(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number 001-41459 SILGAN HOLDINGS INC. (Exact name of Registrant as specified in its charter) Delaware 06-1 ...

Adjusted net income per diluted share for the second quarter of 2025 increased 15% from the prior year period to $1.01, after adjustments increasing net income per diluted share by $0.18. Adjusted net income per diluted share for the second quarter of 2024 was $0.88, after adjustments increasing net income per diluted share by $0.17. A reconciliation of net income per diluted share to "adjusted net income per diluted share," a Non-GAAP financial measure used by the Company that adjusts net income per dilute ...

Financial Data and Key Metrics Changes - The company reported net sales of approximately $1.5 billion, an increase of 11% from the prior year period, driven primarily by growth in dispensing products and the acquisition of Vayner [11][12] - Adjusted EBIT for the quarter reached a record $193 million, up 17% year over year, attributed to strong growth in dispensing products and improved price-cost dynamics in metal containers [11][12] - Adjusted EPS was $1.01, reflecting a $0.13 or 15% increase from the prior year quarter [12] Business Line Data and Key Metrics Changes - The Dispensing and Specialty Closures segment saw a 24% increase in sales compared to the prior year, mainly due to the inclusion of Vayner's sales and higher organic volumes [13] - Metal containers sales increased by 4% year over year, driven by favorable price mix and a 1% benefit from foreign currency translation [14] - Custom containers experienced a 3% decrease in sales, but adjusted EBIT increased by 11% due to favorable price-cost dynamics [15] Market Data and Key Metrics Changes - The North American beverage specialty closure products experienced a decline of 3.3% in volumes, primarily due to adverse weather conditions affecting consumption patterns [13][14] - Pet food products in metal containers grew by a mid-single-digit percentage, reflecting strong demand in the fastest-growing segments of the pet food market [7][14] - The company expects a mid-single-digit percentage growth in metal containers volumes, driven by pet food and a partial recovery in fruit and vegetable pack volumes [9] Company Strategy and Development Direction - The company is focused on leveraging the integration of the Vayner acquisition to drive accelerated growth and enhance its product portfolio [6] - Strategic initiatives and cost reduction efforts are expected to continue supporting earnings growth, with a projected 9% increase in adjusted EPS for 2025 [9][16] - The company remains confident in its ability to deliver significant earnings growth in 2025, despite challenges in certain markets [8][9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of adverse weather on beverage consumption and promotional spending, which is expected to affect volumes in the second half of the year [7][8] - The company anticipates that the missed consumption occasions in the first half will not be recovered in the remainder of the year [7] - Management expressed confidence in the recovery of the beverage market in 2026, despite current challenges [96] Other Important Information - The company revised its estimate of adjusted EPS for 2025 to a range of $3.85 to $4.50, reflecting lower volume expectations in specialty closures and the impact of a customer bankruptcy [15][16] - Free cash flow estimates were adjusted from approximately $450 million to $430 million, with a 10% increase from the prior year [16] Q&A Session Summary Question: Impact of customer bankruptcy on volumes and EBIT - Management confirmed that the recent bankruptcy of a large customer is expected to impact metal containers adjusted EBIT by approximately $10 million in 2025, but they have mitigated financial risks associated with this [20][22][68] Question: Dispensing business growth expectations - Management clarified that the expected mid-teens percentage increase in dispensing EBIT is primarily affected by the hot fill beverage segment, with no reduction to the balance of the business [33][36] Question: Outlook for soup volumes - Management indicated that soup volumes are expected to remain stable in the second half of the year, with strong relationships with customers supporting consistent demand [55][57] Question: Effects of tariffs on customers - Management stated that the company can pass through tariff-related costs to customers, and the impact on food cans is minimal, with no significant change in consumer purchasing behavior expected [86][90] Question: Working capital outflow concerns - Management explained that the working capital outflow was primarily due to securing additional raw materials ahead of tariffs, and they expect this to normalize by the end of the year [78][81]

Financial Data and Key Metrics Changes - The company reported net sales of approximately $1.5 billion, an increase of 11% from the prior year, driven primarily by growth in dispensing products and the acquisition of Vayner [11] - Adjusted EBIT for the quarter reached a record $193 million, up 17% year-over-year, attributed to strong growth in dispensing products and improved price-cost dynamics in metal containers [11] - Adjusted EPS was $1.01, reflecting a 15% increase from the prior year quarter [11] Business Line Data and Key Metrics Changes - The Dispensing and Specialty Closures segment saw a 24% increase in sales compared to the prior year, largely due to the inclusion of Vayner and higher organic volumes [12] - Metal containers sales increased by 4% year-over-year, driven by favorable price mix and a 1% benefit from foreign currency translation [14] - Custom containers experienced a 3% decrease in sales, but adjusted EBIT increased by 11% due to favorable price-cost dynamics [15] Market Data and Key Metrics Changes - The North American beverage specialty closure products experienced a decline of 3.3% in volumes, primarily due to adverse weather conditions impacting consumption patterns [12] - Pet food products in metal containers grew by a mid-single-digit percentage, reflecting strong demand in the fastest-growing segments of the pet food market [6] - The company expects metal containers volumes to grow by a mid-single-digit percentage, driven by growth in pet food and a partial recovery in fruit and vegetable pack volumes [9] Company Strategy and Development Direction - The company is focused on leveraging the integration of the Vayner acquisition to drive accelerated growth and uncover new opportunities in various markets, including healthcare and pharma [5] - The strategic emphasis remains on organic growth in dispensing and pet food products, with expectations for high single-digit growth in dispensing volumes [8] - The company aims to achieve a 9% increase in adjusted EPS and exceed $1 billion in adjusted EBITDA for the first time in its history [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of adverse weather on consumption patterns and promotional spending, which affected volumes in the first half of the year [6] - The outlook for the second half of the year remains positive, with expectations for strong growth in dispensing and specialty closures, despite challenges in the North American beverage market [17] - Management expressed confidence in the company's ability to navigate the current challenges and achieve significant earnings growth in 2025 [8] Other Important Information - The company revised its estimate of adjusted EPS for 2025 to a range of $3.85 to $4.50, reflecting the impact of lower volume expectations in specialty closures and the customer bankruptcy in metal containers [15] - Free cash flow estimates were adjusted from approximately $450 million to $430 million, with a 10% increase from the prior year [16] Q&A Session Summary Question: Impact of customer bankruptcy on volumes - Management confirmed that the recent bankruptcy of a large customer would impact volumes but emphasized that they had no financial exposure due to proactive measures taken [20][23] Question: Adjustments in dispensing EBIT expectations - Management clarified that the expected mid-teens increase in dispensing EBIT was still on track, with the hot fill beverage impact accounted for separately [32][35] Question: Organic growth in dispensing products - Management indicated that legacy dispensing products were experiencing mid to high single-digit growth, despite challenges in the hot fill beverage segment [44] Question: Outlook for soup volumes - Management expressed confidence in stable soup volumes for the second half of the year, attributing earlier declines to timing issues [53][55] Question: Tariffs impact on customers - Management stated that tariffs would not significantly impact the company's financial exposure, as costs would be passed through to customers [86][90]

Silgan Holdings (SLGN) came out with quarterly earnings of $1.01 per share, missing the Zacks Consensus Estimate of $1.03 per share. This compares to earnings of $0.88 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -1.94%. A quarter ago, it was expected that this packaging products supplier would post earnings of $0.78 per share when it actually produced earnings of $0.82, delivering a surprise of +5.13%.Over the last four qu ...

As the packaging and packaging-related business is coming out of a few tough quarters (and years, since COVID), some companies are still trading at interesting valuations. Silgan Holdings (NYSE: SLGN ) is aHe is the leader of the investment group European Small Cap Ideas which offers exclusive access to actionable research on appealing Europe-focused investment opportunities not found elsewhere. The a focus is on high-quality ideas in the small-cap space, with emphasis on capital gains and dividend income f ...

Consumer Discretionary Sector Overview - The consumer discretionary sector typically thrives during strong economic conditions, characterized by low interest rates and robust job growth [1] - Recent employment data indicates a decline in job additions, with only 139,000 jobs added in May 2025 compared to 272,000 in May 2024, suggesting potential challenges for the sector [2] - The Consumer Discretionary Select Sector SPDR Fund (XLY) is down over 2% year-to-date, contrasting with a 3% increase in the broader S&P 500 [3] Greif Inc. Performance - Greif Inc. has a 12-month stock price forecast of $74.17, indicating a 14.15% upside potential based on 7 analyst ratings, with a current price of $64.97 [3] - The company has a strong dividend yield of 3.36% and a payout ratio of 60.85%, reflecting its stability over nearly 140 years in business [4] - Greif's earnings per share (EPS) of $1.19 exceeded analyst expectations by 11 cents, with quarterly revenue showing a year-over-year increase of just over 1% [5] - The company is targeting $25 million in savings for the current fiscal year and $100 million by the end of fiscal 2027 through cost optimization efforts [6] - Greif's operational structure mitigates tariff impacts by selling products close to manufacturing locations, enhancing its competitive position [7] O-I Glass Inc. Performance - O-I Glass has a 12-month stock price forecast of $15.88, representing a 16.56% upside based on 8 analyst ratings, with a current price of $13.62 [9] - The company benefits from increasing demand for glass containers as consumers shift away from plastics, positioning it well for future growth [9] - O-I's Fit to Win program has successfully improved operational efficiency, contributing $61 million in benefits and leading to an adjusted EPS of 40 cents, surpassing analyst predictions by 22 cents [10] - Future projections indicate adjusted earnings for 2025 could surge up to 85% above 2024 levels, with strong analyst support reflected in six Buy ratings [11] Silgan Holdings Inc. Performance - Silgan Holdings has a 12-month stock price forecast of $63.11, indicating a 15.42% upside based on 9 analyst ratings, with a current price of $54.68 [12] - The company reported an 11% year-over-year revenue increase, with EPS of 82 cents exceeding expectations by 4 cents [13] - Despite strong performance, recent executive turnover introduces uncertainty, particularly in the U.S. metal containers business [14] - Analysts remain optimistic, with all nine ratings for Silgan shares classified as Buy [15]

It has been about a month since the last earnings report for Silgan Holdings (SLGN) . Shares have added about 4.5% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Silgan due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.How Have Estimates Been Moving Since Then?It tu ...

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Silgan Holdings Inc.'s unaudited condensed consolidated financial statements for Q1 2025, detailing balance sheets, income, cash flows, and equity with explanatory notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets increased to **$8.77 billion** from **$8.58 billion** at year-end 2024, driven by higher trade accounts receivable and inventories, while total stockholders' equity grew to **$2.08 billion** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | Dec. 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | $353,030 | $822,854 | $308,641 | | Trade accounts receivable, net | $1,012,790 | $594,279 | $946,051 | | Inventories | $1,055,281 | $928,056 | $957,240 | | Total current assets | $2,597,470 | $2,522,683 | $2,376,371 | | Goodwill | $2,373,376 | $2,316,031 | $1,997,285 | | **Total assets** | **$8,767,975** | **$8,584,668** | **$7,574,255** | | **Liabilities & Equity** | | | | | Total current liabilities | $2,285,331 | $2,247,532 | $2,289,477 | | Long-term debt | $3,483,472 | $3,419,921 | $2,534,504 | | **Total stockholders' equity** | **$2,083,344** | **$1,989,581** | **$1,899,846** | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) For the first quarter of 2025, net sales increased by **11.4%** year-over-year to **$1.47 billion**, with net income rising to **$68.0 million** from **$55.2 million** in the prior-year period Consolidated Income Statement (Three months ended March 31, in thousands, except per share amounts) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net sales | $1,466,661 | $1,317,038 | +11.4% | | Gross profit | $270,403 | $223,479 | +21.0% | | Income before interest and income taxes | $130,544 | $111,719 | +16.8% | | Net income | $67,962 | $55,164 | +23.2% | | Diluted net income per share | $0.63 | $0.52 | +21.2% | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was **$683.4 million** for Q1 2025, an increase from **$547.8 million** in Q1 2024, primarily due to changes in working capital Consolidated Cash Flows (Three months ended March 31, in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash (used in) operating activities | $(683,401) | $(547,810) | | Net cash (used in) investing activities | $(82,472) | $(72,462) | | Net cash provided by financing activities | $282,996 | $292,676 | | Net (decrease) in cash and cash equivalents | $(469,824) | $(334,282) | | Cash and cash equivalents at end of period | $353,030 | $308,641 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail significant accounting policies, debt, financial instruments, and segment performance, including the **€650.0 million** Senior Notes repayment and supply chain finance program Revenue by Segment (Three months ended March 31, in thousands) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Dispensing and Specialty Closures | $671,103 | $535,920 | | Metal Containers | $628,427 | $617,129 | | Custom Containers | $167,131 | $163,989 | | **Total** | **$1,466,661** | **$1,317,038** | - On March 15, 2025, the company repaid all **€650.0 million** of its outstanding 3¼% Senior Notes due 2025, funding the repayment with Euro revolving loan borrowings and cash on hand[29](index=29&type=chunk) - The company utilizes a supply chain finance (SCF) program. As of March 31, 2025, suppliers' invoices included in this program amounted to **$262.9 million**, which are recorded in accounts payable[42](index=42&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 financial results, highlighting **11.4% net sales growth** to **$1.47 billion**, segment performance, liquidity, and capital resources - Consolidated net sales for Q1 2025 increased by **$149.7 million (11.4%)** to **$1.47 billion** compared to Q1 2024, primarily due to the Weener Packaging acquisition, higher organic volumes, and raw material cost pass-through[63](index=63&type=chunk) - Income before interest and income taxes rose by **$18.8 million** to **$130.5 million** in Q1 2025, attributed to the Weener Packaging acquisition, improved manufacturing productivity, and higher organic volumes across all segments[66](index=66&type=chunk) - Interest expense increased by **$4.3 million** to **$42.9 million** in Q1 2025, mainly due to higher average borrowings related to the Weener Packaging acquisition[67](index=67&type=chunk) [Segment Analysis](index=24&type=section&id=Segment%20Analysis) All three segments reported year-over-year growth in net sales and Adjusted EBIT for Q1 2025, with Dispensing and Specialty Closures seeing the largest increase due to acquisition and organic volume growth Adjusted EBIT Reconciliation Summary (Q1 2025, in millions) | Segment | EBIT | Adjustments | Adjusted EBIT | | :--- | :--- | :--- | :--- | | Dispensing & Specialty Closures | $79.9 | $19.3 | $99.2 | | Metal Containers | $44.7 | $4.9 | $49.6 | | Custom Containers | $22.1 | $2.5 | $24.6 | | Corporate | $(16.2) | $1.1 | $(15.1) | | **Total** | **$130.5** | **$27.8** | **$158.3** | [Dispensing and Specialty Closures Segment](index=24&type=section&id=Dispensing%20and%20Specialty%20Closures%20Segment) Net sales for this segment increased by **25.2%** to **$671.1 million** in Q1 2025, driven by the Weener Packaging acquisition and a **3%** rise in organic unit volumes, with Adjusted EBIT growing to **$99.2 million** Dispensing and Specialty Closures Performance (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net sales | $671.1 | $535.9 | | Adjusted EBIT | $99.2 | $77.8 | | Adjusted EBIT margin | 14.8% | 14.5% | - The increase in net sales was primarily due to the inclusion of Weener Packaging, approximately **3% higher organic unit volumes**, and a more favorable product mix, partially offset by unfavorable foreign currency translation of about **$12.0 million**[76](index=76&type=chunk) [Metal Containers Segment](index=24&type=section&id=Metal%20Containers%20Segment) The Metal Containers segment reported a **1.8%** increase in net sales to **$628.4 million**, driven by a **4%** rise in unit volumes, with Adjusted EBIT increasing to **$49.6 million** Metal Containers Performance (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net sales | $628.4 | $617.1 | | Adjusted EBIT | $49.6 | $45.0 | | Adjusted EBIT margin | 7.9% | 7.3% | - Unit volumes increased by approximately **4%**, primarily due to higher demand in pet food and soup markets, which, along with improved manufacturing productivity, drove the increase in Adjusted EBIT[78](index=78&type=chunk)[79](index=79&type=chunk) [Custom Containers Segment](index=25&type=section&id=Custom%20Containers%20Segment) Net sales in the Custom Containers segment grew by **2.0%** to **$167.2 million**, supported by a **2%** volume increase from new business awards, with Adjusted EBIT rising significantly to **$24.6 million** Custom Containers Performance (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net sales | $167.2 | $164.0 | | Adjusted EBIT | $24.6 | $20.2 | | Adjusted EBIT margin | 14.7% | 12.3% | - The increase in net sales was principally due to a volume increase of approximately **2%** driven by new business awards, with Adjusted EBIT growth attributed to improved manufacturing productivity and cost performance[81](index=81&type=chunk)[82](index=82&type=chunk) [Capital Resources and Liquidity](index=25&type=section&id=CAPITAL%20RESOURCES%20AND%20LIQUIDITY) The company's primary liquidity sources are cash from operations and debt borrowings, with **€650.0 million** of notes repaid in Q1 2025 and **$1.1 billion** in revolving loans outstanding - On March 15, 2025, the company repaid all **€650.0 million** of its outstanding 3¼% Notes using Euro revolving loan borrowings and cash on hand[84](index=84&type=chunk) - As of March 31, 2025, the company had **$1.1 billion** of revolving loans outstanding and **$398.2 million** of availability under its Credit Agreement[87](index=87&type=chunk) - The company has seasonal working capital requirements that have historically averaged approximately **$375 million**, which are funded through revolving loans and cash[88](index=88&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there have been no material changes to its primary market risks—interest rates, foreign currency exchange rates, and commodity prices—or its risk management policies since its 2024 Annual Report on Form 10-K - There has not been a material change to the company's interest rate risk, foreign currency exchange rate risk, or commodity pricing risk since the fiscal year ended December 31, 2024, apart from changes discussed in Notes 6 and 7[101](index=101&type=chunk) [Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[102](index=102&type=chunk) - The company is in the process of integrating the internal controls of Weener Packaging, acquired in October 2024, and will include them in the annual assessment for the 2025 fiscal year[104](index=104&type=chunk) [Part II. Other Information](index=29&type=section&id=Part%20II.%20Other%20Information) [Item 5. Other Information](index=29&type=section&id=Item%205.%20Other%20Information) During the first quarter of 2025, no directors or officers adopted or terminated any Rule 10b5-1 trading plans or other non-Rule 10b5-1 trading arrangements - In Q1 2025, no directors or officers adopted or terminated any contract, instruction, or written plan for the purchase or sale of company securities under Rule 10b5-1(c)[105](index=105&type=chunk) [Item 6. Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO pursuant to the Sarbanes-Oxley Act and XBRL data files - Exhibits filed include CEO and CFO certifications under Sections 302 and 906 of the Sarbanes-Oxley Act, and Inline XBRL documents[106](index=106&type=chunk) [Signatures](index=30&type=section&id=Signatures)

Core Insights - Silgan Holdings Inc. reported record adjusted earnings of 82 cents per share for Q1 2025, exceeding the Zacks Consensus Estimate of 78 cents, marking a 19% year-over-year increase [1] - Total revenues for Q1 2025 reached $1.467 billion, up from $1.317 billion in the prior year, although it slightly missed the Zacks Consensus Estimate of $1.471 billion by 0.29% [2] - The company expects adjusted EPS for 2025 to be between $4.00 and $4.20, with anticipated volume improvements across all segments [7] Financial Performance - The cost of goods sold increased by 9.4% year over year to $1.2 billion, while gross profit rose 21% to $270 million, resulting in a gross margin of 18.4%, up from 17% in the prior year [2] - Selling, general and administrative expenses were $129 million, reflecting a 28.5% year-over-year increase, with adjusted operating income at $158.3 million compared to $135.5 million in the previous year [3] - The operating margin improved to 10.8% from 10.3% in the prior year [3] Segment Performance - The Dispensing and Specialty Closures segment saw revenues rise 25.2% year over year to $671 million, driven by the Weener acquisition and higher organic volume [4] - The Metal Containers segment's revenues increased by 1.8% to $628 million, with adjusted operating income rising 7.7% to $69 million [5] - In the Custom Containers segment, revenues were $167 million, up from $164 million, with adjusted operating income increasing to $33.3 million from $29.3 million [5] Cash Flow and Position - At the end of Q1 2025, the company had cash and cash equivalents of $353 million, down from $823 million at the end of 2024, with cash used in operating activities amounting to $683 million compared to $548 million in Q1 2024 [6] Stock Performance - Silgan Holdings' shares have increased by 18.7% over the past year, contrasting with a 6.1% decline in the industry [8]