Earnings

Silgan Lifts 2026 Adjusted Earnings Range After Record Quarter

The Tip Desk · November 1, 2026 · 4 min read

Adjusted diluted earnings were a record $1.31 a share in the third quarter, and the company now sees full-year adjusted EPS of $3.83 to $3.93.

Silgan Holdings Inc. (SLGN) reported record third-quarter adjusted diluted earnings of $1.31 a share, up 7% from $1.22 a year earlier, and said the result sat at the high end of its estimated range.

GAAP net income was $105.0 million, or $0.99 a share, compared with $113.3 million, or $1.06 a share, in the third quarter of 2025. Adjustments increased net income per diluted share by $0.32.

Net sales were $2.04 billion, up 2% from $2.01 billion a year earlier. The company said the increase came primarily from contractual pass-through of higher raw-material costs. That pace slowed from 7% growth in the second quarter and 6% in the first quarter.

Income before interest and income taxes was $191.7 million, down from $198.7 million a year earlier. Rationalization charges were $17.1 million, versus $7.2 million in the year-ago quarter, and costs attributed to announced acquisitions were $10.3 million. Corporate expense rose to $15.4 million from $11.0 million, which the company said was primarily related to corporate development activities.

Dispensing and Specialty Closures net sales were $699.2 million, up 1% from $690.4 million. The company attributed the increase to 3% pass-through of higher raw-material and other costs, partially offset by 1% less favorable mix and unfavorable foreign-currency translation. Unit volumes were comparable to the prior-year period, with mid-single-digit growth in dispensing products for fragrance markets and double-digit growth in prescription pharma dispensing products in North America offset by softer demand for food and beverage closures in Europe and North America. Adjusted EBIT in the segment fell 2% to $111.2 million from $113.5 million, which the company said was impacted by less favorable price/cost from delayed pass-through of inflation in manufacturing costs including freight and applicable surcharges, and less favorable manufacturing efficiency.

Metal Containers net sales were $1.17 billion, up 1% from $1.16 billion, on improved price/mix from contractual pass-through of higher raw-material and other manufacturing costs. Metal container volume was 4% below the prior-year period as soup volumes declined, partially offset by higher volumes for fruit and vegetable and pet food markets. Adjusted EBIT rose 10% to $105.2 million from $95.8 million, which the company said was primarily the result of more favorable price/cost including mix, partially offset by lower volumes.

Custom Containers net sales were $166.8 million, up 4% from $160.1 million, on more favorable price/mix from pass-through of higher raw-material and other manufacturing costs that more than offset lower volumes of 8%. The company said volumes were impacted by the exit of lower-margin business in 2025 as a result of footprint optimization plans, which affected volumes by approximately 3%. Adjusted EBIT rose 3% to $23.7 million from $23.1 million, which the company said was primarily the result of favorable price/cost including mix, including the benefit from previously announced cost-reduction activities.

President and CEO Adam Greenlee said third-quarter operating performance was consistent with expectations and that challenging consumer conditions had led to more muted volumes than initially anticipated, while operating performance and a focus on costs delivered earnings at the high end of the estimated range. He said the company was on track to deliver adjusted EPS at the higher end of its initial 2026 guidance.

Silgan raised its full-year 2026 estimate of adjusted net income per diluted share from a range of $3.73 to $3.93 to a range of $3.83 to $3.93, a 4% increase at the midpoint over adjusted net income per diluted share of $3.72 in 2025. It said adjusted EBIT in 2026 is expected to be higher than 2025 levels in all segments. The company confirmed its estimate of free cash flow in 2026 of approximately $450 million, compared with $445.2 million in 2025, and said capital expenditures are expected to be approximately $310 million in 2026.

For the fourth quarter of 2026, the company provided an estimate of adjusted net income per diluted share in the range of $0.76 to $0.86, a 21% increase at the midpoint over adjusted net income per diluted share of $0.67 in the fourth quarter of 2025.

The company also announced a transformative portfolio acceleration through the acquisition of Trivium and said it anticipates earnings and free cash flow growth in 2027.

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