Silgan Holdings (SLGN) Q1 FY2024 earnings: revenue $1.3 billion, down 7.1% on the year

Silgan Holdings Inc. (SLGN) reported revenue of $1.3 billion for Q1 FY2024, the quarter ended 31 March 2024, down 7.1% on the same quarter a year earlier. Net income was $55 million, down 23.4% on the year, and diluted earnings per share $0.52. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2024.

Revenue$1.3 billiondown 7.1%

Net income$55 milliondown 23.4%

Diluted EPS$0.52

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,317	1,340	n/a	n/a
Cost of revenue	1,094	1,122	n/a	n/a
Gross profit	223	219	n/a	n/a
Gross margin	17.0%	16.3%	n/a
Selling, general and administrative	100	96.6	n/a	n/a
Interest expense	n/a	42.5	n/a	n/a
Pre-tax income	73.1	83.6	n/a	n/a
Income tax	17.9	19.2	n/a	n/a
Effective tax rate	24.5%	23.0%	n/a
Net income	55.2	64.4	n/a	n/a
Net margin	4.2%	4.8%	n/a
Diluted EPS	$0.52	$0.60	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-548	1,079	n/a	n/a
Capital expenditure	75.3	53.4	n/a	n/a
Free cash flow	-623	1,025	n/a	n/a
Free cash flow margin	-47.3%	76.5%	n/a
Cash from investing	-72.5	-53.3	n/a	n/a
Cash from financing	293	-699	n/a	n/a
Depreciation and amortisation	66.4	62.5	n/a	n/a
Buybacks	7.7	0.1	n/a	n/a
Dividends paid	21.1	19.2	n/a	n/a
Dividend per share	$0.19	n/a	n/a	n/a
Diluted shares, weighted	107m	107m	n/a	n/a
Shares outstanding at period end	107m	106m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	1,900	1,889	n/a	n/a
Debt	3,892	3,440	n/a	n/a
Operating lease liabilities	n/a	188	n/a	n/a
Finance lease liabilities	n/a	35.7	n/a	n/a
Other liabilities	1,782	2,058	n/a	n/a
Total liabilities and equity	7,574	7,611	n/a	n/a
Fixed assets	1,944	1,962	n/a	n/a
Goodwill	1,997	2,018	n/a	n/a
Intangible assets	702	721	n/a	n/a
Cash and equivalents	309	643	n/a	n/a
Receivables	946	600	n/a	n/a
Inventory	957	941	n/a	n/a
Other assets	719	727	n/a	n/a
Total assets	7,574	7,611	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,803	1,340	1,317	1,381	1,745	1,411	1,467	1,539	2,009	1,469	1,561	1,643
Cost of revenue	1,517	1,122	1,094	1,125	1,452	1,172	1,196	1,240	1,681	1,216	1,295	1,348
Gross profit	286	219	223	256	293	239	270	299	327	253	266	295
Gross margin	16%	16%	17%	19%	17%	17%	18%	19%	16%	17%	17%	18%
SG&A	84.3	96.6	100	108	106	124	129	122	122	120	131	127
Interest expense	47.3	42.5	n/a	n/a	n/a	n/a	42.9	48.7	n/a	n/a	41.4	47.1
Pre-tax income	147	83.6	73.1	101	125	48.7	87.6	119	149	53.4	84.1	104
Tax rate	25%	23%	25%	24%	20%	9%	24%	26%	24%	67%	27%	28%
Net income	111	64.4	55.2	76.1	100	45.1	68.0	88.9	113	18.2	63.0	75.8
Net margin	6%	5%	4%	6%	6%	3%	5%	6%	6%	1%	4%	5%
Diluted EPS	$1.02	$0.60	$0.52	$0.71	$0.93	$0.42	$0.63	$0.83	$1.06	$0.17	$0.60	$0.72
Operating cash flow	216	1,079	-548	20.9	313	936	-683	-221	341	1,294	-800	-194
Capital expenditure	55.2	53.4	75.3	56.2	60.6	70.8	82.9	72.8	80.1	71.3	82.4	64.2
Free cash flow	160	1,025	-623	-35.3	252	865	-766	-294	261	1,223	-882	-259
Buybacks	153	0.1	7.7	0.1	0.0	1.6	6.9	0.0	59.3	8.7	7.8	0.0
Dividends paid	19.3	19.2	21.1	20.3	20.3	20.3	21.9	21.4	21.4	21.0	22.8	22.2
Shares outstanding	106m	106m	107m	107m	107m	107m	107m	107m	106m	105m	106m	106m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 8 May 2024, accession 0000849869-24-000069: the filing on EDGAR. All of Silgan Holdings Inc.'s filings: EDGAR company page.

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