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Silgan’s EPS Tops – Analyst Blog
Zacks Market Commentaries (July 22nd, 2009) Writes:
Silgan Holdings Inc. (SLGN), manufacturer of metal and plastic consumer goods packaging products, reported its second-quarter earnings before market open. The company reported earnings of $0.89 per share, above our expectations of $0.82 per share, but 3.3% lower than previous year’s EPS of $0.92.
Net sales in the quarter were down 6.2% to $689.5 million from $735.5 million in the prior-year quarter, primarily due to lower average selling prices in the Plastic Container business resulting from the pass through of resin price declines, unfavorable foreign currency translation impact, and lower volumes in the Plastic Container and Closures businesses.
The Metal Food Container segment’s second quarter revenue increased 7.4% year over year due to higher average selling prices and slightly higher unit volumes. Revenue in the Plastic Container segment was down 22.3% due to lower average selling prices, decline in unit volumes attributable to a weak macroeconomic environment, and unfavorable foreign currency
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