Silgan Holdings Expects Annual Earnings To Rise In Line With View; Stock Up Over 5% In Pre-Market

(RTTNews) - Silgan Holdings Inc. (SLGN), a maker of consumer goods packaging, said in its fourth-quarter earnings report on Wednesday that it expects a rise in earnings for the full year.

Excluding items, for the full-year, the company expects income per share of $3.55 to $3.75, a 7 percent increase at the midpoint of the range over previous year's $3.40 per share.

On average, 11 analysts polled by Thomson Reuters expect the firm to earn $3.61 per share, for the year. Analysts' estimates typically exclude special items.

Commenting on the on the first quarter of 2024, Silgan said: "The company expects the impact of customer destocking to continue to impact volumes, with a low single digit volume decline in the Dispensing and Specialty Closures and Metal Containers segments and a mid-to-high single digit volume decline in the Custom Containers segment as compared to the prior year period."

For the first-quarter, the company expects to post adjusted income per share of $0.60 to $0.70, lesser than last year's $0.78 and analysts' estimate of $0.72 per share.

SLGN was trading up by 5.64 percent at $46.10 per share in the pre-market trade on the New York Stock Exchange.