Silgan Holdings Inc. Files 10-Q for Q1 2024

TL;DR

<b>Silgan Holdings Inc. filed its Q1 2024 10-Q report detailing financial performance and business segment information.</b>

AI Summary

SILGAN HOLDINGS INC (SLGN) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Silgan Holdings Inc. reported its Q1 2024 results on May 8, 2024. The filing covers the period ending March 31, 2024. Key financial data for the quarter and comparative periods is included. The company's business segments include Dispensing and Specialty Closures, Metal Containers, and Custom Containers. Geographic segments include North America and Europe and Other.

Why It Matters

For investors and stakeholders tracking SILGAN HOLDINGS INC, this filing contains several important signals. This filing provides investors with the latest financial performance data for Silgan Holdings Inc. for the first quarter of 2024, enabling informed investment decisions. Understanding the segment and geographic performance detailed in the 10-Q is crucial for assessing the company's operational health and future growth prospects.

Risk Assessment

Risk Level: low — SILGAN HOLDINGS INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain significant new risks or material adverse events beyond typical business operations.

Analyst Insight

Review the detailed segment revenues and growth rates to identify any shifts in performance or emerging trends within Silgan's core businesses.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period of Report (Quarterly report filing date)
• 2024-05-08 — Filed As Of Date (Date the report was filed)

Key Players & Entities

• SILGAN HOLDINGS INC (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-08 (date) — Filed as of date
• Stamford, CT (location) — Business address
• Metal Cans (industry) — Standard Industrial Classification

FAQ

Industry Context

Silgan Holdings Inc. operates in the metal container and packaging industry, a sector characterized by demand tied to consumer goods and industrial products.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the revenue and growth figures for each business segment (Dispensing and Specialty Closures, Metal Containers, Custom Containers) for Q1 2024 compared to Q1 2023.
2. Examine any disclosed changes in debt levels or cash position from the previous fiscal year-end.
3. Review the company's stated business strategy and outlook for the remainder of 2024.

Key Dates

• 2024-03-31: End of Reporting Period — Marks the end of the fiscal quarter for which financial results are reported.
• 2024-05-08: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarterly update after the year-end report.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share SLGN New York Stock Exchange

Filing Documents

• slgn-20240331.htm (10-Q) — 751KB
• exhibit3113-31x2024.htm (EX-31.1) — 15KB
• exhibit3123-31x2024.htm (EX-31.2) — 15KB
• exhibit3213-31x2024.htm (EX-32.1) — 5KB
• exhibit3223-31x2024.htm (EX-32.2) — 5KB
• 0000849869-24-000069.txt (&nbsp;) — 4367KB
• slgn-20240331.xsd (EX-101.SCH) — 32KB
• slgn-20240331_cal.xml (EX-101.CAL) — 59KB
• slgn-20240331_def.xml (EX-101.DEF) — 156KB
• slgn-20240331_lab.xml (EX-101.LAB) — 369KB
• slgn-20240331_pre.xml (EX-101.PRE) — 271KB
• slgn-20240331_htm.xml (XML) — 562KB

Financial Information

Part I. Financial Information 3

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets at March 31, 2024 and 202 3 and December 31, 202 3 3 Condensed Consolidated Statements of Income for the three months ended March 31, 2024 and 202 3 4 Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 202 3 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 202 3 6 Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 202 3 7 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 26

Controls and Procedures

Item 4. Controls and Procedures 26

Other Information

Part II. Other Information 27

Exhibits

Item 6. Exhibits 27

Signatures

Signatures 28 -2-

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements SILGAN HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) March 31, 2024 March 31, 2023 Dec. 31, 2023 (unaudited) (unaudited) Assets Current assets: Cash and cash equivalents $ 308,641 $ 501,060 $ 642,923 Trade accounts receivable, net 946,051 936,048 599,524 Inventories 957,240 1,055,079 940,808 Prepaid expenses and other current assets 164,439 132,822 165,727 Total current assets 2,376,371 2,625,009 2,348,982 Property, plant and equipment, net 1,943,682 1,930,003 1,961,585 Goodwill 1,997,285 2,001,753 2,018,241 Other intangible assets, net 702,033 755,883 721,023 Other assets, net 554,884 549,074 561,405 $ 7,574,255 $ 7,861,722 $ 7,611,236 Liabilities and Stockholders' Equity Current liabilities: Revolving loans and current portion of long-term debt $ 1,345,851 $ 784,795 $ 880,315 Trade accounts payable 609,832 716,487 1,075,913 Accrued payroll and related costs 100,118 101,881 97,886 Accrued liabilities 233,676 240,952 257,742 Total current liabilities 2,289,477 1,844,115 2,311,856 Long-term debt 2,534,504 3,370,346 2,546,451 Deferred income taxes 432,266 389,010 433,666 Other liabilities 418,162 476,961 429,905 Stockholders' equity: Common stock 1,751 1,751 1,751 Paid-in capital 356,529 342,157 353,848 Retained earnings 3,242,914 3,013,104 3,208,237 Accumulated other comprehensive loss ( 271,990 ) ( 324,570 ) ( 251,361 ) Treasury stock ( 1,429,358 ) ( 1,251,152 ) ( 1,423,117 ) Total stockholders' equity 1,899,846 1,781,290 1,889,358 $ 7,574,255 $ 7,861,722 $ 7,611,236 See accompanying notes. -3- SILGAN HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME For the three months ended March 31, 2024 and 2023 (Dollars and shares in thousands, except per share amounts) (Unaudited) 2024 2023 Net sales $ 1,317,038 $ 1,418,281 Cost of goods sold 1,093,559 1,180,316 Gross profit 223,479 237,965 Selling, general and administrative expenses 100,476 101,330 Rat