Sustainable rigid packaging company Silgan Holdings has generated total sales of $1.80bn in the third quarter (Q3) of financial year 2023 (FY23), down by 9% from $1.97bn in the same period in FY22.

Net sales for the company’s Dispensing and Specialty Closures segment dropped 3% to $559.1m, and sales for its Metal Containers and Custom Containers decreased 10% and 18% respectively in Q3 FY23.

Silgan Holdings delivered a net income of $110.6m in Q3 FY23, down from $138.7m in the prior year’s quarter.

Its earnings per diluted share for the period ending 30 September 2023 was listed as $1.02 in Q3 FY23, against $1.25 in Q3 FY22.

The company’s income before interest and income taxes for the quarter was $194.1m, down by $25.3m compared to $219.4m in the corresponding period in FY22.

Silgan Holdings president and CEO Adam Greenlee said: “Our third-quarter results continued to display the strength and breadth of our diverse portfolio, as we delivered our second-highest quarterly earnings amidst challenging market conditions. Our high-value dispensing business posted another record quarter, and trends in the third quarter developed largely as we expected.

“We continue to see resilient consumer trends for our products, and as expected our food and beverage customers’ destocking was prevalent during the quarter. In some cases, we have seen these trends expand to include adjacent categories.”

For full-year 2023, the company reduced its expected adjusted net income per diluted share forecast to a range of $3.30 to $3.40 from its previous guidance range of $3.40 to $3.60.

In the fourth quarter of 2023, Silgan Holdings anticipates its adjusted net income per diluted share to be in the range of $0.55 to $0.65.

Greenlee added: “Our businesses continue to focus on the unique needs of our customers and win in the markets we serve, and we believe these cost actions will further competitively advantage our low-cost manufacturing network and position our businesses for continued success.”