  

“We are pleased to have achieved the second-highest annual adjusted earnings in the company’s history, and our robust and reliable cash generation allowed us to return over $250m to shareholders during the year.” 

The business is forecasting adjusted net income per diluted share in the range of $3.55 to $3.75 in FY24.