Silgan Holdings reports Q3 adjusted EPS $1.16, consensus $1.12

Reports Q3 revenue $1.80B, consensus $1.95B. “Our Q3 results continued to display the strength and breadth of our diverse portfolio, as we delivered our second highest quarterly earnings amidst challenging market conditions. Our high value dispensing business posted another record quarter, and trends in the third quarter developed largely as we expected,” said Adam Greenlee, President and CEO. “We continue to see resilient consumer trends for our products, and as expected our food and beverage customers’ destocking was prevalent during the quarter. In some cases, we have seen these trends expand to include adjacent categories. Through our internal focus on operational excellence we successfully managed costs during the quarter, and we identified additional opportunities to reduce costs across the organization by $50M over the next two years through a combination of footprint rationalization and other cost reduction actions. Our businesses continue to focus on the unique needs of our customers and win in the markets we serve, and we believe these cost actions will further competitively advantage our low cost manufacturing network and position our businesses for continued success,” continued Greenlee.