Silgan announces strong growth in 2022
Silgan Holdings Inc., a leading supplier of sustainable rigid packaging solutions for the world’s essential consumer goods products, reported record full year net sales of $6.41 billion.
That is a 12.9% increase over prior year net sales of $5.68 billion, and full year 2022 net income of $340.8 million, or $3.07 per diluted share, as compared to full year 2021 net income of $359.1 million, or $3.23 per diluted share.
Adjusted net income per diluted share for the full year of 2022 was a record $3.98, after adjustments increasing net income per diluted share by $0.91 primarily related to the write-off of net assets in Russia.
Adjusted net income per diluted share for the full year of 2021 was $3.40, after adjustments increasing net income per diluted share by $0.17 primarily related to rationalisation charges.
Adam Greenlee, president and CEO, said: “The Silgan team continued to operate at a very high level, capitalising on our momentum in the marketplace alongside our customers in 2022.
“As a result, we delivered our 6th consecutive year of record adjusted EPS in 2022, with a new all-time record that is 17 percent above the previous record in 2021.
“Since our founding, our unique business model has proven successful throughout a variety of economic cycles as demonstrated by our 12 percent 10 year CAGR for adjusted EPS.
“The past three years have showcased the exceptional strength of our team and the execution of our strategic initiatives as well as our ability to adapt to rapidly changing market conditions, with a greater than 20 percent CAGR for adjusted EPS from pre-pandemic levels.
“As our focus shifts to 2023, we believe the prospects for continued success and growth are stronger than at any point in our history.
“We expect the results of our long-term growth strategy of building partnerships with our customers, financial discipline, effective deployment of capital and a relentless focus on costs and profitability will continue to deliver increased revenues, organic volume growth and increased segment income in 2023, as well as significantly improved free cash flow generation.”