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Silgan Holdings Inc. (SLGN) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $1,745,124,000 from $1,803,101,000 in the same quarter the previous year. The decrease is attributed to lower raw material costs and a less favorable mix of products sold.
Gross profit for the quarter was $293,293,000, representing 16.8% of net sales, compared to 15.9% in the same quarter of the previous year. This increase in gross profit margin is due to improved manufacturing productivity and cost performance.
Rationalization charges for the quarter were $19,483,000, up from $6,424,000 in the previous year, reflecting ongoing cost reduction efforts.
Selling, general, and administrative expenses increased to $106,405,000 from $84,320,000, primarily due to costs attributed to announced acquisitions.
Net income for the quarter was $100,053,000, down from $110,617,000 in the previous year. Basic earnings per share were $0.94, compared to $1.02 in the previous year.
Cash used in operating activities was $213,888,000, while cash used in investing and financing activities was $189,107,000 and $134,216,000, respectively.
Silgan had a working capital of $213,726,000 as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including amendments to the Credit Agreement and new Euro interest rate swap agreements.
Silgan does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
Silgan continues to focus on expanding its dispensing and specialty closures segment and highlights its recent acquisition of Weener Plastics Holding B.V.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Silgan Holdings Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.