2023-10-25 07:01:08 ET
- Silgan Holdings press release ( NYSE: SLGN ): Q3 Non-GAAP EPS of $1.16 beats by $0.03 .
- Revenue of $1.8B (-8.6% Y/Y) misses by $150M .
- The effective tax rates were 24.7% and 25.3% for the third quarters of 2023 and 2022, respectively.
- Outlook: The Company has revised its estimate of adjusted net income per diluted share for the full year of 2023 from a range of $3.40 to $3.60 to a range of $3.30 to $3.40 vs. the consensus of $3.48 primarily due to anticipated lower volumes in the fourth quarter and higher interest expense. This revised estimate compares to record adjusted net income per diluted share for the full year of 2022 of $4.01.
- The Company now anticipates interest expense before loss on early extinguishment of debt in 2023 of approximately $175 million based on the current forward interest rate curve and an effective tax rate for 2023 of approximately 24%.
- The Company has revised its estimate of free cash flow in 2023 from approximately $375 million to approximately $340 million.
- Q4: The Company is providing an estimate of adjusted net income per diluted share for the fourth quarter of 2023 in the range of $0.55 to $0.65 vs. the consensus of $0.75, as compared to a record $0.85 in the fourth quarter of 2022.
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Silgan Holdings reports mixed Q3 earnings; initiates Q4 and initiates FY23 outlook