Silgan Holdings, a rigid packaging solution company, has reported a 7% decrease in net sales for the first quarter (Q1) of financial year 2024 (FY24), amounting to $1.317bn compared with $1.418bn in the same period in FY23.

The company attributes the decrease primarily to lower volumes and the pass-through of reduced raw material costs. 

During the quarter ending 31 March 2024, its net income stood at $55.2m, a decrease from the $72.0m reported in Q1 FY23.  

Silgan’s income before interest and income taxes (EBIT) also saw a reduction, falling to $111.7m in Q1 FY24, down by $19.5m from the $131.2m reported in Q1 FY23. 

The EBIT for the company’s Dispensing and Specialty Closures and Metal Containers segments were reported at $59.7m and $41.7m, respectively, over the quarter.  

Despite the decline in net sales and net income, Silgan is maintaining its full-year 2024 adjusted net income per diluted share forecast, anticipating in the range of $3.55 to $3.75.  

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This projection indicates a 7% increase at the midpoint over the adjusted net income per diluted share of $3.40 in 2023.  

The company also anticipates volumes across all segments to surpass 2023 levels.

Silgan president and CEO Adam Greenlee said: “The Silgan team delivered strong first-quarter results at the high end of our guidance range, which continued to display the power of our diverse portfolio and winning long-term business strategy. 

“We remain focused on meeting the unique needs of our customers while actively managing what is within our control. We have made significant progress towards our $50m cost-reduction programme and are confident in our ability to deliver $20m of cost savings in 2024.”