Silgan Holdings Inc. a leading supplier of sustainable rigid packaging solutions for the world’s essential consumer goods products, reported second quarter 2024 net sales of $1.38 billion and net income of $76.1 million, or $0.71 per diluted share.

This was compared to second quarter 2023 net sales of $1.43 billion and net income of $78.9 million, or $0.71 per diluted share.

Adjusted net income per diluted share for the second quarter of 2024 was $0.88, after adjustments increasing net income per diluted share by $0.17. Adjusted net income per diluted share for the second quarter of 2023 was $0.83 after adjustments increasing net income per diluted share by $0.12. 

A reconciliation of net income per diluted share to “adjusted net income per diluted share,” a Non-GAAP financial measure used by the Company that adjusts net income per diluted share for certain items, can be found in Table A at the back of this press release.

“The Silgan team delivered solid second quarter results that were above the midpoint of our guidance range, as our business continues to show strength and improving year-over-year trends,” said Adam Greenlee, President and CEO. 

“Our global dispensing business remains a bright spot and continues to benefit from our market leading innovation, strong end market demand and the commercialisation of new business wins that all contributed to drive double digit growth for our dispensing products and more than 20% higher Adjusted EBIT in our Dispensing and Specialty Closures business year-over-year. 

“We are encouraged that volume trends for our products across our businesses have continued to improve sequentially and showed positive year-over-year growth in the second quarter, signalling the conclusion of our food and beverage customers’ destocking activities that began this time last year. 

“Our Metal Containers business remains well positioned to grow alongside our long-term customers in the pet food industry, and in our Custom Containers business we benefited from the early commercialisation of the new business award. Overall, we continue to see positive year-over-year momentum in our business, and our long-term strategic priorities remain on track to drive organic growth and margin improvement in 2024.

“We have taken action and are confident in our ability to achieve our two year $50 million cost reduction program that will deliver earnings growth in 2024 and beyond. We also remain intensely focused on executing on our strategic objectives and diligent in our commercial discipline and focus on returns. Finally, as Silgan’s evolution continues, we are pleased to have recently announced an agreement to acquire Weener Packaging to further expand the breadth and reach of our global dispensing business.”