Silgan Holdings Inc. posted a better-than-expected quarterly profit as the Stamford consumer goods packager was able to pass on higher raw material costs to customers, but it forecast second-quarter earnings below market estimates, Reuters reports.
The company said it was able to pass on raw material costs in its key metal containers business in the first quarter, but it saw higher resin prices affecting its plastic packaging business in the second quarter.
January-March net income was $26.1 million, or 37 cents a share, compared with $26.8 million, or 35 cents a share a year ago.
Excluding items, the company, which competes with Ball Corp., Crown Holdings Inc. and Berry Plastics Corp., earned 41 cents a share.
Revenue rose 6 percent to $703.1 million.
Analysts on average had expected earnings of 39 cents a share, before special items, on revenue of $705.4 million, according to Thomson Reuters I/B/E/S.
