Silgan 3Q net income nearly flat, revenue dips

STAMFORD, Conn. -- Silgan's third-quarter net income was nearly flat as the packaging products supplier dealt with some charges and tough economic conditions.

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.

For the fourth quarter, the Stamford, Conn., company expects adjusted earnings of 58 cents to 63 cents per share.

Wall Street predicts 59 cents 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.