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.
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.
