Crown Holdings, Inc. Reports 3Q 2015 Results

Crown Holdings, Inc. announced its financial results for the third quarter ended Sept. 30, 2015.

Net sales in the third quarter were $2,460 million, including $281 million of unfavorable currency translation, compared to $2,594 million in the third quarter of 2014. On a constant-currency basis, Q3 revenue grew 6%, and segment income grew 13%. Global beverage can volumes grew 13% in the quarter over 2014.

Earnings per share were $1.01; Before Certain Items $1.34, including $0.21 of unfavorable currency translation. Year-to-date earnings per share were $2.35; Before Certain Items $2.89, including $0.41 of unfavorable currency translation

“The company had an excellent performance during the seasonally very important third quarter, as constant-currency net income per share before certain items increased 14% over prior year and constant-currency segment income rose 13% over prior year,” said John W. Conway, chairman and CEO.

“Global beverage can shipments increased 13% over 2014 during the quarter, largely as a result of the recent acquisition of Empaque in Mexico,” Conway noted. “Excluding the impact from Empaque, shipment volumes advanced 5% in the quarter compared to 2014, with notable growth in the US, Southern and Eastern Europe and in Southeast Asia. We again benefited from our industry-leading geographic beverage can presence, which includes strong regional platforms and an excellent and diverse customer portfolio. In addition, segment income in European Food grew over 8% on a constant-currency basis compared to last year’s third quarter, reflecting a good harvest and the successful integration of the Mivisa facilities acquired in April of 2014.”

Net sales for the first nine months of 2015 were $6,735 million, including $694 million of unfavorable currency translation, compared to $6,970 million in the first nine months of 2014.

Segment income in the first nine months of 2015 was $792 million, including $87 million of unfavorable currency translation, compared to $813 million in the same period of 2014.

Interest expense for the first nine months of 2015 increased to $202 million compared to $188 million in the prior year primarily due to increased borrowings to fund the Mivisa and Empaque acquisitions.

Net income attributable to Crown Holdings for the first nine months of 2015 was $327 million versus $374 million in the first nine months of 2014. Income per diluted share for the first nine months of 2015 was $2.35 compared to $2.70 last year. Net income per diluted share before certain items was $2.89 compared to $2.94 in 2014.