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Silgan

Silgan Holdings is a leading supplier of rigid packaging for consumer goods products. The company operates 87 manufacturing facilities in North and South America, Europe, and Asia. Silgan is comprised of three business segments: Metal Containers, Closures, Plastic Containers. Through its Metals Containers segment, Silgan is a leading supplier of products in North America and Europe for human and pet foods such as soups, vegetables, fruit, meats, coffees, and other products. The Closures business manufactures and sells metal, composite, and plastic closures for food and beverage products, such as juices, sports and energy drinks dairy products, condiments, vegetables, preserves, baby foods, and other products. The Plastic Containers business manufactures products for personal care and health care products, food and beverage products, household and industrial chemicals, and garden and agricultural products, and tubs for soft fabric wipes. (18 Sep 2018)

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Paper Trails: Soft Pulp, Buy or Build, And More...

Paper Trails: 10 Dec 2018, 4:25 AM ET - We present pulp and paper monthly data, as we note softness developing in the pulp markets. Lecta was weaker on the week due to concerns for management pursuing leveraging M&A. 

Paper Trails: Stocking Pre-Stuffed

Paper Trails: 03 Dec 2018, 4:26 AM ET - Our weekly recap was stocked with news, including WRK Sr. Notes issuance, comments from IP and UFS at an industry conference last week and our Pulp and Paper monthly previews. Also, the US/China reached a deal to suspend new tariffs. 

Paper Trails: Earnings and Containerboard Data

Paper Trails: 19 Nov 2018, 4:24 AM ET - Mixed earnings from several names in our HY space and SIGCBL's one-notch upgrade to BB+ by S&P headlines our weekly market recap. We also provide a preview of our October containerboard monthly data recap.

Paper Trails: Upgrades, Buybacks, Pulp Market View

Paper Trails: 12 Nov 2018, 4:04 AM ET - Good earnings from RYAM and LPX highlight the week plus an upgrade to IG for STERV. We highlight commentary from the London Pulp Conference from RISI competitor Hawkins Wright.

Paper Trails: Mixed Bag

Paper Trails: 29 Oct 2018, 5:05 AM ET - Mixed results from 3Q18 earnings thus far, with some misses and and lowered guidance and some meets and affirmations. See our recaps as well as a news run and macro data of interest for the week. 
Focused

Silgan 3Q18: Canned Deliverance

Earnings Note: 24 Oct 2018, 8:24 PM ET - SLGN lowered earnings guidance for the full year yet held firm on its FY2018 FCF forecast. We review results and provide our thoughts on the credit.

Crown Holdings: S&P Upgrade, Still M&A Risk Ahead

Worth Watching: 19 Oct 2018, 1:09 PM ET - Crown Holdings (CCK, Ba2/BB+) issuer rating was upgraded to BB+ from BB by S&P ratings. Additionally, CCK's senior secured rating was upgraded to BBB- from BB+. According to S&P, the upgrade reflects the company's integration of Signode and its ..

Sealed Air: Clear Miss, Lowered Guidance

Worth Watching: 17 Oct 2018, 11:43 PM ET - Sealed Air  (SEE, Ba3/BB+, Market perform) announced limited preliminary 3Q18 results that were below our estimates. 3Q18 sales are expected to be $1.2 billion, up 5% from the prior year and ahead of our $1.1 billion estimate. Excluding $39 mil ..

Paper Trails: North American 3Q18 Earnings Preview

Paper Trails: 16 Oct 2018, 5:17 AM ET - We present our North American earnings preview for 3Q18. We include earnings estimates as well as commentary on commodities, market returns for the quarter and our thoughts on what to listen for on the calls. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Resolute Forest Products: ITC Ends Newsprint Duty

Worth Watching: 03 Sep 2018, 5:44 PM ET - Resolute Forest Products (RFP B2/B+, SELL) and the rest of the newspaper industry received positive news during the slow holiday week. The United States International Trade Commission (ITC) ruled on August 29th that imports of uncoated groundwo ..

Resolute FP: Moody's Upgrade Rationale vs Our View

Worth Watching: 15 Aug 2018, 10:39 PM ET - Resolute FP (RFP, Ba3/BB-, SELL) received a one-notch Credit Family Rating upgrade today from Moody's to Ba3 with a Stable outlook. The unsecured notes were also upgraded one-notch to B1. According to the ratings agency, the upgrade reflects its ..

Paper Trails: Earnings, Macro Data and Trade Duties

Paper Trails: 06 Aug 2018, 4:55 AM ET - Our market recap is highlighted by earnings reports from a bulk of our names this week. We also present containerboard and paper data as well as a DOC decision for newsprint.

Paper Trails: 2Q18 Earnings Have Arrived

Paper Trails: 30 Jul 2018, 4:11 AM ET - Earnings season has started, and results have been mixed. Cenveo's census contract has been settled, clearing path to confirmation hearing. We review the week and more. 
Focused

Silgan 2Q18: Signs of Resilience

Earnings Note: 27 Jul 2018, 12:00 AM ET - SLGN held fast on guidance for the full year, unlike some of its sector peers so far this earnings season. We review results and our thoughts on the bonds at current levels. 

Paper Trails: 2Q18 Earnings Are Coming

Paper Trails: 23 Jul 2018, 9:19 AM ET - Our 2Q18 earnings season kicked off this week with CCK reporting solid results. A bulk of our names will report earnings this week.

Paper Trails: North American 2Q18 Earnings Preview

Paper Trails: 10 Jul 2018, 5:01 AM ET - We present our North American earnings preview for 2Q18. We include earnings estimates as well as commentary on commodities, market returns for the quarter, and our thoughts on what to listen for on the calls. 

Berry Global: Starbucks Bans Plastic Straws

Worth Watching: 09 Jul 2018, 11:58 PM ET - Berry Global (BERY, B2/BB-, Market perform) and other single use plastic manufacturers are once again in the spotlight with another ban announcement. On July 9, 2018 Starbucks (SBUX) announced that it will be eliminating single use plastic straw ..

US High Yield Conference Transcript: Packaging

Transcript: 06 Jul 2018, 6:10 AM ET - We provide a transcript of our Packaging sector presentation from the US High Yield Conference.

Paper Trails: EUR Issuance, Macro Data and More

Paper Trails: 01 Jul 2018, 10:53 PM ET - Smurfit Kappa's drive by EUR notes offering as well as our containerboard monthly recap headline this week's market summary.

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