Silgan shares fall on guidance cut
STAMFORD, Conn. - Shares of Silgan Holdings Inc. fell Tuesday after the packaging products supplier cut its guidance for the full year. The Stamford, Conn.-based company said it now expects to post an adjusted 2012 profit of $2.65 to $2.75 per share, down from its previous prediction of $2.80 to $2.85 per share. Analysts, on average, expect earnings of $2.79 per share, according to a FactSet poll.
Silgan also reduced its fourth-quarter profit prediction to a range of 43 cents to 53 cents per share from its previous range of 58 cents to 63 cents per share. Analysts expect a profit of 57 cents per share for the quarter. Silgan Holdings Inc. has a plant in the Valmont Industrial Park in the Hazleton area that makes lids and caps.