Crown Holdings, Inc. Reports 4Q, Full Year 2024 Results

Crown Holdings, Inc. announced its financial results for the fourth quarter and full year ended Dec. 31, 2024.

Net sales for 2024 were $11,801 million, as 5% higher global beverage can shipments were offset by the pass through of $196 million in lower material costs and lower volumes in Transit Packaging.

Income from operations was $1,419 million in 2024, compared to $1,269 million in 2023. Segment income for 2024 was $1,645 million, $99 million higher than 2023, driven primarily by improved results in global beverage operations.

Net income attributable to Crown Holdings in 2024 was $424 million compared to $450 million in 2023. Reported diluted earnings per share were $3.55 compared to $3.76 in 2023 and adjusted diluted earnings per share were $6.41 compared to $5.86 in 2023.

Net sales in the fourth quarter were $2,903 million, reflecting 4% higher global beverage can volumes and increased North American food can shipments. Income from operations was $351 million in the fourth quarter compared to $259 million in the fourth quarter of 2023.

Segment income in the fourth quarter of 2024 increased to $428 million compared to $382 million in the prior year, a result of improved results in global beverage operations. During the fourth quarter, the Company received gross proceeds of $338 million and recorded a gain of $275 million from the sale of its equity investment in Eviosys.

“Crown delivered strong results in the fourth quarter, with segment income advancing 12% compared to the prior year,” said Timothy J. Donahue, chairman, president and CEO. “Combined global beverage can segment income improved 17%, driven by global volume growth of 4%, led by shipment increases in Europe and North America, which grew 8% and 7%, respectively. The North American food can business also generated increased income during the quarter as a result of increased volumes, while Transit Packaging saw lower volume and profitability as industrial activity remains sluggish.

“2024 was an excellent year overall, exceeding previous expectations,” Donahue added. “Segment income advanced nearly $100 million or 6% over the prior year, following a 7% improvement in 2023. Combined global beverage can segment income expanded 19% over the prior year, reflecting robust volume growth – 10% in Brazil and 7% in both North America and Europe – and excellent manufacturing performance. The company generated record adjusted free cash flow of $814 million, supported by earnings growth combined with normalized capital expenditures. During the year, we reduced net debt by $878 million and, when combined with our record EBITDA, we ended 2024 with net leverage of 2.7x.

“The company remains well-positioned for continued strong performances in 2025 and beyond with a balanced portfolio, optimized manufacturing footprint and strengthened balance sheet,” concluded Donahue.

“Our multi-year global beverage can expansion program that commenced in 2019 has substantially been completed, resulting in a manufacturing platform that will allow us to meet existing and additional demand with significantly reduced levels of capital expenditures,” added Kevin C. Clothier, SVP and CFO.