Silgan Raises Full-Year Earnings Midpoint After Record Third-Quarter Adjusted EPS

Silgan Holdings narrowed its full-year earnings forecast upward after posting record third-quarter adjusted earnings of $1.31 a share, up from $1.22 a year earlier, according to the earnings release the packaging maker filed with an 8-K on Thursday.

The company now expects 2026 adjusted earnings of $3.83 to $3.93 a share, compared with its previous range of $3.73 to $3.93. That lifts the midpoint to a 4% increase over the $3.72 a share it earned on that basis in 2025.

Net sales rose 2% to $2.04 billion, mainly because of the contractual pass-through of higher raw material costs. On a reported basis, net income fell to $105.0 million, or 99 cents a share, from $113.3 million, or $1.06 a share, as adjustments including acquisition costs and rationalization charges weighed on results.

Acquisition costs and charges

Silgan recorded $10.3 million of costs tied to announced acquisitions in the quarter, and the company highlighted what it called a "transformative portfolio acceleration through the acquisition of Trivium." Rationalization charges rose to $17.1 million from $7.2 million. Corporate expense climbed to $15.4 million from $11.0 million on corporate development activities.

"As Silgan embarks upon the next chapter in our value creation journey through our recently announced portfolio transformation, we remain steadfast in our commitment to compete and win in the markets we serve," President and CEO Adam Greenlee said in the release.

Greenlee said adjusted earnings were at the top of the company's estimated range even though "challenging consumer conditions have led to more muted volumes than we initially anticipated during the quarter."

Fragrance and pharma lead dispensing

The Dispensing and Specialty Closures segment grew sales 1% to $699.2 million. Unit volumes were flat, 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. Adjusted EBIT slipped 2% to $111.2 million, hurt by the delayed pass-through of manufacturing cost inflation, including freight and surcharges, and less favorable manufacturing efficiency.

Metal Containers sales rose 1% to $1.17 billion even as volume fell 4% on weaker soup demand, partly offset by fruit and vegetable and pet food. Adjusted EBIT rose 10% to $105.2 million on more favorable price and cost.

Custom Containers sales rose 4% to $166.8 million despite an 8% volume decline, about 3 points of which reflected the exit of lower-margin business in 2025 under footprint optimization plans. Adjusted EBIT rose 3% to a third-quarter record of $23.7 million.

Fourth-quarter view and cash

For the fourth quarter, Silgan forecast adjusted earnings of 76 to 86 cents a share. The midpoint would be a 21% increase from 67 cents a year earlier.

The company confirmed its 2026 free cash flow estimate of about $450 million, compared with $445.2 million in 2025, and expects capital spending of about $310 million. It said adjusted EBIT should be higher than 2025 levels in all segments and that it anticipates earnings and free cash flow growth in 2027.

Interest and other debt expense fell $2.7 million to $47.3 million on lower average borrowings. The effective tax rate rose to 27.9% from 24.3%.

Sources

1. Silgan Holdings Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0001628280-26-068277)

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