Silgan’s third-quarter net income was nearly flat as Stamford food-can supplier dealt with some charges and tough economic conditions, The Associated Press reports.
The company lowered the high end of its full-year adjusted earnings forecast on Wednesday, citing its year-to-date performance and uncertain global economic conditions. The revised guidance is in range of Wall Street’s view.
For the period ended Sept. 30, Silgan Holdings Inc. earned $78.7 million, or $1.13 per share. That compares with earnings of $78.8 million, or $1.12 per share, a year earlier.
There were fewer shares outstanding in the current quarter.
Excluding acquisition-related costs, rationalization charges and new plant startup costs, earnings were $1.17 per share.
This met the expectations of analysts polled by FactSet.
Revenue edged down to $1.14 billion from $1.15 billion because of lower sales in the closures and plastic container businesses. Wall Street forecast $1.15 billion.
Sales for the metal container business rose about 2 percent on increased average selling prices and higher unit volumes.
Silgan now foresees 2012 adjusted earnings of $2.80 to $2.85 per share. Its prior guidance called for earnings in a range of $2.80 to $2.90 per share.
Analysts forecast earnings of $2.82 per share.
Silgan runs 82 manufacturing plants in North and South America, Europe and Asia. Its stock added 45 cents to $42.80 in afternoon trading.
