Silgan Holdings Inc. reported full year 2023 net sales of $6.0 billion and net income of $326.0 million, or $2.98 per diluted share, as compared to full year 2022 net sales of $6.4 billion and net income of $340.8 million, or $3.07 per diluted share.

Adjusted net income per diluted share for the full year of 2023 was $3.40, after adjustments increasing net income per diluted share by $0.42. Adjusted net income per diluted share for the full year of 2022, which included $0.09 per diluted share from non-recurring income associated with Russia, was a record $4.01 after adjustments increasing net income per diluted share by $0.94. 

Adam Greenlee, president and CEO, 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 $250 million to shareholders during the year. 

“Our unique business model and proven ability to rapidly adapt to changing market dynamics continue to create significant value for our shareholders as demonstrated by our 10-year CAGR for adjusted EPS of 10 percent.

“In 2023, market leading innovation in our high value dispensing products continued to drive strong growth with new and existing customers, mix enhancement and margin expansion for the company, while our Metal Containers segment delivered another year of record profit. 

“As we turn to 2024, we continue to execute our strategic growth initiatives and remain confident that these efforts will drive earnings and cash flow growth in the year. 

“The actions we have already taken to date position the Company to deliver our $50 million cost reduction initiative over the next two years.

”We have seen early signs of recovery in certain categories from the customer destocking activities that impacted 2023, and we expect these favourable trends to continue to improve during the first half of the year. 

“We believe that our future success will be driven by competing and winning in our markets, building upon and expanding the strong foundation of our customer partnerships and maintaining a disciplined approach to capital deployment. 

“Our business fundamentals and balance sheet remain strong, and the entire Silgan team is focused on executing and driving growth in 2024 and beyond.”