Crown Holdings, Inc. Reports Strong 3Q 2021 Results

Crown Holdings, Inc. announced its financial results for the third quarter ended Sept. 30, 2021.

Net sales in the third quarter were $2,920 million compared to $2,489 million in the third quarter of 2020, reflecting the pass through of higher material costs and increased beverage can and transit packaging sales unit volumes.

Income from operations was $348 million in the third quarter compared to $315 million in the third quarter of 2020. Segment income was $379 million in the third quarter compared to $367 million in the prior year third quarter primarily due to increased sales unit volumes.

“The company’s results in the quarter were solid despite certain anticipated global inflationary and supply chain pressures in addition to extensive lockdown measures in Vietnam to stem the spread of COVID,” Timothy J. Donahue, president and CEO, said. “Crown remains on track for another record year in earnings. Strong performances in our North American beverage and food businesses combined with the Transit Packaging business more than offset weakness in Asia Pacific due to notably softer volumes in Vietnam. In addition, while volume in the country remains strong, the Brazil business faced a very difficult comparison as that market experienced a ‘V-shaped’ pandemic recovery during the third quarter of 2020.”

“Beverage can demand growth continues to be very robust, and we expect this trend to continue in the coming years,” Donahue added. “Customers and consumers recognize and appreciate the inherent benefits of the aluminum can, including the fact that it is the most recycled beverage package in the world. Approximately 75% of new beverage products are now being introduced in cans, more than double the rate of just five years ago. To support the significant increase of current and future requirements, Crown is implementing several beverage can capacity expansion projects globally including both new facilities and additional lines in existing plants.”

Nine Month Results

Net sales for the first nine months of 2021 increased to $8,340 million from $6,932 million in the first nine months of 2020, primarily due to the pass through of higher material costs and increased sales unit volumes.

Income from operations was $1,060 million in the first nine months of 2021 compared to $741 million in the first nine months of 2020. Segment income in the first nine months of 2021 was $1,143 million versus $882 million in the prior year period primarily due to increased sales unit volumes.