Silgan Holdings provides rigid packaging solutions for consumer goods. Credit: Nico Smit / Unsplash.

US-based rigid packaging company Silgan Holdings has reported net sales of $1.97bn for the third quarter (Q3) of fiscal 2022 (FY22), up by 19.3% from $1.65bn in the same period of the prior fiscal year (FY21).

The company registered a record net income of $138.7m in the quarter, against $106.3m in Q3 2021.

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Its earnings per diluted share (EPS) were $1.25, compared with $0.96 a year earlier while its adjusted EPS rose by 25% to $1.27.

Silgan Holdings president and CEO Adam Greenlee said: “The Silgan team continued to deliver new all-time record adjusted EPS in both the third quarter and year-to-date periods, with a 25% increase as compared to the prior year quarter and an over 20% increase for the year-to-date period.

“Each of our businesses continued to consistently and successfully execute our operating plans while deploying a best-in-class service model across a diverse portfolio of essential products that produced record results in the third quarter.”

Silgan Holdings’ net sales for the year to date have been $4.96bn, representing a 16.9% increase of $718.3m.

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The company has reported a record net income of $316.3m in this period, compared with $274.0m in the same period of FY21.

Its EPS for the first nine months were $2.85, against $2.47 a year earlier, while its adjusted EPS increased by 20% to a record $3.14.

For the full year, Silgan Holdings expects its adjusted EPS to be between $3.90 and $4.00. The company expects this to be in the range of $0.76 to $0.86 for the fourth quarter.

Greenlee added: “This will be the company’s sixth consecutive year of record earnings performance. In addition, we are maintaining our full-year 2022 free cash flow estimate of approximately $350m.”

Last month, Silgan Holdings’ subsidiary Silgan Dispensing introduced two dispensers designed to increase product sustainability and performance.

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