Highlights
- Net income of $1.74 per diluted share
- Record adjusted net income of $2.16 per
diluted share
- Cash from operations of $507.3 million, or
$4.55 per diluted share
- Free cash flow of $271.7 million, or $2.44 per
diluted share
- Completed issuance of 4⅛% senior notes due
2028
- Announced binding offer to acquire Albea's
dispensing business
- Initiated multi-year metal container footprint
optimization plan
- Renewed several long-term metal container
customer contracts
- Increased cash dividend per share by 10
percent
Silgan Holdings Inc. (Nasdaq:SLGN), a leading supplier of rigid
packaging for consumer goods products, today reported full year
2019 net income of $193.8 million, or $1.74 per diluted share, as
compared to full year 2018 net income of $224.0 million, or $2.01
per diluted share. Adjusted net income per diluted share was a
record $2.16 for the full year of 2019, after adjustments
increasing net income per diluted share by $0.42. Adjusted net
income per diluted share was $2.08 for the full year of 2018, after
adjustments increasing net income per diluted share by $0.07. 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 diluted share for certain
items, can be found in Tables A and B at the back of this press
release.
“We had another record year in 2019 with adjusted net income per
diluted share of $2.16, an increase of 3.8 percent over the prior
year record performance in spite of pension headwinds and tariff
related cost volatility,” said Tony Allott, Chairman and CEO.
“These record results were largely driven by improvements in our
metal and plastic container businesses. Our closures business
performed well, but faced headwinds due to weaker volumes in food
markets as a result of lower fruit and vegetable pack yields and
the unfavorable impact of the customer pre-buy of products in 2018
in advance of significant metal price increases in 2019,” continued
Mr. Allott. “We are looking forward to continued growth and a
strong performance in 2020 driven primarily by our closures and
plastic container businesses. In the metal container business, we
anticipate lower average selling prices due to lower metal costs
and renewals of certain significant customer contracts. We are also
expanding our footprint optimization plan in the metal container
business to reduce capacity and continue to drive cost reductions
and are evaluating the likely shutdown of six manufacturing
facilities over a three year period. We estimate adjusted net
income per diluted share for 2020 for the Company to be in a range
of $2.28 to $2.38, an eight percent improvement over the record
prior year period at the midpoint of the range. We also expect to
continue to generate significant free cash flow of approximately
$275 million in 2020. These estimates do not include any impact
from the recently announced binding offer for Albea's dispensing
business,” concluded Mr. Allott.
The Company reported net cash provided by operating activities
of $507.3 million in 2019 as compared to $506.5 million in 2018.
Free cash flow decreased $39.7 million to $271.7 million in 2019 as
compared to a record $311.4 million in 2018 due primarily to an
increase in capital expenditures in 2019 principally for
investments in the metal container and closures businesses and the
realization in the prior year of significant working capital
benefits as a result of the planned reduction in finished goods
inventory in the metal container business. The Company is providing
a reconciliation in Table C of this press release of net cash
provided by operating activities to “free cash flow,” a Non-GAAP
financial measure used by the Company which adjusts net cash
provided by operating activities for certain items.
Net sales for the full year of 2019 were $4.49 billion, an
increase of $41.0 million, or 0.9 percent, as compared to $4.45
billion in 2018. This increase was the result of higher net sales
in the metal container business, partially offset by a decrease in
net sales in the closures and plastic container businesses.
Income before interest and income taxes for 2019 was $359.5
million, a decrease of $52.6 million as compared to $412.1 million
for 2018, and margins decreased to 8.0 percent from 9.3 percent
over the same periods. The decrease in income before interest and
income taxes was primarily the result of rationalization charges of
$56.3 million in 2019 as compared to $6.3 million in the prior
year, costs in 2019 attributed to announced acquisitions and lower
segment income in the closures business, partially offset by higher
segment income in the plastic container business. Additionally,
each of the businesses was unfavorably impacted by the non-cash
reduction in pension income in the current year.
Interest and other debt expense before loss on early
extinguishment of debt for 2019 was $105.7 million, a decrease of
$10.6 million as compared to 2018. This decrease was primarily due
to lower average outstanding borrowings as a result of the
repayment of debt at the end of 2018, lower weighted average
interest rates due in part to the redemption on August 1, 2019 of
all outstanding 5½% Senior Notes due 2022 and the impact of
favorable foreign currency translation. Loss on early
extinguishment of debt of $1.7 million in 2019 was the result of
the redemption of all outstanding 5½% Senior Notes in August
2019.
The effective tax rates for 2019 and 2018 were 23.1 percent and
23.6 percent, respectively.
Metal Containers
Net sales of the metal container business were $2.47 billion in
2019, an increase of $95.2 million, or 4.0 percent, as compared to
$2.38 billion in 2018. This increase was primarily the result of
the pass through of higher raw material and other manufacturing
costs, partially offset by the impact of lower unit volumes of
approximately one percent, unfavorable foreign currency translation
and a less favorable mix of products sold. The decrease in unit
volumes was primarily due to the unfavorable impact in the current
year period of the fourth quarter 2018 pre-buy of products by
customers in anticipation of significant metal inflation in 2019
and lower volumes with fruit and vegetable pack customers,
partially offset by continued growth in pet food volumes as well as
higher volumes for soup.
Segment income of the metal container business in 2019 was
$160.0 million, a decrease of $38.8 million as compared to $198.8
million in 2018, and segment income margin decreased to 6.5 percent
from 8.4 percent in the prior year. The decrease in segment income
and segment income margin was primarily attributable to $44.1
million of higher rationalization charges, lower pension income,
lower unit volumes and a less favorable mix of products sold. These
decreases were partially offset by production efficiencies in the
U.S. due in part to the favorable impact from a larger amount of
finished goods inventory produced in the current year.
Rationalization charges in 2019 of $49.4 million were incurred
primarily in connection with the previously announced first phase
of the footprint optimization plan and the resulting withdrawal
from the Central States Pension Plan. Rationalization charges were
$5.3 million in 2018.
Closures
Net sales of the closures business were $1.41 billion in 2019, a
decrease of $51.2 million, or 3.5 percent, as compared to $1.46
billion in 2018. This decrease was primarily the result of the
impact of unfavorable foreign currency translation, the pass
through of net lower raw material costs, a less favorable mix of
products sold and lower unit volumes of approximately one percent.
The decrease in unit volumes was principally the result of weakness
in food markets largely due to lower fruit and vegetable pack
yields and the unfavorable impact in the current year period of the
fourth quarter 2018 pre-buy of products by customers in
anticipation of significant metal inflation in 2019, partially
offset by higher dispensing systems unit volumes.
Segment income of the closures business for 2019 decreased $16.4
million to $173.5 million as compared to $189.9 million in 2018,
and segment income margin decreased to 12.3 percent from 13.0
percent in 2018. The decrease in segment income was primarily due
to an increase in rationalization charges of $6.3 million
principally related to the previously announced shutdown of a metal
closures manufacturing facility in Spain, lower pension income, the
impact of unfavorable foreign currency translation, a less
favorable mix of products sold and lower unit volumes. These
decreases were partially offset by lower manufacturing costs and
the favorable impact from the lagged pass through to customers of
lower resin costs in the current year as compared to an unfavorable
impact from higher resin costs in the prior year.
Plastic Containers
Net sales of the plastic container business were $611.1 million
in 2019, a decrease of $3.0 million, or 0.5 percent, as compared to
$614.1 million in 2018. This decrease was principally due to the
pass through of lower raw material costs and the impact of
unfavorable foreign currency translation, partially offset by
higher volumes of approximately two percent.
Segment income of the plastic container business in 2019 was
$48.9 million, an increase of $6.3 million as compared to $42.6
million in 2018, and segment income margin increased to 8.0 percent
from 6.9 percent over the same periods. The increase in segment
income was primarily attributable to higher volumes, lower
manufacturing costs, the prior year unfavorable impact of costs
associated with the start-up of the new manufacturing facility in
Fort Smith, Arkansas and a more favorable mix of products sold,
partially offset by lower pension income.
Fourth Quarter
The Company reported net income for the fourth quarter of 2019
of $34.8 million, or $0.31 per diluted share, as compared to net
income for the fourth quarter of 2018 of $38.2 million, or $0.34
per diluted share. Adjusted net income per diluted share for the
fourth quarter of 2019 was $0.38, after adjustments increasing net
income per diluted share by $0.07. Adjusted net income per diluted
share was also $0.38 in the fourth quarter of 2018, after
adjustments increasing net income per diluted share by $0.04.
Net sales for the fourth quarter of 2019 decreased $22.2
million, or 2.1 percent, to $1.05 billion as compared to $1.07
billion for the fourth quarter of 2018. This decrease was primarily
a result of lower volumes in the metal container and closures
businesses due largely to the unfavorable impact in the current
year period of the fourth quarter 2018 pre-buy of products by
customers in advance of anticipated significant metal inflation in
2019, the pass through of lower raw material costs in the plastic
container and closures businesses and the impact of unfavorable
foreign currency translation. These decreases were partially offset
by the pass through of higher raw material and other manufacturing
costs in the metal container business, a more favorable mix of
products sold in the closures business and slightly higher volumes
in the plastic container business.
Income before interest and income taxes for the fourth quarter
of 2019 was $71.4 million, a decrease of $5.9 million as compared
to $77.3 million for the fourth quarter of 2018, and margin
decreased to 6.8 percent from 7.2 percent over the same periods.
The decrease in income before interest and income taxes was
primarily due to lower unit volumes in the metal container and
closures businesses, lower pension income, higher rationalization
charges, costs in 2019 attributed to announced acquisitions and
unfavorable foreign currency transaction and translation costs in
the closures business. These decreases were partially offset by
production efficiencies in the metal container business due in part
to an increase in finished goods inventory produced in the current
year quarter as compared to a significant reduction in inventory
produced in the prior year quarter, a more favorable mix of
products sold in the plastic container and closures businesses, the
prior year unfavorable impact of costs associated with the start-up
of a new manufacturing facility and higher volumes in the plastic
container business.
Interest and other debt expense for the fourth quarter of 2019
was $23.4 million, a decrease of $4.3 million as compared to the
fourth quarter of 2018. This decrease was primarily a result of
lower weighted average interest rates due in part to the redemption
of all outstanding 5½% Senior Notes on August 1, 2019 and lower
average outstanding borrowings.
The effective tax rate for the fourth quarter of 2019 was 27.5
percent as compared to 23.1 percent for the fourth quarter of 2018.
The effective tax rate in 2019 was unfavorably impacted by an
increase in income in certain higher tax jurisdictions.
Outlook for 2020
The Company currently estimates that its adjusted net income per
diluted share for the full year 2020 will be in the range of $2.28
to $2.38, an eight percent increase at the midpoint of the range
over record adjusted net income per diluted share for the full year
of 2019 of $2.16. This estimate does not include any impact from
the recently announced binding offer for Albea's dispensing
business. Adjusted net income per diluted share excludes
rationalization charges, costs attributable to announced
acquisitions and loss on early extinguishment of debt.
Net sales in the metal container business are expected to
decrease in 2020 as compared to 2019 primarily due to the pass
through of anticipated lower raw material costs and the anticipated
impact related to the renewal of certain significant customer
contracts, partially offset by an anticipated increase in unit
volumes. Unit volumes in the metal container business are expected
to increase as compared to the prior year due to the customer
pre-buy activity in 2018 that unfavorably impacted 2019,
anticipated continued growth in pet food volumes and the
anticipated return to a more normal fruit and vegetable pack in
Europe. Segment income in the metal container business is expected
to benefit from higher pension income, anticipated higher unit
volumes and continued manufacturing efficiencies, offset by the
impact from the renewal of certain significant customer contracts.
Net sales in the closures business are expected to decrease in 2020
as compared to 2019 primarily as a result of the pass through of
anticipated lower raw material costs, partially offset by
anticipated unit volume growth due in part to the expectation of a
more normal European fruit and vegetable pack and continued growth
in dispensing systems units. Segment income in the closures
business is expected to benefit from higher pension income,
anticipated higher unit volumes and continued manufacturing
efficiencies. Net sales in the plastic container business are
expected to decrease in 2020 as compared to the prior year as a
result of the pass through of anticipated lower raw material costs,
partially offset by anticipated volume growth. Segment income in
the plastic container business is expected to benefit from higher
pension income, anticipated higher volumes and continued
manufacturing efficiencies.
The Company expects lower interest expense in 2020 primarily due
to lower weighted average interest rates and lower average
outstanding borrowings.
The Company expects its effective tax rate for 2020 to be
approximately 24 percent, as compared to the effective tax rate for
2019 of 23.1 percent.
The Company currently estimates that free cash flow in 2020 will
be approximately $275 million as compared to $271.7 million in
2019.
For the first quarter of 2020, the Company is providing an
estimate of adjusted net income per diluted share in the range of
$0.45 to $0.50, as compared to $0.46 in the first quarter of 2019.
Adjusted net income per diluted share excludes rationalization
charges, costs attributable to announced acquisitions and loss on
early extinguishment of debt. This estimate does not include any
impact from the recently announced binding offer for Albea's
dispensing business.
In the first quarter of 2020, the Company expects to benefit
from higher pension income and continued manufacturing efficiencies
across all businesses, higher unit volumes in the metal container
and closures businesses and lower interest costs, partially offset
by the impact related to the renewal of certain significant
customer contracts in the metal container business, the prior year
favorable impact from the lagged pass through to customers of lower
resin costs in the closures business which is not expected to recur
in the first quarter of 2020 and a higher income tax rate. Unit
volumes in the metal container and closures businesses are expected
to increase as compared to the prior year due in part to the
unfavorable impact in the first quarter of the prior year from
pre-buy activities by customers in the fourth quarter of 2018. In
addition, unit volumes in the metal container business are expected
to continue to benefit from higher pet food volumes, partially
offset by some shift in volumes from the first half of the year to
the third quarter to reflect a contract modification related to the
timing of supply.
Conference Call
Silgan Holdings Inc. will hold a conference call to discuss the
Company’s results for the fourth quarter and full year 2019 at
11:00 a.m. eastern time on January 29, 2020. The toll free number
for those in the U.S. and Canada is (800) 367-2403, and the number
for international callers is (334) 777-6978. For those unable to
listen to the live call, a taped rebroadcast will be available
through February 12, 2020. To access the rebroadcast, U.S. and
Canadian callers should dial (888) 203-1112, and international
callers should dial (719) 457-0820. The pass code for the
rebroadcast is 9820728.
Silgan is a leading supplier of rigid packaging for consumer
goods products with annual net sales of approximately $4.5 billion
in 2019. Silgan operates 98 manufacturing facilities in North and
South America, Europe and Asia. The Company is a leading supplier
of metal containers in North America and Europe for food and
general line products. The Company is also a leading worldwide
supplier of metal and plastic closures and dispensing systems for
food, beverage, health care, garden, personal care, home and beauty
products. In addition, the Company is a leading supplier of plastic
containers for shelf-stable food and personal care products in
North America.
Statements included in this press release which are not
historical facts are forward looking statements made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and the Securities Exchange Act of 1934, as
amended. Such forward looking statements are made based upon
management’s expectations and beliefs concerning future events
impacting the Company and therefore involve a number of
uncertainties and risks, including, but not limited to, those
described in the Company’s Annual Report on Form 10-K for 2018 and
other filings with the Securities and Exchange Commission.
Therefore, the actual results of operations or financial condition
of the Company could differ materially from those expressed or
implied in such forward looking statements.
SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED)
For the quarter and year ended
December 31,
(Dollars in millions, except per
share amounts)
Fourth
Quarter
Year
Ended
2019
2018
2019
2018
Net sales
$
1,048.3
$
1,070.5
$
4,489.9
$
4,448.9
Cost of goods sold
891.7
918.1
3,776.2
3,759.1
Gross profit
156.6
152.4
713.7
689.8
Selling, general and administrative
expenses
81.9
79.7
315.7
308.4
Rationalization charges
7.8
4.8
56.3
6.3
Other pension and postretirement
income
(4.5
)
(9.4
)
(17.8
)
(37.0
)
Income before interest and income
taxes
71.4
77.3
359.5
412.1
Interest and other debt expense before
loss on early extinguishment of debt
23.4
27.7
105.7
116.3
Loss on early extinguishment of debt
—
—
1.7
2.5
Interest and other debt expense
23.4
27.7
107.4
118.8
Income before income taxes
48.0
49.6
252.1
293.3
Provision for income taxes
13.2
11.4
58.3
69.3
Net income
$
34.8
$
38.2
$
193.8
$
224.0
Earnings per share:
Basic net income per share
$0.31
$0.35
$1.75
$2.03
Diluted net income per share
$0.31
$0.34
$1.74
$2.01
Cash dividends per common share
$0.11
$0.10
$0.44
$0.40
Weighted average shares (000's):
Basic
110,801
110,615
110,939
110,603
Diluted
111,417
111,699
111,508
111,632
SILGAN HOLDINGS INC.
CONSOLIDATED SUPPLEMENTAL
FINANCIAL DATA (UNAUDITED)
For the quarter and year ended
December 31,
(Dollars in millions)
Fourth
Quarter
Year
Ended
2019
2018
2019
2018
Net sales:
Metal containers
$
568.3
$
569.4
$
2,473.2
$
2,378.0
Closures
332.6
346.9
1,405.6
1,456.8
Plastic containers
147.4
154.2
611.1
614.1
Consolidated
$
1,048.3
$
1,070.5
$
4,489.9
$
4,448.9
Segment income:
Metal containers (a)
$
25.9
$
26.6
$
160.0
$
198.8
Closures (b)
41.6
46.6
173.5
189.9
Plastic containers (c)
12.0
9.9
48.9
42.6
Corporate (d)
(8.1
)
(5.8
)
(22.9
)
(19.2
)
Consolidated
$
71.4
$
77.3
$
359.5
$
412.1
SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
December 31,
(Dollars in millions)
2019
2018
Assets:
Cash and cash equivalents
$
203.8
$
72.8
Trade accounts receivable, net
505.0
511.3
Inventories
633.0
634.8
Other current assets
65.0
71.2
Property, plant and equipment, net
1,570.3
1,517.5
Other assets, net
1,954.0
1,771.7
Total assets
$
4,931.1
$
4,579.3
Liabilities and stockholders' equity:
Current liabilities, excluding debt
$
988.8
$
908.9
Current and long-term debt
2,244.4
2,304.6
Other liabilities
674.6
484.5
Stockholders' equity
1,023.3
881.3
Total liabilities and stockholders'
equity
$
4,931.1
$
4,579.3
(a)
Includes rationalization charges of $7.2
million and $4.5 million for the fourth quarters of 2019 and 2018,
respectively, and $49.4 million and $5.3 million for the years
ended December 31, 2019 and 2018, respectively.
(b)
Includes rationalization charges of $0.6
million for the fourth quarter of 2019 and $6.5 million and $0.2
million for the years ended December 31, 2019 and 2018,
respectively.
(c)
Includes rationalization charges of $0.3
million for the fourth quarter of 2018 and $0.4 million and $0.8
million for the years ended December 31, 2019 and 2018,
respectively.
(d)
Includes costs attributed to announced
acquisitions of $1.8 million for each of the fourth quarter and
year ended December 31, 2019.
SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the year ended December
31,
(Dollars in millions)
2019
2018
Cash flows provided by (used in) operating
activities:
Net income
$
193.8
$
224.0
Adjustments to reconcile net income to net
cash
provided by operating activities:
Depreciation and amortization
209.9
195.5
Rationalization charges
56.3
6.3
Loss on early extinguishment of debt
1.7
2.5
Stock compensation expense
17.1
14.9
Deferred income tax (benefit)
provision
(20.9
)
23.7
Other changes that provided (used)
cash:
Trade accounts receivable, net
3.8
0.5
Inventories
0.1
20.4
Trade accounts payable and other changes,
net
45.5
18.7
Net cash provided by operating
activities
507.3
506.5
Cash flows provided by (used in) investing
activities:
Capital expenditures
(230.9
)
(191.0
)
Other investing activities
0.8
1.1
Net cash used in investing activities
(230.1
)
(189.9
)
Cash flows provided by (used in) financing
activities:
Dividends paid on common stock
(50.8
)
(44.5
)
Changes in outstanding checks -
principally vendors
(4.7
)
(4.1
)
Shares repurchased under authorized
repurchase program
(12.1
)
(4.8
)
Net borrowings and other financing
activities
(77.9
)
(240.2
)
Net cash used in financing activities
(145.5
)
(293.6
)
Effect of exchange rate changes on cash
and cash equivalents
(0.7
)
(3.7
)
Cash and cash equivalents:
Net increase
131.0
19.3
Balance at beginning of year
72.8
53.5
Balance at end of year
$
203.8
$
72.8
Interest paid, net
$
108.8
$
118.4
Income taxes paid, net of refunds
40.7
47.2
SILGAN HOLDINGS INC.
RECONCILIATION OF ADJUSTED NET
INCOME PER DILUTED SHARE(1)
(UNAUDITED)
For the quarter and year ended
December 31,
Table
A
Fourth
Quarter
Year
Ended
2019
2018
2019
2018
Net income per diluted share as
reported
$0.31
$0.34
$1.74
$2.01
Adjustments:
Rationalization charges
0.06
0.04
0.40
0.05
Costs attributed to announced
acquisitions
0.01
—
0.01
—
Loss on early extinguishment of debt
—
—
0.01
0.02
Adjusted net income per diluted share
$0.38
$0.38
$2.16
$2.08
SILGAN HOLDINGS INC.
RECONCILIATION OF ADJUSTED NET
INCOME PER DILUTED SHARE(1)
(UNAUDITED)
For the quarter and year
ended,
Table
B
First
Quarter,
Year
Ended
March
31,
December
31,
Estimated
Actual
Estimated
Actual
Low
High
Low
High
2020
2020
2019
2020
2020
2019
Net income per diluted share as
estimated
for 2020 and as reported for 2019
$0.43
$0.48
$0.42
$2.24
$2.34
$1.74
Adjustments:
Rationalization charges
0.02
0.02
0.04
0.04
0.04
0.40
Costs attributed to announced
acquisitions
—
—
—
—
—
0.01
Loss on early extinguishment of debt
—
—
—
—
—
0.01
Adjusted net income per diluted share
as estimated for 2020 and presented for
2019
$0.45
$0.50
$0.46
$2.28
$2.38
$2.16
SILGAN HOLDINGS INC.
RECONCILIATION OF FREE CASH
FLOW (2)
(UNAUDITED)
For the year ended December
31,
(Dollars in millions, except per
share data)
Table
C
2019
2018
Net cash provided by operating
activities
$507.3
$506.5
Capital expenditures
(230.9
)
(191.0
)
Changes in outstanding checks
(4.7
)
(4.1
)
Free cash flow
$271.7
$311.4
Net cash provided by operating activities
per diluted share
$4.55
$4.54
Free cash flow per diluted share
$2.44
$2.79
Weighted average diluted shares
(000's)
111,508
111,632
(1)
The Company has presented adjusted net
income per diluted share for the periods covered by this press
release, which measure is a Non-GAAP financial measure. The
Company’s management believes it is useful to exclude
rationalization charges, costs attributed to announced acquisitions
and the loss on early extinguishment of debt from its net income
per diluted share as calculated under U.S. generally accepted
accounting principles because such Non-GAAP financial measure
allows for a more appropriate evaluation of its operating
results. While rationalization costs are incurred on a
regular basis, management views these costs more as an investment
to generate savings rather than period costs. Costs
attributed to announced acquisitions consist of third party fees
and expenses that are viewed by management as part of the
acquisition and not indicative of the on-going cost structure of
the Company. The loss on early extinguishment of debt
consists of third party fees and expenses incurred or debt costs
written off that are viewed by management as part of the cost of
prepayment of debt and not indicative of the on-going cost
structure of the Company. Such Non-GAAP financial measure is
not in accordance with U.S. generally accepted accounting
principles and should not be considered in isolation but should be
read in conjunction with the unaudited condensed consolidated
statements of income and the other information presented
herein. Additionally, such Non-GAAP financial measure should
not be considered a substitute for net income per diluted share as
calculated under U.S. generally accepted accounting principles and
may not be comparable to similarly titled measures of other
companies.
(2)
The Company has presented free cash flow
in this press release, which is a Non-GAAP financial measure.
The Company’s management believes that free cash flow is important
to support its stated business strategy of investing in internal
growth and acquisitions. Free cash flow is defined as net
cash provided by operating activities adjusted for changes in
outstanding checks and reduced by capital expenditures. At times,
there may be other unusual cash items that will be excluded from
free cash flow. Net cash provided by operating activities is the
most comparable financial measure under U.S. generally accepted
accounting principles to free cash flow, and it should not be
inferred that the entire free cash flow amount is available for
discretionary expenditures. Such Non-GAAP financial measure
is not in accordance with U.S. generally accepted accounting
principles and should not be considered in isolation but should be
read in conjunction with the unaudited condensed consolidated
statements of cash flows and the other information presented
herein. Additionally, such Non-GAAP financial measure should
not be considered a substitute for net cash provided by operating
activities as calculated under U.S. generally accepted accounting
principles and may not be comparable to similarly titled measures
of other companies.
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Robert B. Lewis (203) 406-3160
Silgan (NASDAQ:SLGN)
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