02.08.16
Crown Holdings, Inc. announced its financial results for the fourth quarter ended Dec. 31, 2015.
The highlights for fourth quarter 2015 included fourth quarter adjusted earnings per share of $0.70, including $0.07 of unfavorable currency translation, compared to $0.48 in 2014, an increase of 46%. Full year adjusted earnings per share were $3.59, including $0.48 of unfavorable currency translation, compared to $3.41 in 2014, an increase of 5%
Constant currency adjusted earnings grew 60% in the fourth quarter, 19% for the full year, while constant currency segment income was up 28% in the fourth quarter, 12% for the full year.
Free cash flow was more than $600 million for the third consecutive year. Global beverage can volumes grew 11% in the fourth quarter, 9% for the full year. Net sales in the fourth quarter were $2,027 million, including $161 million of unfavorable currency translation, compared to $2,127 million in the fourth quarter of 2014.
Segment income (a non-GAAP measure) increased 23% to $234 million in the fourth quarter of 2015 compared to $191 million in the prior year, and included $11 million of unfavorable currency translation in 2015 compared to 2014.
“A strong fourth quarter performance contributed to excellent full-year results for the company,” said Timothy J. Donahue, president and CEO. “In 2015, both adjusted earnings per share and segment income increased despite significant currency translation headwinds. On a constant currency basis, 2015 segment income increased 12% and adjusted earnings per share increased 19%. These positive results, combined with free cash flow in excess of $600 million for the third consecutive year, reflect the strong underlying fundamentals of our global businesses as well as the significant contributions from our recent acquisitions of Mivisa and Empaque.
“Global beverage can shipments increased 9% in 2015, including Empaque.,” he added. “Demand increases were notable in Mexico, Europe and Asia. We again benefited from our global beverage can presence, which includes strong regional platforms and a long-standing and diverse customer portfolio.
“Looking to 2016, we are excited about the year ahead. Beverage can growth is expected to continue in many parts of the world, propelled in part by a prevailing shift by customers and consumers away from other packaging types toward cans,” Donahue said. “To meet our customers’ rising demand for specialty beverage cans in North America, the Company will construct a new facility in Nichols, NY, capable of producing multiple sizes, which is expected to be operational during the first quarter of 2017. We are also building new beverage can plants in Phnom Penh, Cambodia, our third in the country, and Monterrey, Mexico. Both of these facilities, scheduled to commence operations during the second and fourth quarters of 2016, respectively, will support increasing consumer demand for beer packaged in cans in those markets. We are also adding a second production line to our beverage can plant in Osmaniye, Turkey with operations commencing during the fourth quarter of 2016.”
For the full year, net sales were $8,762 million, including $855 million of unfavorable currency translation, compared to $9,097 million in 2014.
Segment income for 2015 increased to $1,026 million, including $98 million of unfavorable currency translation, over the $1,004 million in the same period of 2014.
The highlights for fourth quarter 2015 included fourth quarter adjusted earnings per share of $0.70, including $0.07 of unfavorable currency translation, compared to $0.48 in 2014, an increase of 46%. Full year adjusted earnings per share were $3.59, including $0.48 of unfavorable currency translation, compared to $3.41 in 2014, an increase of 5%
Constant currency adjusted earnings grew 60% in the fourth quarter, 19% for the full year, while constant currency segment income was up 28% in the fourth quarter, 12% for the full year.
Free cash flow was more than $600 million for the third consecutive year. Global beverage can volumes grew 11% in the fourth quarter, 9% for the full year. Net sales in the fourth quarter were $2,027 million, including $161 million of unfavorable currency translation, compared to $2,127 million in the fourth quarter of 2014.
Segment income (a non-GAAP measure) increased 23% to $234 million in the fourth quarter of 2015 compared to $191 million in the prior year, and included $11 million of unfavorable currency translation in 2015 compared to 2014.
“A strong fourth quarter performance contributed to excellent full-year results for the company,” said Timothy J. Donahue, president and CEO. “In 2015, both adjusted earnings per share and segment income increased despite significant currency translation headwinds. On a constant currency basis, 2015 segment income increased 12% and adjusted earnings per share increased 19%. These positive results, combined with free cash flow in excess of $600 million for the third consecutive year, reflect the strong underlying fundamentals of our global businesses as well as the significant contributions from our recent acquisitions of Mivisa and Empaque.
“Global beverage can shipments increased 9% in 2015, including Empaque.,” he added. “Demand increases were notable in Mexico, Europe and Asia. We again benefited from our global beverage can presence, which includes strong regional platforms and a long-standing and diverse customer portfolio.
“Looking to 2016, we are excited about the year ahead. Beverage can growth is expected to continue in many parts of the world, propelled in part by a prevailing shift by customers and consumers away from other packaging types toward cans,” Donahue said. “To meet our customers’ rising demand for specialty beverage cans in North America, the Company will construct a new facility in Nichols, NY, capable of producing multiple sizes, which is expected to be operational during the first quarter of 2017. We are also building new beverage can plants in Phnom Penh, Cambodia, our third in the country, and Monterrey, Mexico. Both of these facilities, scheduled to commence operations during the second and fourth quarters of 2016, respectively, will support increasing consumer demand for beer packaged in cans in those markets. We are also adding a second production line to our beverage can plant in Osmaniye, Turkey with operations commencing during the fourth quarter of 2016.”
For the full year, net sales were $8,762 million, including $855 million of unfavorable currency translation, compared to $9,097 million in 2014.
Segment income for 2015 increased to $1,026 million, including $98 million of unfavorable currency translation, over the $1,004 million in the same period of 2014.