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Silgan reports profit growth in 2013

By: Jim Johnson

January 28, 2014

Silgan Holdings Inc., with operations that make plastic caps, closures and containers, posted record net income per share for 2013.

The Stamford, Conn.-based company earned $185.4 million, or $2.87 per diluted share, on sales of $3.71 billion. That compares with earnings of $151.3 million, or $2.17 per share, on sales of $3.59 billion for 2012 for the company that also makes metal containers and packaging.

Net sales in the plastic container business totaled $647 million, up 5.3 percent from the previous year. Net sales for the closures business, which includes both plastics and metals, totaled $720.1 million, up 5.9 percent for the year. Metal container sales totaled $2.34 billion, up 2.1 percent.

Silgan, CEO Tony Allott said in a statement, positioned itself “for future growth through the completion of several strategic closures acquisitions during the year, including expanding the geographic scope and scale of this global franchise with the acquisition of Portola Packaging, Inc.”

Net income for the fourth quarter was $23.3 million, or 36 cents per diluted share, on sales of $864.8 million. That compares with net income of $29.4 million, or 42 cents per diluted share, on sales of $858.8 million for the fourth quarter of 2012, the company said.